Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 24, 2014 | Jun. 30, 2013 |
Entity Registrant Name | 'Unum Group | ' | ' |
Trading Symbol | 'UNM | ' | ' |
Entity Central Index Key | '0000005513 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 259,447,820 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $7.70 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Investments | ' | ' | |
Fixed Maturity Securities - at fair value (amortized cost: $38,289.6; $37,751.5) | $42,344.40 | $44,973 | |
Mortgage Loans | 1,815.10 | [1] | 1,712.70 |
Policy Loans | 3,276 | [1] | 3,133.80 |
Other Long-term Investments | 566 | 625 | |
Short-term Investments | 913.4 | 1,460.30 | |
Total Investments | 48,914.90 | 51,904.80 | |
Other Assets | ' | ' | |
Cash and Bank Deposits | 94.1 | 77.3 | |
Accounts and Premiums Receivable | 1,647.80 | 1,632.60 | |
Reinsurance Recoverable | 4,806.50 | 4,842.60 | |
Accrued Investment Income | 700.2 | 694.6 | |
Deferred Acquisition Costs | 1,829.20 | 1,755.50 | |
Goodwill | 200.9 | 201.7 | |
Property and Equipment | 511.9 | 501.6 | |
Income Tax Receivable | 50.3 | 0 | |
Other Assets | 647.8 | 625.4 | |
Total Assets | 59,403.60 | 62,236.10 | |
Liabilities | ' | ' | |
Policy and Contract Benefits | 1,511 | 1,484.60 | |
Reserves for Future Policy and Contract Benefits | 43,099.10 | 44,694.40 | |
Unearned Premiums | 413.8 | 426.7 | |
Other Policyholders' Funds | 1,658.40 | 1,644.90 | |
Income Tax Payable | 0 | 54.2 | |
Deferred Income Tax | 144.3 | 269.4 | |
Short-term Debt | 76.5 | 455.8 | |
Long-term Debt | 2,612 | 2,755.40 | |
Other Liabilities | 1,229.40 | 1,838.10 | |
Total Liabilities | 50,744.50 | 53,623.50 | |
Commitments and Contingent Liabilities - Note 14 | ' | ' | |
Stockholders' Equity | ' | ' | |
Common Stock, $0.10 par; authorized: 725,000 shares; issued: 360,802,426 and 359,751,943 shares | 36.1 | 36 | |
Additional Paid-in Capital | 2,634.10 | 2,607.70 | |
Accumulated Other Comprehensive Income | 255 | 628 | |
Retained Earnings | 8,083.20 | 7,371.60 | |
Treasury Stock - at cost: 100,785,012 and 89,546,758 shares | 2,349.30 | 2,030.70 | |
Total Stockholders' Equity | 8,659.10 | 8,612.60 | |
Total Liabilities and Stockholders' Equity | $59,403.60 | $62,236.10 | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Fixed Maturity Securities, Amortized Cost | $38,289.60 | $37,751.50 |
Stockholders' Equity | ' | ' |
Common Stock, Par | $0.10 | $0.10 |
Common Stock, Authorized | 725,000,000 | 725,000,000 |
Common Stock, Issued | 360,802,426 | 359,751,943 |
Treasury Stock, Shares | 100,785,012 | 89,546,758 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | ' | ' | ' |
Premium Income | $7,624.70 | $7,716.10 | $7,514.20 |
Net Investment Income | 2,492.10 | 2,515.20 | 2,519.60 |
Realized Investment Gain (Loss) | ' | ' | ' |
Other-Than-Temporary Impairment Loss on Fixed Maturity Securities | -0.8 | 0 | -19.9 |
Other Net Realized Investment Gain (Loss) | 7.6 | 56.2 | 15 |
Net Realized Investment Gain (Loss) | 6.8 | 56.2 | -4.9 |
Other Income | 230.2 | 227.9 | 249.1 |
Total Revenue | 10,353.80 | 10,515.40 | 10,278 |
Benefits and Expenses | ' | ' | ' |
Benefits and Change in Reserves for Future Benefits | 6,595.70 | 6,722.20 | 7,209.50 |
Commissions | 909.5 | 917.2 | 879.2 |
Interest and Debt Expense | 149.4 | 145.4 | 143.3 |
Deferral of Acquisition Costs | -466.8 | -467.3 | -442.5 |
Amortization of Deferred Acquisition Costs | 418.9 | 378.7 | 365.7 |
Impairment of Deferred Acquisition Costs | 0 | 0 | 196 |
Compensation Expense | 790.4 | 786.8 | 808 |
Other Expenses | 751.5 | 782.9 | 785.5 |
Total Benefits and Expenses | 9,148.60 | 9,265.90 | 9,944.70 |
Income Before Income Tax | 1,205.20 | 1,249.50 | 333.3 |
Income Tax (Benefit) | ' | ' | ' |
Current | 296.6 | 206.6 | 230.5 |
Deferred | 50.5 | 148.5 | -181.4 |
Total Income Tax | 347.1 | 355.1 | 49.1 |
Net Income | $858.10 | $894.40 | $284.20 |
Net Income Per Common Share | ' | ' | ' |
Basic | $3.24 | $3.18 | $0.94 |
Assuming Dilution | $3.23 | $3.17 | $0.94 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $858.10 | $894.40 | $284.20 |
Other Comprehensive Income (Loss) | ' | ' | ' |
Change in Net Unrealized Gain on Securities Before Adjustment (net of tax expense (benefit) of $(1,102.8); $467.7; $798.3) | -2,101.20 | 918.8 | 1,519.80 |
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance (net of tax expense (benefit) of $743.3; $(325.6); $(701.5)) | 1,363.40 | -660.1 | -1,321.10 |
Change in Net Gain on Cash Flow Hedges (net of tax expense (benefit) of $(1.3); $(4.3); $25.2) | -5.3 | -7.1 | 47.7 |
Change in Foreign Currency Translation Adjustment | 25.5 | 45 | -10.5 |
Change in Unrecognized Pension and Postretirement Benefit Costs (net of tax expense (benefit) of $185.2; $(68.0); $(67.4)) | 344.6 | -130.4 | -125.5 |
Total Other Comprehensive Income (Loss) | -373 | 166.2 | 110.4 |
Comprehensive Income | $485.10 | $1,060.60 | $394.60 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Net Unrealized Gain on Securities Before Adjustment, Tax Expense (Benefit) | ($1,102.80) | $467.70 | $798.30 |
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance, Tax Expense (Benefit) | 743.3 | -325.6 | -701.5 |
Change in Net Gain on Cash Flow Hedges, Tax Expense (Benefit) | -1.3 | -4.3 | 25.2 |
Change in Unrecognized Pension and Postretirement Benefit Costs, Tax Expense (Benefit) | $185.20 | ($68) | ($67.40) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Stock |
In Millions | ||||||
Balance at Beginning of Year at Dec. 31, 2010 | ' | $36.50 | $2,615.40 | $351.40 | $6,591.80 | ($1,110.20) |
Common Stock Activity | ' | 0.2 | 30.9 | ' | ' | ' |
Retirement of Repurchased Common Shares | ' | -0.8 | -55.2 | ' | -144 | ' |
Total Other Comprehensive Income (Loss) | 110.4 | ' | ' | 110.4 | ' | ' |
Net Income | 284.2 | ' | ' | ' | 284.2 | ' |
Dividends to Stockholders (per common share: $0.550; $0.470; $0.395) | ' | ' | ' | ' | -121 | ' |
Purchases of Treasury Stock | ' | ' | ' | ' | ' | -419.9 |
Balance at End of Period at Dec. 31, 2011 | 8,169.70 | 35.9 | 2,591.10 | 461.8 | 6,611 | -1,530.10 |
Common Stock Activity | ' | 0.1 | 16.6 | ' | ' | ' |
Retirement of Repurchased Common Shares | ' | 0 | 0 | ' | 0 | ' |
Total Other Comprehensive Income (Loss) | 166.2 | ' | ' | 166.2 | ' | ' |
Net Income | 894.4 | ' | ' | ' | 894.4 | ' |
Dividends to Stockholders (per common share: $0.550; $0.470; $0.395) | ' | ' | ' | ' | -133.8 | ' |
Purchases of Treasury Stock | ' | ' | ' | ' | ' | -500.6 |
Balance at End of Period at Dec. 31, 2012 | 8,612.60 | 36 | 2,607.70 | 628 | 7,371.60 | -2,030.70 |
Common Stock Activity | ' | 0.1 | 26.4 | ' | ' | ' |
Retirement of Repurchased Common Shares | ' | 0 | 0 | ' | 0 | ' |
Total Other Comprehensive Income (Loss) | -373 | ' | ' | -373 | ' | ' |
Net Income | 858.1 | ' | ' | ' | 858.1 | ' |
Dividends to Stockholders (per common share: $0.550; $0.470; $0.395) | ' | ' | ' | ' | -146.5 | ' |
Purchases of Treasury Stock | ' | ' | ' | ' | ' | -318.6 |
Balance at End of Period at Dec. 31, 2013 | $8,659.10 | $36.10 | $2,634.10 | $255 | $8,083.20 | ($2,349.30) |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Retained Earnings, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Retained Earnings | ' | ' | ' |
Dividends to Stockholders, per common share | $0.55 | $0.47 | $0.40 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net Income | $858.10 | $894.40 | $284.20 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | ' | ' | ' |
Change in Receivables | -196.7 | 40.4 | 37 |
Change in Deferred Acquisition Costs | -47.9 | -88.6 | -76.8 |
Impairment of Deferred Acquisition Costs | 0 | 0 | 196 |
Change in Insurance Reserves and Liabilities | 572.5 | 508.4 | 1,113.90 |
Change in Income Taxes | -49.4 | 168 | -274.4 |
Change in Other Accrued Liabilities | 21.2 | 18.6 | 68.4 |
Non-cash Adjustments to Net Investment Income | -211.5 | -221.3 | -240.6 |
Net Realized Investment (Gain) Loss | -6.8 | -56.2 | 4.9 |
Depreciation | 84.8 | 84.3 | 81.1 |
Other, Net | 7.2 | 31.6 | 0 |
Net Cash Provided by Operating Activities | 1,031.50 | 1,379.60 | 1,193.70 |
Cash Flows from Investing Activities | ' | ' | ' |
Proceeds from Sales of Fixed Maturity Securities | 1,040.50 | 595.9 | 1,181.90 |
Proceeds from Maturities of Fixed Maturity Securities | 2,146.40 | 2,160.50 | 1,692.70 |
Proceeds from Sales and Maturities of Other Investments | 243.4 | 182.2 | 131.9 |
Purchase of Fixed Maturity Securities | -3,553.60 | -3,512.80 | -2,760.10 |
Purchase of Other Investments | -363.7 | -353.8 | -304.1 |
Net Sales (Purchases) of Short-term Investments | 552.4 | -80.1 | -254.6 |
Net Purchases of Property and Equipment | -105.5 | -105.4 | -98.2 |
Other, Net | 0.2 | 0.1 | 0.2 |
Net Cash Provided by (Used in) Investing Activities | -39.9 | -1,113.40 | -410.3 |
Cash Flows from Financing Activities | ' | ' | ' |
Net Short-term Debt Borrowings (Repayments) | -379.3 | 143.5 | 87.2 |
Issuance of Long-term Debt | 0 | 246.4 | 0 |
Long-term Debt Repayments | -116.2 | -70 | -84.4 |
Issuance of Common Stock | 11.4 | 4.9 | 14.8 |
Repurchase of Common Stock | -317.2 | -496.7 | -619.9 |
Dividends Paid to Stockholders | -146.5 | -133.8 | -121 |
Other, Net | -27 | 0.2 | 2.9 |
Net Cash Used by Financing Activities | -974.8 | -305.5 | -720.4 |
Net Increase (Decrease) in Cash and Bank Deposits | 16.8 | -39.3 | 63 |
Cash and Bank Deposits at Beginning of Year | 77.3 | 116.6 | 53.6 |
Cash and Bank Deposits at End of Year | $94.10 | $77.30 | $116.60 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
Basis of Presentation: The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Such accounting principles differ from statutory accounting principles (see Note 15). Intercompany transactions have been eliminated. | |
Description of Business: We are the largest provider of group and individual disability products in the United States and the United Kingdom. We also provide a complementary portfolio of other insurance products, including life insurance, employer- and employee-paid group benefits, and other related services. We market our products primarily to employers interested in providing benefits to their employees. | |
We have three principal operating business segments: Unum US, Unum UK, and Colonial Life. Our other reporting segments are Closed Block and Corporate. See Note 13 for further discussion of our operating segments. | |
Use of Estimates: The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. | |
Fixed Maturity Securities: Fixed maturity securities include long-term bonds and redeemable preferred stocks. Fixed maturity securities not bought and held for the purpose of selling in the near term but for which we do not have the positive intent and ability to hold to maturity are classified as available-for-sale and reported at fair value. Changes in the fair value of available-for-sale fixed maturity securities, except for amounts related to other-than-temporary impairment losses recognized in earnings, are reported as a component of other comprehensive income. These amounts are net of income tax and valuation adjustments to deferred acquisition costs and reserves for future policy and contract benefits which would have been recorded had the related unrealized gain or loss on these securities been realized. | |
Interest income is recorded as part of net investment income when earned, using an effective yield method giving effect to amortization of premium and accretion of discount. Included within fixed maturity securities are mortgage-backed and asset-backed securities. We recognize investment income on these securities using a constant effective yield based on projected prepayments of the underlying loans and the estimated economic life of the securities. Actual prepayment experience is reviewed periodically, and effective yields are recalculated when differences arise between prepayments originally projected and the actual prepayments received and currently projected. The effective yield is recalculated on a retrospective basis, and the adjustment is reflected in net investment income. For fixed maturity securities on which collection of investment income is uncertain, we discontinue the accrual of investment income and recognize investment income when interest and dividends are received. Payment terms specified for fixed maturity securities may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received. | |
In determining when a decline in fair value below amortized cost of a fixed maturity security is other than temporary, we evaluate available information, both positive and negative, in reaching our conclusions. In particular, we consider the strength of the issuer's balance sheet, its debt obligations and near-term funding requirements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets. Although available and applicable factors are considered in our analysis, our expectation of recovering the entire amortized cost basis of the security, whether we intend to sell the security, whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost, and whether the security is current on principal and interest payments are the most critical factors in determining whether impairments are other than temporary. The significance of the decline in value and the length of time during which there has been a significant decline are also important factors, but we generally do not record an impairment loss based solely on these two factors, since often other more relevant factors will impact our evaluation of a security. | |
If we determine that the decline in value of an investment is other than temporary, the investment is written down to fair value, and an impairment loss is recognized in the current period, either in earnings or in both earnings and other comprehensive income, as applicable. Other-than-temporary impairment losses on fixed maturity securities which we intend to sell or more likely than not will be required to sell before recovery in value are recognized in earnings and equal the entire difference between the security's amortized cost basis and its fair value. For securities which we do not intend to sell and it is not more likely than not that we will be required to sell before recovery in value, other-than-temporary impairment losses recognized in earnings generally represent the difference between the amortized cost of the security and the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. For fixed maturity securities for which we have recognized an other-than-temporary impairment loss through earnings, if through subsequent evaluation there is a significant increase in expected cash flows, the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as net investment income. See Notes 2 and 3. | |
Mortgage Loans: Mortgage loans are generally held for investment and are carried at amortized cost less an allowance for probable losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Prepayment penalties are recognized as investment income when received. For mortgage loans on which collection of interest income is uncertain, we discontinue the accrual of interest and recognize it in the period when an interest payment is received. We typically do not resume the accrual of interest on mortgage loans on nonaccrual status until there are significant improvements in the underlying financial condition of the borrower. We consider a loan to be delinquent if full payment is not received in accordance with the contractual terms of the loan. | |
We evaluate each of our mortgage loans individually for impairment based on a comprehensive rating system used to evaluate the credit risk of the loan. Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining impairment. If we determine that it is probable we will be unable to collect all amounts due under the contractual terms of a mortgage loan, we establish an allowance for credit loss. If we expect to foreclose on the property, the amount of the allowance typically equals the excess carrying value of the mortgage loan over the fair value of the underlying collateral. If we expect to retain the mortgage loan until payoff, the allowance equals the excess carrying value of the mortgage loan over the expected future cash flows of the loan. Additions and reductions to our allowance for credit losses on mortgage loans are reported as a component of net realized investment gains and losses. We do not purchase mortgage loans with existing credit impairments. See Note 3. | |
Policy Loans: Policy loans are presented at unpaid balances directly related to policyholders. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Included in policy loans are $3,043.7 million and $2,912.7 million of policy loans ceded to reinsurers at December 31, 2013 and 2012, respectively. | |
Other Long-term Investments: Other long-term investments are comprised primarily of tax credit partnerships and private equity partnerships. | |
Tax credit partnerships in which we have invested were formed for the purpose of investing in the construction and rehabilitation of low-income housing. Because the partnerships are structured such that there is no return of principal, the primary sources of investment return from our tax credit partnerships are tax credits and tax benefits derived from passive losses on the investments, both of which may exhibit variability over the life of the investment. These partnerships are accounted for using either the equity or the effective yield method, depending primarily on whether the tax credits are guaranteed through a letter of credit, a tax indemnity agreement, or another similar arrangement. Tax credits received from these partnerships are reported in our consolidated statements of income as either a reduction of state premium taxes, which are a component of other expenses, or a reduction of income tax. For those partnerships accounted for under the equity method, the amortization of the principal amount invested in these partnerships is reported as a component of net investment income. For those partnerships accounted for under the effective yield method, amortization of the principal amount invested is reported as a component of income tax or other expenses. | |
Our investments in private equity partnerships are passive in nature. The underlying investments held by these partnerships include both equity and debt securities and are accounted for using the equity or cost method, depending on the level of ownership and the degree of our influence over partnership operating and financial policies. For partnerships accounted for under the equity method, our portion of partnership earnings is reported as a component of net investment income in our consolidated statements of income. For those partnerships accounted for under the cost method, we record income received from partnership distributions as either a component of net investment income or net realized investment gain or loss, in accordance with the source of the funds distributed from the partnership. See Notes 2 and 3. | |
Short-term Investments: Short-term investments are carried at cost. Short-term investments include investments maturing within one year, such as corporate commercial paper and U.S. Treasury bills, bank term deposits, and other cash accounts and cash equivalents earning interest. See Note 2. | |
Cash and Bank Deposits: Cash and bank deposits include cash on hand and non-interest bearing cash and deposit accounts. | |
Derivative Financial Instruments: Derivative financial instruments (including certain derivative instruments embedded in other contracts) are recognized as either other long-term investments or other liabilities in our consolidated balance sheets and are reported at fair value. The accounting for a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify for hedge accounting, at the inception of the hedging transaction, we formally document the risk management objective and strategy for undertaking the hedging transaction, as well as the designation of the hedge as either a fair value hedge or a cash flow hedge. Included in this documentation is how the hedging instrument is expected to hedge the designated risk(s) related to specific assets or liabilities on the balance sheet or to specific forecasted transactions as well as a description of the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. | |
A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk(s) of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship, using qualitative and quantitative methods. Qualitative methods include comparison of critical terms of the derivative to the hedged item. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. | |
Changes in the fair value of a derivative designated as a fair value hedge, including amounts measured as ineffectiveness, and changes in the fair value of the hedged item attributable to the risk being hedged are recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. The gain or loss on the termination of a fair value hedge is recognized in earnings as a component of net realized investment gain or loss during the period in which the termination occurs. When interest rate swaps are used in hedge accounting relationships, periodic settlements are recorded in the same income statement line as the related settlements of the hedged items. | |
To the extent it is effective, changes in the fair value of a derivative designated as a cash flow hedge are reported in other comprehensive income and reclassified into earnings and reported on the same income statement line item as the hedged item and in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income and reclassified into earnings and reported on the same income statement line item as the hedged item and in the same period or periods during which the hedged item affects earnings. | |
Gains or losses on the termination of ineffective fair value or cash flow hedges are reported in earnings as a component of net realized investment gain or loss. In the event a hedged item is disposed of or the anticipated transaction being hedged is no longer likely to occur, we will terminate the related derivative and recognize the gain or loss on termination in current earnings as a component of net realized investment gain or loss. In the event a hedged item is disposed of subsequent to the termination of the hedging transaction, we reclassify any remaining gain or loss on the cash flow hedge out of accumulated other comprehensive income into earnings as a component of the same income statement line item wherein we report the gain or loss on disposition of the hedged item. | |
For a derivative not designated as a hedging instrument, changes in the fair value of the derivative, together with the payment of periodic fees, if applicable, are recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. | |
Cash flow activity from the settlement of derivative contracts is reported in the consolidated statements of cash flows as a component of proceeds from sales and maturities of other investments. | |
In our consolidated balance sheets, we do not offset fair value amounts recognized for derivatives executed with the same counterparty under a master netting agreement and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from those master netting agreements. See Notes 2 and 4. | |
Fair Value Measurement: Certain assets and liabilities are reported at fair value in our consolidated balance sheets and in our notes to our consolidated financial statements. We define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value represents an exit price, not an entry price. The exit price objective applies regardless of our intent and/or ability to sell the asset or transfer the liability at the measurement date. Assets or liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. When actively quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If observable inputs are not available, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine fair value. We categorize our assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significance of the inputs. The fair value hierarchy gives the highest priority to inputs which are unadjusted and represent quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See Note 2. | |
Realized Investment Gains and Losses: Realized investment gains and losses are reported as a component of revenue in the consolidated statements of income and are based upon specific identification of the investments sold. See Note 3. | |
Deferred Acquisition Costs: Incremental direct costs associated with the successful acquisition of new or renewal insurance contracts have been deferred. Such costs include commissions, other agency compensation, certain selection and policy issue expenses, and certain field expenses. Acquisition costs that do not vary with the production of new business, such as commissions on group products which are generally level throughout the life of the policy, are excluded from deferral. Deferred acquisition costs are subject to recoverability testing at the time of policy issue and loss recognition testing in subsequent years. | |
Deferred acquisition costs related to traditional policies are amortized over the premium paying period of the related policies in proportion to the ratio of the present value of annual expected premium income to the present value of total expected premium income. Deferred acquisition costs related to interest-sensitive policies are amortized over the lives of the policies in relation to the present value of estimated gross profits from surrender charges, mortality margins, investment returns, and expense margins. Deviations from projections result in a change to the rate of amortization in the period during which such events occur. Generally, the amortization periods for these policies approximate the estimated lives of the policies. | |
For certain products, policyholders can elect to modify product benefits, features, rights, or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacement transactions. Internal replacement transactions wherein the modification does not substantially change the policy are accounted for as continuations of the replaced contracts. Unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the new policy, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred. Internal replacement transactions, principally on group contracts, that result in a policy that is substantially changed are accounted for as an extinguishment of the original policy and the issuance of a new policy. Unamortized deferred acquisition costs on the original policy that was replaced are immediately expensed, and the costs of acquiring the new policy are capitalized and amortized in accordance with our accounting policies for deferred acquisition costs. | |
Loss recognition is performed on an annual basis, or more frequently if appropriate, using best estimate assumptions as to future experience as of the date of the test. Insurance contracts are grouped for each major product line within a segment when we perform the loss recognition tests. If loss recognition testing indicates that deferred acquisition costs are not recoverable, the deficiency is charged to expense. | |
Goodwill: Goodwill is the excess of the amount paid to acquire a business over the fair value of the net assets acquired. We review the carrying amount of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount might not be recoverable. Goodwill impairment testing compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair values of the reporting units are determined using discounted cash flow models. The critical estimates necessary in determining fair value are projected earnings and the discount rate. We set our discount rate assumption based on an expected risk adjusted cost of capital. If the fair value of the reporting unit to which the goodwill relates is less than the carrying amount of the unamortized goodwill, the carrying amount is reduced with a corresponding charge to expense. | |
Property and Equipment: Property and equipment is reported at cost less accumulated depreciation, which is calculated on the straight-line method over the estimated useful life. The accumulated depreciation for property and equipment was $760.8 million and $705.0 million as of December 31, 2013 and 2012, respectively. | |
Value of Business Acquired: Value of business acquired represents the present value of future profits recorded in connection with the acquisition of a block of insurance policies. The asset is amortized based upon expected future premium income for traditional insurance policies and estimated future gross profits from surrender charges, mortality margins, investment returns, and expense margins for interest-sensitive insurance policies. The value of business acquired, which is included in other assets in our consolidated balance sheets, was $19.0 million and $23.5 million at December 31, 2013 and 2012, respectively. The accumulated amortization for value of business acquired was $138.2 million and $131.5 million as of December 31, 2013 and 2012, respectively. | |
The amortization of value of business acquired, which is included in other expenses in the consolidated statements of income, was $4.5 million, $7.5 million, and $7.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. We periodically review the carrying amount of value of business acquired using the same methods used to evaluate deferred acquisition costs. | |
Policy and Contract Benefits: Policy and contract benefits represent amounts paid and expected to be paid based on reported losses and estimates of incurred but not reported losses for traditional life and accident and health products. For interest-sensitive products, benefits are the amounts paid and expected to be paid on insured claims in excess of the policyholders' policy fund balances. | |
Reserves for Policy and Contract Benefits: Policy reserves represent future policy and contract benefits for claims not yet incurred. Policy reserves for traditional life and accident and health products are determined using the net level premium method. The reserves are calculated based upon assumptions as to interest, persistency, morbidity, and mortality that were appropriate at the date of issue. Interest rate assumptions are based on actual and expected net investment returns. Persistency assumptions are based on our actual historical experience adjusted for future expectations. Morbidity and mortality assumptions are based on actual experience or industry standards adjusted as appropriate to reflect our actual experience and future expectations. The assumptions vary by plan, year of issue, and policy duration and include a provision for adverse deviation. | |
Policy reserves for group single premium annuities have been provided on a net single premium method. The reserves are calculated based on assumptions as to interest, mortality, and retirement that were appropriate at the date of issue. Mortality assumptions are based upon industry standards adjusted as appropriate to reflect our actual experience and future expectations. The assumptions vary by year of issue. | |
Policy reserves for interest-sensitive products are principally policyholder account values. | |
We perform loss recognition tests on our policy reserves annually, or more frequently if appropriate, using best estimate assumptions as of the date of the test, without a provision for adverse deviation. We group the policy reserves for each major product line within a segment when we perform the loss recognition tests. If the policy reserves determined using these best estimate assumptions are higher than our existing policy reserves net of any deferred acquisition cost balance, the existing policy reserves are increased or deferred acquisition costs are reduced to immediately recognize the deficiency. | |
Claim reserves represent future policy and contract benefits for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Our claim reserves relate primarily to disability policies and are calculated based on assumptions as to interest and claim resolution rates that are currently appropriate. Claim resolution rate assumptions are based on our actual experience. The interest rate assumptions used for discounting claim reserves are based on projected portfolio yield rates, after consideration for defaults and investment expenses, for the assets supporting the liabilities for the various product lines. Unlike policy reserves for which assumptions are generally established and locked in at the time of policy issuance, claim reserves are subject to revision as current claim experience and projections of future experience change. See Note 6. | |
Policyholders' Funds: Policyholders' funds represent customer deposits plus interest credited at contract rates. We control interest rate risk by investing in quality assets which have an aggregate duration that closely matches the expected duration of the liabilities. | |
Income Tax: Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Deferred taxes have been measured using enacted statutory income tax rates and laws that are currently in effect. We record deferred tax assets for tax positions taken in the U.S. and other tax jurisdictions based on our assessment of whether a position is more likely than not to be sustained upon examination based solely on its technical merits. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. See Note 7. | |
Short-term and Long-term Debt: Debt is generally carried at the unpaid principal balance, net of unamortized discount or premium. Short-term debt consists of debt due within the next twelve months, including that portion of debt otherwise classified as long-term, and securities lending agreements collateralized by cash. We account for all of our securities lending agreements and repurchase agreements as collateralized financings, and the carrying amount of the related short-term debt represents our liability to return cash collateral to the counterparty. Original issue discount or premium as well as debt issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding. The carrying amount of long-term debt that is part of a fair value hedge program includes an adjustment to reflect the effect of the change in fair value attributable to the risk being hedged. Net interest settlements for fair value hedges on our long-term debt are recognized as a component of interest expense. See Note 8. | |
Treasury Stock and Retirement of Common Stock: Treasury stock is reflected as a reduction of stockholders' equity at cost. When shares are retired, the par value is removed from common stock, and the excess of the repurchase price over par is allocated between additional paid-in capital and retained earnings. | |
Revenue Recognition: Traditional life and accident and health products are long-duration contracts, and premium income is recognized as revenue when due from policyholders. If the contracts are experience rated, the estimated ultimate premium is recognized as revenue over the period of the contract. The estimated ultimate premium, which is revised to reflect current experience, is based on estimated claim costs, expenses, and profit margins. | |
For interest-sensitive products, the amounts collected from policyholders are considered deposits, and only the deductions during the period for cost of insurance, policy administration, and surrenders are included in revenue. Policyholders' funds represent funds deposited by contract holders and are not included in revenue. | |
Fees from our administrative-services only and family medical leave products are reported as other income when services are rendered. | |
Reinsurance: We routinely enter into reinsurance agreements with other insurance companies to spread risk and thereby limit losses from large exposures. For each of our reinsurance agreements, we determine if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. If we determine that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, we record the agreement using the deposit method of accounting. | |
Reinsurance activity is accounted for on a basis consistent with the terms of the reinsurance contracts and the accounting used for the original policies issued. Premium income and benefits and change in reserves for future benefits are presented in our consolidated statements of income net of reinsurance ceded. Ceded liabilities for policy and contract benefits, future policy and contract benefits, and unearned premiums are reported on a gross basis in our consolidated balance sheets, as are ceded policy loans. Our reinsurance recoverable includes the balances due from reinsurers under the terms of the reinsurance agreements for these ceded balances as well as settlement amounts currently due. | |
Where applicable, gains or losses on reinsurance transactions are deferred and amortized into earnings based upon expected future premium income for traditional insurance policies and estimated future gross profits for interest-sensitive insurance policies. The deferred gain on reinsurance included in other liabilities in our consolidated balance sheets at December 31, 2013 and 2012 was $53.6 million and $67.4 million, respectively. | |
Under ceded reinsurance agreements wherein we are not relieved of our legal liability to our policyholders, if the assuming reinsurer is unable to meet its obligations, we remain contingently liable. We evaluate the financial condition of reinsurers and monitor concentration of credit risk to minimize this exposure. We may also require assets in trust, letters of credit, or other acceptable collateral to support our reinsurance recoverable balances. In the event that reinsurers do not meet their obligations to us under the terms of the reinsurance agreements, certain amounts reported in our reinsurance recoverable could become uncollectible, in which case the reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. See Note 12. | |
Premium Tax Expense: Premium tax expense is included in other expenses in the consolidated statements of income. For the years ended December 31, 2013, 2012, and 2011, premium tax expense was $137.0 million, $136.0 million, and $134.9 million, respectively. | |
Stock-Based Compensation: The cost of stock-based compensation is generally measured based on the grant-date fair value of the award. The Black-Scholes options valuation model is used for estimating the fair value of stock options, and the Monte-Carlo valuation model is used for estimating the fair value of performance share units. Restricted stock units are valued based on the fair value of common stock at the grant date, and cash-settled awards are measured each reporting period based on the current stock price. Stock-based awards are expensed over the requisite service period, with an offsetting increase to additional paid-in capital in stockholders' equity. See Note 11. | |
Earnings Per Share: We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. Earnings per share assuming dilution is computed by dividing net income by the weighted average number of shares outstanding for the period plus the shares representing the dilutive effect of stock-based awards. In computing earnings per share assuming dilution, only potential common shares resulting from stock-based awards that are dilutive (those that reduce earnings per share) are included. We use the treasury stock method to account for the effect of outstanding stock options and nonvested stock awards on the computation of earnings per share assuming dilution. See Note 10. | |
Translation of Foreign Currency: Revenues and expenses of our foreign operations are translated at average exchange rates. Assets and liabilities are translated at the rate of exchange on the balance sheet dates. The translation gain or loss is generally reported in accumulated other comprehensive income, net of deferred tax. We do not provide for deferred taxes to the extent unremitted foreign earnings are deemed permanently invested. | |
Accounting for Participating Individual Life Insurance: Participating policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual to a stock life insurance company will remain participating as long as the policies remain in-force. A Participation Fund Account (PFA) was established for the benefit of all such individual participating life and annuity policies and contracts. The assets of the PFA provide for the benefit, dividend, and certain expense obligations of the participating individual life insurance policies and annuity contracts. The assets of the PFA were $339.2 million and $380.4 million at December 31, 2013 and 2012, respectively. | |
Accounting Updates Adopted in 2013: | |
Accounting Standards Codification (ASC) 210 "Balance Sheet - Disclosures about Offsetting Assets and Liabilities" | |
In December 2011, the Financial Accounting Standards Board (FASB) issued an update requiring additional disclosures and information about financial instruments and derivative instruments that are either offset on the balance sheet or are subject to an enforceable master netting arrangement. These disclosures provide information about the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of set-off associated with certain financial instruments and derivative instruments. In January 2013, the FASB issued an update to clarify the scope of transactions that are subject to the disclosures about offsetting. Specifically, the update applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions to the extent they are subject to a master netting arrangement or similar agreement. We adopted these updates effective January 1, 2013. The adoption of these updates expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 220 "Comprehensive Income" | |
In February 2013, the FASB issued an update to improve the transparency of reporting reclassifications out of accumulated other comprehensive income by requiring additional information to be presented regarding certain reclassification adjustments. We adopted this update effective January 1, 2013. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 815 "Derivatives and Hedging" | |
In July 2013, the FASB issued an update which allows entities to use the Fed Funds Effective Swap Rate, also referred to as the Overnight Index Swap Rate (OIS), as a benchmark interest rate for hedge accounting purposes. Previously the only acceptable benchmark rates for hedge accounting purposes under GAAP were U.S. Treasury rates and the London Interbank Offered Rate (LIBOR) swap rate. This update reflects the evolution of market hedging practices and is intended to provide more flexibility in hedging interest rate risk. We adopted this update effective July 17, 2013 for qualifying new or redesignated hedging relationships entered into on or after that date. | |
Accounting Updates Adopted in 2012: | |
ASC 220 "Comprehensive Income" | |
In June 2011, the FASB issued an update related to the financial statement presentation of comprehensive income. This update requires that non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present net income and its components, followed consecutively by a second statement presenting total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. We adopted this update effective January 1, 2012. The adoption of this update modified our financial statement presentation but had no effect on our financial position or results of operations. | |
ASC 350 "Intangibles - Goodwill and Other" | |
In September 2011, the FASB issued an update which gives companies the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 820 "Fair Value Measurements and Disclosures" | |
In May 2011, the FASB issued an update to require additional disclosures regarding fair value measurements and to provide clarifying guidance on the application of existing fair value measurement requirements. Specifically, the update requires additional information on Level 1 and Level 2 transfers within the fair value hierarchy; the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position, but for which the fair value of such items is required to be disclosed; and information about the sensitivity of a fair value measurement in Level 3 of the fair value hierarchy to changes in unobservable inputs and any interrelationships between those unobservable inputs. We adopted this update effective January 1, 2012. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 860 "Transfers and Servicing" | |
In April 2011, the FASB issued an update to revise the criteria for assessing effective control for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The determination of whether the transfer of a financial asset subject to a repurchase agreement is a sale is based, in part, on whether the entity maintains effective control over the financial asset. This update removes from the assessment of effective control the criterion requiring the transferor to have the ability to repurchase or redeem the financial asset on substantially the agreed terms, even in the event of default by the transferee, and the related requirement to demonstrate that the transferor possess adequate collateral to fund substantially all the cost of purchasing replacement financial assets. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 944 "Financial Services - Insurance" | |
In October 2010, the FASB issued an update to address the diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify as deferred acquisition costs. The amendments in the update require that only incremental direct costs associated with the successful acquisition of a new or renewal insurance contract can be capitalized. All other costs are to be expensed as incurred. We adopted this update effective January 1, 2012 and applied the amendments retrospectively, adjusting all prior periods in our consolidated financial statements and accompanying notes. | |
Accounting Updates Adopted in 2011: | |
ASC 310 "Receivables" | |
In April 2011, the FASB issued an update to provide additional clarification to help creditors in determining whether a creditor has granted a concession as well as whether a debtor is experiencing financial difficulties for purposes of determining whether a restructuring constitutes a troubled debt restructuring. We adopted this update effective July 1, 2011. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
Accounting Updates Outstanding: | |
ASC 323 "Investments - Equity Method and Joint Ventures" | |
In January 2014, the FASB issued an update to provide guidance on the accounting and reporting for investments in affordable housing projects that qualify for low-income housing tax credits. The amendments in the update permit entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Additional disclosures concerning investments in qualified affordable housing projects will also be required by the update. The amendments in the update are effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted, and are to be applied retrospectively. We have not yet finalized the expected impact on our financial position or results of operations. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Values of Financial Instruments | ' | |||||||||||||||||||||||||||||||
Presented as follows are the carrying amounts and fair values of financial instruments. The carrying values of financial instruments such as short-term investments, cash and bank deposits, accounts and premiums receivable, accrued investment income, and short-term debt approximate fair value due to the short-term nature of the instruments. As such, these financial instruments are not included in the following chart. | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | $ | 42,344.40 | $ | 42,344.40 | $ | 44,973.00 | $ | 44,973.00 | ||||||||||||||||||||||||
Mortgage Loans | 1,815.10 | 1,980.20 | 1,712.70 | 1,937.10 | ||||||||||||||||||||||||||||
Policy Loans | 3,276.00 | 3,339.60 | 3,133.80 | 3,215.30 | ||||||||||||||||||||||||||||
Other Long-term Investments | ||||||||||||||||||||||||||||||||
Derivatives | 10.8 | 10.8 | 81.6 | 81.6 | ||||||||||||||||||||||||||||
Equity Securities | 16.4 | 16.4 | 14.6 | 14.6 | ||||||||||||||||||||||||||||
Miscellaneous Long-term Investments | 475.2 | 475.2 | 455.1 | 455.1 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Policyholders' Funds | ||||||||||||||||||||||||||||||||
Deferred Annuity Products | $ | 631.5 | $ | 631.5 | $ | 640.1 | $ | 640.1 | ||||||||||||||||||||||||
Supplementary Contracts without Life Contingencies | 563.1 | 563.1 | 535.5 | 535.5 | ||||||||||||||||||||||||||||
Long-term Debt | 2,612.00 | 2,824.40 | 2,755.40 | 2,968.80 | ||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | 135.6 | 135.6 | 170.5 | 170.5 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | 53.2 | 53.2 | 83.9 | 83.9 | ||||||||||||||||||||||||||||
Unfunded Commitments to Investment Partnerships | 27.2 | 27.2 | 83.7 | 83.7 | ||||||||||||||||||||||||||||
The methods and assumptions used to estimate fair values of financial instruments are discussed as follows. | ||||||||||||||||||||||||||||||||
Fair Value Measurements for Financial Instruments Not Carried at Fair Value | ||||||||||||||||||||||||||||||||
Mortgage Loans: Fair values are estimated using discounted cash flow analyses and interest rates currently being offered for similar loans to borrowers with similar credit ratings and maturities. Loans with similar characteristics are aggregated for purposes of the calculations. These financial instruments are assigned a Level 2 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Policy Loans: Fair values for policy loans, net of reinsurance ceded, are estimated using discounted cash flow analyses and interest rates currently being offered to policyholders with similar policies. Carrying amounts for ceded policy loans, which equal $3,043.7 million and $2,912.7 million as of December 31, 2013 and 2012, respectively, approximate fair value and are reported on a gross basis in our consolidated balance sheets. A change in interest rates for ceded policy loans will not impact our financial position because the benefits and risks are fully ceded to reinsuring counterparties. These financial instruments are assigned a Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Miscellaneous Long-term Investments: Carrying amounts for tax credit partnerships equal the unamortized balance of our contractual commitments and approximate fair value. Fair values for private equity partnerships are primarily derived from net asset values provided by the general partner in the partnerships' financial statements. Our private equity partnerships represent funds that are primarily invested in power, energy, railcar leasing, infrastructure development, and mezzanine debt. Distributions received from the funds arise from income generated by the underlying investments as well as the liquidation of the underlying investments. As of December 31, 2013, we estimate that the underlying assets of the funds will be liquidated over the next one to ten years. These financial instruments are assigned a Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Policyholders' Funds: Policyholders' funds are comprised primarily of deferred annuity products and supplementary contracts without life contingencies and represent customer deposits plus interest credited at contract rates. Carrying amounts approximate fair value. These financial instruments are assigned a Level 3 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Fair values for insurance contracts other than investment contracts are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in our overall management of interest rate risk, which seeks to minimize exposure to changing interest rates through the matching of investment maturities with amounts due under insurance contracts. | ||||||||||||||||||||||||||||||||
Long-term Debt: Fair values for long-term debt are obtained from independent pricing services or discounted cash flow analyses based on current incremental borrowing rates for similar types of borrowing arrangements. Debt instruments which are valued using active trades from independent pricing services for which there was current market activity in that specific debt instrument have fair values of $1,329.2 million and $1,212.0 million as of December 31, 2013 and 2012, respectively, and are assigned a Level 1 within the fair value hierarchy. Debt instruments which are valued based on prices from pricing services that generally use observable inputs for securities or comparable securities in active markets in their valuation techniques have fair values of $1,495.2 million and $1,756.8 million as of December 31, 2013 and 2012, respectively, and are assigned a Level 2. | ||||||||||||||||||||||||||||||||
Unfunded Commitments to Investment Partnerships: Unfunded equity commitments represent legally binding amounts that we have committed to certain investment partnerships subject to the partnerships meeting specified conditions. When these conditions are met, we are obligated to invest these amounts in the partnerships. Carrying amounts approximate fair value. These financial instruments are assigned a Level 2 within the fair value hierarchy. | ||||||||||||||||||||||||||||||||
Fair Value Measurements for Financial Instruments Carried at Fair Value | ||||||||||||||||||||||||||||||||
We report fixed maturity securities, derivative financial instruments, and equity securities at fair value in our consolidated balance sheets. The degree of judgment utilized in measuring the fair value of financial instruments generally correlates to the level of pricing observability. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. An active market for a financial instrument is a market in which transactions for an asset or a similar asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and should be used to measure fair value whenever available. Conversely, financial instruments rarely traded or not quoted have less observability and are measured at fair value using valuation techniques that require more judgment. Pricing observability is generally impacted by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, and overall market conditions. | ||||||||||||||||||||||||||||||||
Valuation techniques used for assets and liabilities accounted for at fair value are generally categorized into three types. The market approach uses prices and other relevant information from market transactions involving identical or comparable assets or liabilities. The income approach converts future amounts, such as cash flows or earnings, to a single present amount, or a discounted amount. The cost approach is based upon the amount that currently would be required to replace the service capacity of an asset, or the current replacement cost. | ||||||||||||||||||||||||||||||||
We use valuation techniques that are appropriate in the circumstances and for which sufficient data are available that can be obtained without undue cost and effort. In some cases, a single valuation technique will be appropriate (for example, when valuing an asset or liability using quoted prices in an active market for identical assets or liabilities). In other cases, multiple valuation techniques will be appropriate. If we use multiple valuation techniques to measure fair value, we evaluate and weigh the results, as appropriate, considering the reasonableness of the range indicated by those results. A fair value measurement is the point within that range that is most representative of fair value in the circumstances. | ||||||||||||||||||||||||||||||||
The selection of the valuation method(s) to apply considers the definition of an exit price and depends on the nature of the asset or liability being valued. For assets and liabilities accounted for at fair value, we generally use valuation techniques consistent with the market approach, and to a lesser extent, the income approach. We believe the market approach valuation technique provides more observable data than the income approach, considering the type of investments we hold. Our fair value measurements could differ significantly based on the valuation technique and available inputs. When using a pricing service, we obtain the vendor's pricing documentation to ensure we understand their methodologies. We periodically review and approve the selection of our pricing vendors to ensure we are in agreement with their current methodologies. When markets are less active, brokers may rely more on models with inputs based on the information available only to the broker. Our internal investment management professionals, which include portfolio managers and analysts, monitor securities priced by brokers and evaluate their prices for reasonableness based on benchmarking to available primary and secondary market information. In weighing a broker quote as an input to fair value, we place less reliance on quotes that do not reflect the result of market transactions. We also consider the nature of the quote, particularly whether the quote is a binding offer. If prices in an inactive market do not reflect current prices for the same or similar assets, adjustments may be necessary to arrive at fair value. When relevant market data is unavailable, which may be the case during periods of market uncertainty, the income approach can, in suitable circumstances, provide a more appropriate fair value. During 2013, we have applied valuation techniques on a consistent basis to similar assets and liabilities and consistent with those techniques used at year end 2012. | ||||||||||||||||||||||||||||||||
We use observable and unobservable inputs in measuring the fair value of our financial instruments. Inputs that may be used include the following: | ||||||||||||||||||||||||||||||||
• | Broker market maker prices and price levels | |||||||||||||||||||||||||||||||
• | Trade Reporting and Compliance Engine (TRACE) pricing | |||||||||||||||||||||||||||||||
• | Prices obtained from external pricing services | |||||||||||||||||||||||||||||||
• | Benchmark yields (Treasury and interest rate swap curves) | |||||||||||||||||||||||||||||||
• | Transactional data for new issuance and secondary trades | |||||||||||||||||||||||||||||||
• | Security cash flows and structures | |||||||||||||||||||||||||||||||
• | Recent issuance/supply | |||||||||||||||||||||||||||||||
• | Sector and issuer level spreads | |||||||||||||||||||||||||||||||
• | Security credit ratings/maturity/capital structure/optionality | |||||||||||||||||||||||||||||||
• | Corporate actions | |||||||||||||||||||||||||||||||
• | Underlying collateral | |||||||||||||||||||||||||||||||
• | Prepayment speeds/loan performance/delinquencies/weighted average life/seasoning | |||||||||||||||||||||||||||||||
• | Public covenants | |||||||||||||||||||||||||||||||
• | Comparative bond analysis | |||||||||||||||||||||||||||||||
• | Derivative spreads | |||||||||||||||||||||||||||||||
• | Relevant reports issued by analysts and rating agencies | |||||||||||||||||||||||||||||||
• | Audited financial statements | |||||||||||||||||||||||||||||||
The management of our investment portfolio includes establishing pricing policy and reviewing the reasonableness of sources and inputs used in developing pricing. We review all prices obtained to ensure they are consistent with a variety of observable market inputs and to verify the validity of a security's price. In the event we receive a vendor's market price that does not appear reasonable based on our market analysis, we may challenge the price and request further information about the assumptions and methodologies used by the vendor to price the security. We may change the vendor price based on a better data source such as an actual trade. We also review all price changes from the prior month which fall outside a predetermined corridor. The overall valuation process for determining fair values may include adjustments to valuations obtained from our pricing sources when they do not represent a valid exit price. These adjustments may be made when, in our judgment and considering our knowledge of the financial conditions and industry in which the issuer operates, certain features of the financial instrument require that an adjustment be made to the value originally obtained from our pricing sources. These features may include the complexity of the financial instrument, the market in which the financial instrument is traded, counterparty credit risk, credit structure, concentration, or liquidity. Additionally, an adjustment to the price derived from a model typically reflects our judgment of the inputs that other participants in the market for the financial instrument being measured at fair value would consider in pricing that same financial instrument. In the event an asset is sold, we test the validity of the fair value determined by our valuation techniques by comparing the selling price to the fair value determined for the asset in the immediately preceding month end reporting period closest to the transaction date. | ||||||||||||||||||||||||||||||||
The parameters and inputs used to validate a price on a security may be adjusted for assumptions about risk and current market conditions on a quarter to quarter basis, as certain features may be more significant drivers of valuation at the time of pricing. Changes to inputs in valuations are not changes to valuation methodologies; rather, the inputs are modified to reflect direct or indirect impacts on asset classes from changes in market conditions. | ||||||||||||||||||||||||||||||||
Fair values for derivatives other than embedded derivatives in modified coinsurance arrangements are based on market quotes or pricing models and represent the net amount of cash we would have paid or received if the contracts had been settled or closed as of the last day of the period. We analyze credit default swap spreads relative to the average credit spread embedded within the LIBOR-setting syndicate in determining the effect of credit risk on our derivatives' fair values. If net counterparty credit risk for a derivative asset is determined to be material and is not adequately reflected in the LIBOR-based fair value obtained from our pricing sources, we adjust the valuations obtained from our pricing sources. For purposes of valuing net counterparty risk, we measure the fair value of a group of financial assets and financial liabilities on the basis of the price that would be received to sell a net long position or transfer a net short position for a particular risk exposure in an orderly transaction between market participants at the measurement date under current market conditions. In regard to our own credit risk component, we adjust the valuation of derivative liabilities wherein the counterparty is exposed to our credit risk when the LIBOR-based valuation of our derivatives obtained from pricing sources does not effectively include an adequate credit component for our own credit risk. | ||||||||||||||||||||||||||||||||
Fair values for our embedded derivative in a modified coinsurance arrangement are estimated using internal pricing models and represent the hypothetical value of the duration mismatch of assets and liabilities, interest rate risk, and third party credit risk embedded in the modified coinsurance arrangement. | ||||||||||||||||||||||||||||||||
Certain of our investments do not have readily determinable market prices and/or observable inputs or may at times be affected by the lack of market liquidity. For these securities, we use internally prepared valuations combining matrix pricing with vendor purchased software programs, including valuations based on estimates of future profitability, to estimate the fair value. Additionally, we may obtain prices from independent third-party brokers to aid in establishing valuations for certain of these securities. Key assumptions used by us to determine fair value for these securities include risk free interest rates, risk premiums, performance of underlying collateral (if any), and other factors involving significant assumptions which may or may not reflect those of an active market. | ||||||||||||||||||||||||||||||||
At December 31, 2013, approximately 6.0 percent of our fixed maturity securities were valued using active trades from TRACE pricing or broker market maker prices for which there was current market activity in that specific security (comparable to receiving one binding quote). The prices obtained were not adjusted, and the assets were classified as Level 1, the highest category of the three-level fair value hierarchy classification wherein inputs are unadjusted and represent quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||||||||||
The remaining 94.0 percent of our fixed maturity securities were valued based on non-binding quotes or other observable and unobservable inputs, as discussed below. | ||||||||||||||||||||||||||||||||
• | Approximately 76.0 percent of our fixed maturity securities were valued based on prices from pricing services that generally use observable inputs such as prices for securities or comparable securities in active markets in their valuation techniques. These assets were classified as Level 2. Level 2 assets or liabilities are those valued using inputs (other than prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument's anticipated life. | |||||||||||||||||||||||||||||||
• | Approximately 4.1 percent of our fixed maturity securities were valued based on one or more non-binding broker price levels, if validated by observable market data, or on TRACE prices for identical or similar assets absent current market activity. When only one price is available, it is used if observable inputs and analysis confirms that it is appropriate. These assets, for which we were able to validate the price using other observable market data, were classified as Level 2. | |||||||||||||||||||||||||||||||
• | Approximately 13.9 percent of our fixed maturity securities were valued based on prices of comparable securities, matrix pricing, market models, and/or internal models or were valued based on non-binding quotes with no other observable market data. These assets were classified as either Level 2 or Level 3, with the categorization dependent on whether there was other observable market data. Level 3 is the lowest category of the fair value hierarchy and reflects the judgment of management regarding what market participants would use in pricing assets or liabilities at the measurement date. Financial assets and liabilities categorized as Level 3 are generally those that are valued using unobservable inputs to extrapolate an estimated fair value. | |||||||||||||||||||||||||||||||
We consider transactions in inactive or disorderly markets to be less representative of fair value. We use all available observable inputs when measuring fair value, but when significant other unobservable inputs and adjustments are necessary, we classify these assets or liabilities as Level 3. | ||||||||||||||||||||||||||||||||
Fair value measurements by input level for financial instruments carried at fair value are as follows: | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 144.5 | $ | 1,051.60 | $ | — | $ | 1,196.10 | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | — | 1,608.10 | 175.1 | 1,783.20 | ||||||||||||||||||||||||||||
Foreign Governments | — | 1,294.70 | 78.5 | 1,373.20 | ||||||||||||||||||||||||||||
Public Utilities | 396.8 | 9,802.70 | 203.5 | 10,403.00 | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | — | 2,038.80 | 0.5 | 2,039.30 | ||||||||||||||||||||||||||||
All Other Corporate Bonds | 1,982.00 | 21,670.80 | 1,859.10 | 25,511.90 | ||||||||||||||||||||||||||||
Redeemable Preferred Stocks | — | 13.9 | 23.8 | 37.7 | ||||||||||||||||||||||||||||
Total Fixed Maturity Securities | 2,523.30 | 37,480.60 | 2,340.50 | 42,344.40 | ||||||||||||||||||||||||||||
Other Long-term Investments | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | — | 9.2 | — | 9.2 | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | — | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||
Total Derivatives | — | 10.8 | — | 10.8 | ||||||||||||||||||||||||||||
Equity Securities | — | 11.8 | 4.6 | 16.4 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | 35 | $ | — | $ | 35 | ||||||||||||||||||||||||
Foreign Exchange Contracts | — | 98.7 | — | 98.7 | ||||||||||||||||||||||||||||
Credit Default Swaps | — | 1.9 | — | 1.9 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | — | — | 53.2 | 53.2 | ||||||||||||||||||||||||||||
Total Derivatives | — | 135.6 | 53.2 | 188.8 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 104.1 | $ | 1,244.70 | $ | — | $ | 1,348.80 | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | 53 | 1,625.10 | 128.7 | 1,806.80 | ||||||||||||||||||||||||||||
Foreign Governments | — | 1,424.90 | 82.1 | 1,507.00 | ||||||||||||||||||||||||||||
Public Utilities | 84.2 | 10,485.60 | 574.4 | 11,144.20 | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | — | 2,216.00 | 0.5 | 2,216.50 | ||||||||||||||||||||||||||||
All Other Corporate Bonds | 1,977.10 | 23,755.50 | 1,177.80 | 26,910.40 | ||||||||||||||||||||||||||||
Redeemable Preferred Stocks | — | 14.5 | 24.8 | 39.3 | ||||||||||||||||||||||||||||
Total Fixed Maturity Securities | 2,218.40 | 40,766.30 | 1,988.30 | 44,973.00 | ||||||||||||||||||||||||||||
Other Long-term Investments | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | — | 76.5 | — | 76.5 | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | — | 5.1 | — | 5.1 | ||||||||||||||||||||||||||||
Total Derivatives | — | 81.6 | — | 81.6 | ||||||||||||||||||||||||||||
Equity Securities | — | 10.3 | 4.3 | 14.6 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | 31.7 | $ | — | $ | 31.7 | ||||||||||||||||||||||||
Foreign Exchange Contracts | — | 138.8 | — | 138.8 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | — | — | 83.9 | 83.9 | ||||||||||||||||||||||||||||
Total Derivatives | — | 170.5 | 83.9 | 254.4 | ||||||||||||||||||||||||||||
Transfers of assets between Level 1 and Level 2 are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Transfers into | ||||||||||||||||||||||||||||||||
Level 1 from | Level 2 from | Level 1 from | Level 2 from | |||||||||||||||||||||||||||||
Level 2 | Level 1 | Level 2 | Level 1 | |||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 62.2 | $ | — | $ | — | $ | 224.7 | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | — | 53 | — | 43.8 | ||||||||||||||||||||||||||||
Public Utilities | 345.9 | 53.4 | 47.1 | 653.1 | ||||||||||||||||||||||||||||
All Other Corporate Bonds | 1,199.00 | 1,085.30 | 1,068.60 | 2,808.90 | ||||||||||||||||||||||||||||
Total Fixed Maturity Securities | $ | 1,607.10 | $ | 1,191.70 | $ | 1,115.70 | $ | 3,730.50 | ||||||||||||||||||||||||
Transfers between Level 1 and Level 2 occurred due to the change in availability of either a TRACE or broker market maker price. Depending on current market conditions, the availability of these Level 1 prices can vary from period to period. For fair value measurements of financial instruments that were transferred either into or out of Level 1 or 2, we reflect the transfers using the fair value at the beginning of the period. | ||||||||||||||||||||||||||||||||
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Total Realized and | ||||||||||||||||||||||||||||||||
Unrealized Investment | ||||||||||||||||||||||||||||||||
Gains (Losses) Included in | ||||||||||||||||||||||||||||||||
Beginning | Earnings | Other | Purchases | Sales | Level 3 Transfers | End of | ||||||||||||||||||||||||||
of Year | Comprehensive | Year | ||||||||||||||||||||||||||||||
Income or Loss | Into | Out of | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | 128.7 | $ | — | $ | (13.1 | ) | $ | — | $ | (1.0 | ) | $ | 60.5 | $ | — | $ | 175.1 | ||||||||||||||
Foreign Governments | 82.1 | — | (3.6 | ) | — | — | — | — | 78.5 | |||||||||||||||||||||||
Public Utilities | 574.4 | — | (10.8 | ) | — | (3.1 | ) | 151.8 | (508.8 | ) | 203.5 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 0.5 | — | 0.1 | — | (0.1 | ) | — | — | 0.5 | |||||||||||||||||||||||
All Other Corporate Bonds | 1,177.80 | 1.1 | (147.1 | ) | 186.7 | (122.0 | ) | 1,462.00 | (699.4 | ) | 1,859.10 | |||||||||||||||||||||
Redeemable Preferred Stocks | 24.8 | — | (1.0 | ) | — | — | — | — | 23.8 | |||||||||||||||||||||||
Total Fixed Maturity Securities | 1,988.30 | 1.1 | (175.5 | ) | 186.7 | (126.2 | ) | 1,674.30 | (1,208.2 | ) | 2,340.50 | |||||||||||||||||||||
Equity Securities | 4.3 | — | 0.3 | — | — | — | — | 4.6 | ||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (83.9 | ) | 30.7 | — | — | — | — | — | (53.2 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Total Realized and | ||||||||||||||||||||||||||||||||
Unrealized Investment | ||||||||||||||||||||||||||||||||
Gains (Losses) Included in | ||||||||||||||||||||||||||||||||
Beginning | Earnings | Other | Purchases | Sales | Level 3 Transfers | End of | ||||||||||||||||||||||||||
of Year | Comprehensive | Year | ||||||||||||||||||||||||||||||
Income or Loss | Into | Out of | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | 68.1 | $ | — | $ | (0.3 | ) | $ | 18.4 | $ | (0.7 | ) | $ | 43.2 | $ | — | $ | 128.7 | ||||||||||||||
Foreign Governments | — | — | 5 | 15.4 | — | 61.7 | — | 82.1 | ||||||||||||||||||||||||
Public Utilities | 338.9 | — | 22.3 | 47.9 | (4.2 | ) | 481.4 | (311.9 | ) | 574.4 | ||||||||||||||||||||||
Mortgage/Asset-Backed Securities | 31.7 | — | — | — | (0.1 | ) | — | (31.1 | ) | 0.5 | ||||||||||||||||||||||
All Other Corporate Bonds | 665.5 | 1.2 | 40.8 | 151.6 | (67.5 | ) | 599.8 | (213.6 | ) | 1,177.80 | ||||||||||||||||||||||
Redeemable Preferred Stocks | 37.2 | (1.0 | ) | 2.9 | — | (14.3 | ) | — | — | 24.8 | ||||||||||||||||||||||
Total Fixed Maturity Securities | 1,141.40 | 0.2 | 70.7 | 233.3 | (86.8 | ) | 1,186.10 | (556.6 | ) | 1,988.30 | ||||||||||||||||||||||
Equity Securities | 11.2 | (0.1 | ) | — | — | (0.1 | ) | — | (6.7 | ) | 4.3 | |||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (135.7 | ) | 51.8 | — | — | — | — | — | (83.9 | ) | ||||||||||||||||||||||
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. Gains for the years ended December 31, 2013 and 2012 which are included in earnings and are attributable to the change in unrealized gains or losses relating to assets or liabilities valued using significant unobservable inputs and still held at each year end were $30.7 million and $51.8 million, respectively. These amounts relate entirely to the changes in fair value of an embedded derivative in a modified coinsurance arrangement which are reported as realized investment gains and losses. | ||||||||||||||||||||||||||||||||
Quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements, all of which are internally derived, is as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Fair Value | Unobservable Input | Range/Weighted Average | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions - Private | $ | 142.7 | - Comparability Adjustment | (b) | 0.25% - 1.25% / 0.65% | |||||||||||||||||||||||||||
Public Utilities | 64.3 | - Volatility of Credit | (e) | 0.75% - 1.25% / 0.92% | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities - Private | 0.5 | - Discount for Size | (c) | 4.93% - 5.03% / 5.01% | ||||||||||||||||||||||||||||
All Other Corporate Bonds - Private | 307 | - Change in Benchmark Reference | (a) | 3.36% - 3.36% / 3.36% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | (0.70)% - (0.40)% / (0.60)% | ||||||||||||||||||||||||||||||
- Discount for Size | (c) | 0.50% - 0.50% / 0.50% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.20% - 1.00% / 0.55% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | 0.07% - 4.00% / 0.84% | ||||||||||||||||||||||||||||||
- Market Convention | (f) | Priced at Par | ||||||||||||||||||||||||||||||
All Other Corporate Bonds - Public | 514.4 | - Change in Benchmark Reference | (a) | (0.32)% - 0.25% / 0.04% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | (0.23)% - 1.00% / 0.41% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.20% - 0.20% / 0.20% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | (0.88)% - 0.46% / (0.26)% | ||||||||||||||||||||||||||||||
Equity Securities - Private | 4.2 | - Market Convention | (f) | Priced at Cost or Owner's Equity | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (53.2 | ) | - Projected Liability Cash Flows | (g) | Actuarial Assumptions | |||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Fair Value | Unobservable Input | Range/Weighted Average | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions - Private | $ | 42.7 | - Comparability Adjustment | (b) | 0.25% - 0.25% / 0.25% | |||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.25% - 0.25% / 0.25% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | 0.15% - 0.15% / 0.15% | ||||||||||||||||||||||||||||||
Public Utilities | 17.4 | - Comparability Adjustment | (b) | 0.20% - 0.20% / 0.20% | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities - Private | 0.5 | - Discount for Size | (c) | 5.74% - 5.84% / 5.81% | ||||||||||||||||||||||||||||
All Other Corporate Bonds - Private | 391.8 | - Change in Benchmark Reference | (a) | 0.04% - 2.89% / 0.28% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | 1.48% - 1.48% / 1.48% | ||||||||||||||||||||||||||||||
- Discount for Size | (c) | 0.10% - 0.50% / 0.24% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.10% - 1.00% / 0.46% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | (0.25)% -7.72% / 1.51% | ||||||||||||||||||||||||||||||
- Market Convention | (f) | Priced at Par | ||||||||||||||||||||||||||||||
All Other Corporate Bonds - Public | 165 | - Change in Benchmark Reference | (a) | 0.25% - 0.25% / 0.25% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | (0.59)% - 1.00% / 0.27% | ||||||||||||||||||||||||||||||
- Discount for Size | (c) | 0.25% - 0.25% / 0.25% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.20% - 0.30% / 0.24% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | (0.30)% - (0.30)% / (0.30)% | ||||||||||||||||||||||||||||||
- Market Convention | (f) | Priced at Par | ||||||||||||||||||||||||||||||
Equity Securities - Private | 4 | - Market Convention | (f) | Priced at Cost or Owner's Equity | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (83.9 | ) | - Projected Liability Cash Flows | (g) | Actuarial Assumptions | |||||||||||||||||||||||||||
(a) | Represents basis point adjustments for changes in benchmark spreads associated with various ratings categories | |||||||||||||||||||||||||||||||
(b) | Represents basis point adjustments for changes in benchmark spreads associated with various industry sectors | |||||||||||||||||||||||||||||||
(c) | Represents basis point adjustments based on issue/issuer size relative to the benchmark | |||||||||||||||||||||||||||||||
(d) | Represents basis point adjustments to apply a discount due to the illiquidity of an investment | |||||||||||||||||||||||||||||||
(e) | Represents basis point adjustments for credit-specific factors | |||||||||||||||||||||||||||||||
(f) | Represents a decision to price based on par value, cost, or owner's equity when limited data is available | |||||||||||||||||||||||||||||||
(g) | Represents various actuarial assumptions required to derive the liability cash flows including incidence, termination, and lapse rates | |||||||||||||||||||||||||||||||
Isolated increases in unobservable inputs other than market convention will result in a lower fair value measurement, whereas isolated decreases will result in a higher fair value measurement. The unobservable input for market convention is not sensitive to input movements. The projected liability cash flows used in the fair value measurement of our Level 3 embedded derivative are based on expected claim payments. If claim payments increase, the projected liability cash flows will increase, resulting in a decrease in the fair value of the embedded derivative. Decreases in projected liability cash flows will result in an increase in the fair value of the embedded derivative. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||
At December 31, 2013 and 2012, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 1,028.60 | $ | 173.1 | $ | 5.6 | $ | 1,196.10 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 1,706.00 | 117.2 | 40 | 1,783.20 | |||||||||||||||||||||
Foreign Governments | 1,226.40 | 149.6 | 2.8 | 1,373.20 | |||||||||||||||||||||
Public Utilities | 9,328.90 | 1,126.90 | 52.8 | 10,403.00 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,858.70 | 184.6 | 4 | 2,039.30 | |||||||||||||||||||||
All Other Corporate Bonds | 23,108.00 | 2,602.60 | 198.7 | 25,511.90 | |||||||||||||||||||||
Redeemable Preferred Stocks | 33 | 4.7 | — | 37.7 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 38,289.60 | $ | 4,358.70 | $ | 303.9 | $ | 42,344.40 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 1,020.90 | $ | 329 | $ | 1.1 | $ | 1,348.80 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 1,498.40 | 316.2 | 7.8 | 1,806.80 | |||||||||||||||||||||
Foreign Governments | 1,280.40 | 226.6 | — | 1,507.00 | |||||||||||||||||||||
Public Utilities | 9,294.30 | 1,865.00 | 15.1 | 11,144.20 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,927.90 | 289.1 | 0.5 | 2,216.50 | |||||||||||||||||||||
All Other Corporate Bonds | 22,696.60 | 4,245.30 | 31.5 | 26,910.40 | |||||||||||||||||||||
Redeemable Preferred Stocks | 33 | 6.3 | — | 39.3 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 37,751.50 | $ | 7,277.50 | $ | 56 | $ | 44,973.00 | |||||||||||||||||
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | ||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 41.1 | $ | 3.1 | $ | 5.2 | $ | 2.5 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 412.5 | 33.5 | 37.2 | 6.5 | |||||||||||||||||||||
Foreign Governments | 87.2 | 2.8 | — | — | |||||||||||||||||||||
Public Utilities | 870.6 | 47.1 | 58.7 | 5.7 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 341 | 3.6 | 2.5 | 0.4 | |||||||||||||||||||||
All Other Corporate Bonds | 3,412.30 | 174 | 207.4 | 24.7 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 5,164.70 | $ | 264.1 | $ | 311 | $ | 39.8 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | ||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | — | $ | — | $ | 6.5 | $ | 1.1 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 30.8 | 0.9 | 42.1 | 6.9 | |||||||||||||||||||||
Public Utilities | 110.3 | 3.9 | 147.6 | 11.2 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 4.4 | — | 3.8 | 0.5 | |||||||||||||||||||||
All Other Corporate Bonds | 441.3 | 7 | 396.8 | 24.5 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 586.8 | $ | 11.8 | $ | 596.8 | $ | 44.2 | |||||||||||||||||
The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | Unrealized Gain Position | Unrealized Loss Position | |||||||||||||||||||||||
Amortized Cost | Gross Gain | Fair Value | Gross Loss | Fair Value | |||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
1 year or less | $ | 903.9 | $ | 20.6 | $ | 915.5 | $ | — | $ | 9 | |||||||||||||||
Over 1 year through 5 years | 7,098.20 | 727.1 | 7,678.50 | 0.6 | 146.2 | ||||||||||||||||||||
Over 5 years through 10 years | 9,492.60 | 940.2 | 8,137.40 | 95.8 | 2,199.60 | ||||||||||||||||||||
Over 10 years | 18,936.20 | 2,486.20 | 18,441.50 | 203.5 | 2,777.40 | ||||||||||||||||||||
36,430.90 | 4,174.10 | 35,172.90 | 299.9 | 5,132.20 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,858.70 | 184.6 | 1,695.80 | 4 | 343.5 | ||||||||||||||||||||
Total Fixed Maturity Securities | $ | 38,289.60 | $ | 4,358.70 | $ | 36,868.70 | $ | 303.9 | $ | 5,475.70 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | Unrealized Gain Position | Unrealized Loss Position | |||||||||||||||||||||||
Amortized Cost | Gross Gain | Fair Value | Gross Loss | Fair Value | |||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
1 year or less | $ | 956.4 | $ | 21.2 | $ | 934.1 | $ | 0.5 | $ | 43 | |||||||||||||||
Over 1 year through 5 years | 5,922.80 | 628.1 | 6,449.80 | 5 | 96.1 | ||||||||||||||||||||
Over 5 years through 10 years | 9,752.30 | 1,606.40 | 10,997.00 | 7.6 | 354.1 | ||||||||||||||||||||
Over 10 years | 19,192.10 | 4,732.70 | 23,200.20 | 42.4 | 682.2 | ||||||||||||||||||||
35,823.60 | 6,988.40 | 41,581.10 | 55.5 | 1,175.40 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,927.90 | 289.1 | 2,208.30 | 0.5 | 8.2 | ||||||||||||||||||||
Total Fixed Maturity Securities | $ | 37,751.50 | $ | 7,277.50 | $ | 43,789.40 | $ | 56 | $ | 1,183.60 | |||||||||||||||
At December 31, 2013, the fair value of investment-grade fixed maturity securities was $39,145.1 million, with a gross unrealized gain of $4,205.0 million and a gross unrealized loss of $247.8 million. The gross unrealized loss on investment-grade fixed maturity securities was 81.5 percent of the total gross unrealized loss on fixed maturity securities. Unrealized losses on investment-grade fixed maturity securities principally relate to changes in interest rates or changes in market or sector credit spreads which occurred subsequent to the acquisition of the securities. | |||||||||||||||||||||||||
At December 31, 2013, the fair value of below-investment-grade fixed maturity securities was $3,199.3 million, with a gross unrealized gain of $153.7 million and a gross unrealized loss of $56.1 million. The gross unrealized loss on below-investment-grade fixed maturity securities was 18.5 percent of the total gross unrealized loss on fixed maturity securities. Generally, below-investment-grade fixed maturity securities are more likely to develop credit concerns than investment-grade securities. At December 31, 2013, the unrealized losses in our below-investment-grade fixed maturity securities were generally due to credit spreads in certain industries or sectors and, to a lesser extent, credit concerns related to specific securities. For each specific security in an unrealized loss position, we believe that there are positive factors which mitigate credit concerns and that the securities for which we have not recorded an other-than-temporary impairment will recover in value. | |||||||||||||||||||||||||
As of December 31, 2013, we held 245 individual investment-grade fixed maturity securities and 53 individual below-investment-grade fixed maturity securities that were in an unrealized loss position, of which 16 investment-grade fixed maturity securities and 8 below-investment-grade fixed maturity securities had been in an unrealized loss position continuously for over one year. | |||||||||||||||||||||||||
In determining when a decline in fair value below amortized cost of a fixed maturity security is other than temporary, we evaluate the following factors: | |||||||||||||||||||||||||
• | Whether we expect to recover the entire amortized cost basis of the security | ||||||||||||||||||||||||
• | Whether we intend to sell the security or will be required to sell the security before the recovery of its amortized cost basis | ||||||||||||||||||||||||
• | Whether the security is current as to principal and interest payments | ||||||||||||||||||||||||
• | The significance of the decline in value | ||||||||||||||||||||||||
• | The time period during which there has been a significant decline in value | ||||||||||||||||||||||||
• | Current and future business prospects and trends of earnings | ||||||||||||||||||||||||
• | The valuation of the security's underlying collateral | ||||||||||||||||||||||||
• | Relevant industry conditions and trends relative to their historical cycles | ||||||||||||||||||||||||
• | Market conditions | ||||||||||||||||||||||||
• | Rating agency and governmental actions | ||||||||||||||||||||||||
• | Bid and offering prices and the level of trading activity | ||||||||||||||||||||||||
• | Adverse changes in estimated cash flows for securitized investments | ||||||||||||||||||||||||
• | Changes in fair value subsequent to the balance sheet date | ||||||||||||||||||||||||
• | Any other key measures for the related security | ||||||||||||||||||||||||
While determining other-than-temporary impairments is a judgmental area, we utilize a formal, well-defined, and disciplined process to monitor and evaluate our fixed income investment portfolio, supported by issuer specific research and documentation as of the end of each period. The process results in a thorough evaluation of problem investments and the recording of losses on a timely basis for investments determined to have an other-than-temporary impairment. | |||||||||||||||||||||||||
We held no fixed maturity securities during 2013 or 2012 for which a portion of an other-than-temporary impairment was recognized in other comprehensive income. During 2011, we held and sold one fixed maturity security for which an $8.5 million other-than-temporary impairment had been recognized in other comprehensive income. | |||||||||||||||||||||||||
At December 31, 2013, we had non-binding commitments of $58.0 million to fund private placement fixed maturity securities. | |||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||
We invest in variable interests issued by variable interest entities. These investments include tax credit partnerships, private equity partnerships, and special purpose entities. For those variable interests that are not consolidated in our financial statements, we are not the primary beneficiary because we have neither the power to direct the activities that are most significant to economic performance nor the responsibility to absorb a majority of the expected losses. The determination of whether we are the primary beneficiary is performed at the time of our initial investment and at the date of each subsequent reporting period. | |||||||||||||||||||||||||
As of December 31, 2013, the carrying amount of our variable interest entity investments that are not consolidated under the provisions of GAAP was $470.8 million, comprised of $309.5 million of tax credit partnerships and $161.3 million of private equity partnerships. These variable interest entity investments are reported as other long-term investments in our consolidated balance sheets. | |||||||||||||||||||||||||
Additionally, we recognize a liability for all legally binding unfunded commitments to these partnerships, with a corresponding recognition of an invested asset. Our liability for legally binding unfunded commitments to the tax credit partnerships was $27.2 million at December 31, 2013. Contractually, we are a limited partner in these investments, and our maximum exposure to loss is limited to the carrying value of our investment. We also had non-binding commitments of $158.4 million to fund certain private equity partnerships at December 31, 2013, the amount of which may or may not be funded. | |||||||||||||||||||||||||
We are the sole beneficiary of a special purpose entity which is consolidated under the provisions of GAAP. This entity is a securitized asset trust containing a highly rated bond for principal protection and a private equity partnership investment. We contributed the bond and several partnership investments into the trust at the time it was established. The trust supports our investment objectives and allows us to maintain our investment in the remaining partnership while at the same time protecting the principal of the investment. There are no restrictions on the assets held in this trust, and the trust is free to dispose of the assets at any time. The fair values of the bond and partnership were $136.2 million and $4.4 million, respectively, as of December 31, 2013. The bond is reported as a component of fixed maturity securities, and the partnership is reported as a component of other long-term investments in our consolidated balance sheets. At December 31, 2013, we had no commitments to fund the underlying partnership, nor did we fund any amounts to the partnerships during the years ended December 31, 2013, 2012, and 2011. | |||||||||||||||||||||||||
Mortgage Loans | |||||||||||||||||||||||||
Our mortgage loan portfolio is well diversified by both geographic region and property type to reduce risk of concentration. All of our mortgage loans are collateralized by commercial real estate. When issuing a new loan, our general policy is not to exceed a loan-to-value ratio, or the ratio of the loan balance to the estimated fair value of the underlying collateral, of 75 percent. We update the loan-to-value ratios at least every three years for each loan, and properties undergo a general inspection at least every two years. Our general policy for newly issued loans is to have a debt service coverage ratio greater than 1.25 times on a normalized 25 year amortization period. We update our debt service coverage ratios annually. | |||||||||||||||||||||||||
Mortgage loans by property type and geographic region are presented below. Prior year amounts by property type have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Carrying | Percent of | Carrying | Percent of | ||||||||||||||||||||||
Amount | Total | Amount | Total | ||||||||||||||||||||||
Property Type | |||||||||||||||||||||||||
Apartment | $ | 61.1 | 3.3 | % | $ | 47.2 | 2.7 | % | |||||||||||||||||
Industrial | 567.8 | 31.3 | 545.7 | 31.9 | |||||||||||||||||||||
Office | 776.5 | 42.8 | 721.2 | 42.1 | |||||||||||||||||||||
Retail | 409.7 | 22.6 | 398.6 | 23.3 | |||||||||||||||||||||
Total | $ | 1,815.10 | 100 | % | $ | 1,712.70 | 100 | % | |||||||||||||||||
Region | |||||||||||||||||||||||||
New England | $ | 100.9 | 5.6 | % | $ | 114.3 | 6.7 | % | |||||||||||||||||
Mid-Atlantic | 191.5 | 10.5 | 160 | 9.3 | |||||||||||||||||||||
East North Central | 244.3 | 13.5 | 224.7 | 13.1 | |||||||||||||||||||||
West North Central | 162.3 | 8.9 | 160.8 | 9.4 | |||||||||||||||||||||
South Atlantic | 447.7 | 24.7 | 440.9 | 25.7 | |||||||||||||||||||||
East South Central | 67.7 | 3.7 | 79.6 | 4.7 | |||||||||||||||||||||
West South Central | 190.9 | 10.5 | 159.5 | 9.3 | |||||||||||||||||||||
Mountain | 101.9 | 5.6 | 90.5 | 5.3 | |||||||||||||||||||||
Pacific | 307.9 | 17 | 282.4 | 16.5 | |||||||||||||||||||||
Total | $ | 1,815.10 | 100 | % | $ | 1,712.70 | 100 | % | |||||||||||||||||
We evaluate each of our mortgage loans individually for impairment and assign an internal credit quality rating based on a comprehensive rating system used to evaluate the credit risk of the loan. The factors we use to derive our internal credit ratings may include the following: | |||||||||||||||||||||||||
• | Loan-to-value ratio | ||||||||||||||||||||||||
• | Debt service coverage ratio based on current operating income | ||||||||||||||||||||||||
• | Property location, including regional economics, trends and demographics | ||||||||||||||||||||||||
• | Age, condition, and construction quality of property | ||||||||||||||||||||||||
• | Current and historical occupancy of property | ||||||||||||||||||||||||
• | Lease terms relative to market | ||||||||||||||||||||||||
• | Tenant size and financial strength | ||||||||||||||||||||||||
• | Borrower's financial strength | ||||||||||||||||||||||||
• | Borrower's equity in transaction | ||||||||||||||||||||||||
• | Additional collateral, if any | ||||||||||||||||||||||||
Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining whether we will initially issue the loan and also in assigning values and determining impairment. We assign an overall rating to each loan using an internal rating scale of Aa (highest quality) to B (lowest quality). We review and adjust, as needed, our internal credit quality ratings on an annual basis. This review process is performed more frequently for mortgage loans deemed to have a higher risk of delinquency. | |||||||||||||||||||||||||
Mortgage loans, sorted by the applicable credit quality indicators, are as follows: | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Internal Rating | |||||||||||||||||||||||||
Aa | $ | 10.8 | $ | 11.5 | |||||||||||||||||||||
A | 683.1 | 659.4 | |||||||||||||||||||||||
Baa | 1,094.60 | 994.5 | |||||||||||||||||||||||
Ba | 13.5 | 34.2 | |||||||||||||||||||||||
B | 13.1 | 13.1 | |||||||||||||||||||||||
Total | $ | 1,815.10 | $ | 1,712.70 | |||||||||||||||||||||
Loan-to-Value Ratio | |||||||||||||||||||||||||
<=5% | $ | 777.4 | $ | 624.7 | |||||||||||||||||||||
> 65% <=5% | 867.5 | 858.8 | |||||||||||||||||||||||
> 75% <=5% | 107.6 | 142.5 | |||||||||||||||||||||||
> 85% | 62.6 | 86.7 | |||||||||||||||||||||||
Total | $ | 1,815.10 | $ | 1,712.70 | |||||||||||||||||||||
There have been no changes to our accounting policies or methodology from the prior period regarding estimating the allowance for credit losses on our mortgage loans. The activity in the allowance for credit losses is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Balance at Beginning of Year | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||||||||||||
Provision | — | 1.8 | — | ||||||||||||||||||||||
Charge-offs, Net of Recoveries | — | (1.8 | ) | — | |||||||||||||||||||||
Balance at End of Year | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||||||||||||
Impaired mortgage loans are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With an Allowance Recorded | $ | 13.1 | $ | 14.6 | $ | 1.5 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With No Related Allowance Recorded | $ | 4.3 | $ | 4.3 | $ | — | |||||||||||||||||||
With an Allowance Recorded | 13.1 | 14.6 | 1.5 | ||||||||||||||||||||||
Total | $ | 17.4 | $ | 18.9 | $ | 1.5 | |||||||||||||||||||
Our average investment in impaired mortgage loans was $14.9 million, $19.1 million, and $21.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. For each of the years ended December 31, 2013, 2012, and 2011, we recognized $0.8 million of interest income on impaired mortgage loans. | |||||||||||||||||||||||||
A summary of our troubled debt restructurings is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Foreclosure | |||||||||||||||||||||||||
Carrying Amount | $ | 4.3 | $ | 17.3 | $ | 19.9 | |||||||||||||||||||
Number of Loans | 1 | 3 | 2 | ||||||||||||||||||||||
Payoff/Sale | |||||||||||||||||||||||||
Carrying Amount | $ | — | $ | — | $ | 3.2 | |||||||||||||||||||
Realized Loss | $ | — | $ | — | $ | 0.2 | |||||||||||||||||||
Number of Loans | — | — | 1 | ||||||||||||||||||||||
We had no realized losses on loan foreclosures for the years ended December 31, 2013, 2012, and 2011 other than the initial impairment losses recognized prior to foreclosure. | |||||||||||||||||||||||||
At December 31, 2013, we held no mortgage loans that were greater than 90 days past due regarding principal and/or interest payments. At December 31, 2012, we held one mortgage loan that was greater than 90 days past due and for which we had discontinued the accrual of investment income. The mortgage loan had a carrying value of $4.3 million and was foreclosed during 2013. | |||||||||||||||||||||||||
At December 31, 2013, we had non-binding commitments of $83.9 million to fund certain commercial mortgage loans, the amount of which may or may not be funded. | |||||||||||||||||||||||||
Transfers of Financial Assets | |||||||||||||||||||||||||
To manage our cash position more efficiently, we may enter into repurchase agreements with unaffiliated financial institutions. We generally use repurchase agreements as a means to finance the purchase of invested assets or for short-term general business purposes until projected cash flows become available from our operations or existing investments. Our repurchase agreements are typically outstanding for less than 30 days. We post collateral through our repurchase agreement transactions whereby the counterparty commits to purchase securities with the agreement to resell them to us at a later, specified date. The fair value of collateral posted is generally 102 percent of the cash received. | |||||||||||||||||||||||||
Our investment policy also permits us to lend fixed maturity securities to unaffiliated financial institutions in short-term securities lending agreements. These agreements increase our investment income with minimal risk. Our securities lending policy requires that a minimum of 102 percent of the fair value of the securities loaned be maintained as collateral. Generally, cash is received as collateral under these agreements and is typically reinvested in short-term investments. In the event that securities are received as collateral, we are not permitted to sell or re-post them. | |||||||||||||||||||||||||
We account for all of our securities lending agreements and repurchase agreements as collateralized financings. As of December 31, 2013, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $201.6 million, for which we received collateral in the form of cash and securities of $76.5 million and $132.9 million, respectively. As of December 31, 2012, the carrying amount of fixed maturity securities loaned to third parties under our securities lending program was $452.8 million, for which we received collateral in the form of cash and securities of $455.8 million and $14.5 million, respectively. We had no outstanding repurchase agreements at December 31, 2013 or 2012. | |||||||||||||||||||||||||
Offsetting of Financial Instruments | |||||||||||||||||||||||||
We enter into master netting agreements with each of our derivatives counterparties. These agreements provide for conditional rights of set-off upon the occurrence of an early termination event. An early termination event is considered a default, and it allows the non-defaulting party to offset its contracts in a loss position against any gain positions or payments due to the defaulting party. Under our agreements, default type events are defined as failure to pay or deliver as contractually agreed, misrepresentation, bankruptcy, or merger without assumption. See Note 4 for further discussion of collateral related to our derivative contracts. | |||||||||||||||||||||||||
We have securities lending agreements with unaffiliated financial institutions that post collateral to us in return for the use of our fixed maturity securities. A right of set-off exists that allows us to keep and apply collateral received in the event of default by the counterparty. Default within a securities lending agreement would typically occur if the counterparty failed to return the securities borrowed from us as contractually agreed. In addition, if we default by not returning collateral received, the counterparty has a right of set-off against our securities or any other amounts due to us. | |||||||||||||||||||||||||
Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross Amount | Gross Amount Not | ||||||||||||||||||||||||
of Recognized | Gross Amount | Net Amount | Offset in Balance Sheet | ||||||||||||||||||||||
Financial | Offset in | Presented in | Financial | Cash | Net | ||||||||||||||||||||
Instruments | Balance Sheet | Balance Sheet | Instruments | Collateral | Amount | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Derivatives | $ | 10.8 | $ | — | $ | 10.8 | $ | (9.5 | ) | $ | (1.1 | ) | $ | 0.2 | |||||||||||
Securities Lending | 201.6 | — | 201.6 | (125.1 | ) | (76.5 | ) | — | |||||||||||||||||
Total | $ | 212.4 | $ | — | $ | 212.4 | $ | (134.6 | ) | $ | (77.6 | ) | $ | 0.2 | |||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Derivatives | $ | 135.6 | $ | — | $ | 135.6 | $ | (98.6 | ) | $ | — | $ | 37 | ||||||||||||
Securities Lending | 76.5 | — | 76.5 | (76.5 | ) | — | — | ||||||||||||||||||
Total | $ | 212.1 | $ | — | $ | 212.1 | $ | (175.1 | ) | $ | — | $ | 37 | ||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross Amount | Gross Amount Not | ||||||||||||||||||||||||
of Recognized | Gross Amount | Net Amount | Offset in Balance Sheet | ||||||||||||||||||||||
Financial | Offset in | Presented in | Financial | Cash | Net | ||||||||||||||||||||
Instruments | Balance Sheet | Balance Sheet | Instruments | Collateral | Amount | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Derivatives | $ | 81.6 | $ | — | $ | 81.6 | $ | (72.9 | ) | $ | — | $ | 8.7 | ||||||||||||
Securities Lending | 452.8 | — | 452.8 | — | (452.8 | ) | — | ||||||||||||||||||
Total | $ | 534.4 | $ | — | $ | 534.4 | $ | (72.9 | ) | $ | (452.8 | ) | $ | 8.7 | |||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Derivatives | $ | 170.5 | $ | — | $ | 170.5 | $ | (129.8 | ) | $ | (1.8 | ) | $ | 38.9 | |||||||||||
Securities Lending | 455.8 | — | 455.8 | (452.8 | ) | — | 3 | ||||||||||||||||||
Total | $ | 626.3 | $ | — | $ | 626.3 | $ | (582.6 | ) | $ | (1.8 | ) | $ | 41.9 | |||||||||||
Net Investment Income | |||||||||||||||||||||||||
Net investment income reported in our consolidated statements of income is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Fixed Maturity Securities | $ | 2,371.60 | $ | 2,404.00 | $ | 2,425.20 | |||||||||||||||||||
Derivative Financial Instruments | 35.2 | 28.9 | 22.9 | ||||||||||||||||||||||
Mortgage Loans | 109.2 | 107.1 | 100.1 | ||||||||||||||||||||||
Policy Loans | 15.7 | 14.8 | 14.1 | ||||||||||||||||||||||
Other Long-term Investments | 18 | 15.2 | 13.1 | ||||||||||||||||||||||
Short-term Investments | 2.4 | 4.3 | 2.9 | ||||||||||||||||||||||
Gross Investment Income | 2,552.10 | 2,574.30 | 2,578.30 | ||||||||||||||||||||||
Less Investment Expenses | 29.5 | 26.9 | 26.9 | ||||||||||||||||||||||
Less Investment Income on Participation Fund Account Assets | 15.7 | 16.1 | 17.4 | ||||||||||||||||||||||
Less Amortization of Tax Credit Partnerships | 14.8 | 16.1 | 14.4 | ||||||||||||||||||||||
Net Investment Income | $ | 2,492.10 | $ | 2,515.20 | $ | 2,519.60 | |||||||||||||||||||
Realized Investment Gain and Loss | |||||||||||||||||||||||||
Realized investment gains and losses reported in our consolidated statements of income are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||
Gross Gains on Sales | $ | 15.8 | $ | 29.3 | $ | 74 | |||||||||||||||||||
Gross Losses on Sales | (45.7 | ) | (20.4 | ) | (24.0 | ) | |||||||||||||||||||
Other-Than-Temporary Impairment Loss | (0.8 | ) | — | (19.9 | ) | ||||||||||||||||||||
Mortgage Loans and Other Invested Assets | |||||||||||||||||||||||||
Gross Gains on Sales | 15.6 | 5 | 7.1 | ||||||||||||||||||||||
Gross Losses on Sales | — | (4.3 | ) | (0.5 | ) | ||||||||||||||||||||
Impairment Loss | (2.0 | ) | (1.9 | ) | (0.6 | ) | |||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | 30.7 | 51.8 | (39.4 | ) | |||||||||||||||||||||
Credit Default Swaps | (1.9 | ) | — | — | |||||||||||||||||||||
Foreign Currency Transactions | (4.9 | ) | (3.3 | ) | (1.6 | ) | |||||||||||||||||||
Net Realized Investment Gain (Loss) | $ | 6.8 | $ | 56.2 | $ | (4.9 | ) | ||||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||||||||||
Purpose of Derivatives | ||||||||||||||||||||||||||||
We are exposed to certain risks relating to our ongoing business operations. The primary risks managed by using derivative instruments are interest rate risk, risk related to matching duration for our assets and liabilities, foreign currency risk, and credit risk. Historically, we have utilized current and forward interest rate swaps and options on forward interest rate swaps and U.S. Treasury rates, current and forward currency swaps, forward treasury locks, currency forward contracts, forward contracts on specific fixed income securities, and credit default swaps. Transactions hedging interest rate risk are primarily associated with our individual and group long-term care and individual and group disability products. All other product portfolios are periodically reviewed to determine if hedging strategies would be appropriate for risk management purposes. We do not use derivative financial instruments for speculative purposes. | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges and used to reduce our exposure to interest rate and duration risk are as follows: | ||||||||||||||||||||||||||||
• | Interest rate swaps are used to hedge interest rate risks and to improve the matching of assets and liabilities. An interest rate swap is an agreement in which we agree with other parties to exchange, at specified intervals, the difference between fixed rate and variable rate interest amounts. We use interest rate swaps to hedge the anticipated purchase of fixed maturity securities thereby protecting us from the potential adverse impact of declining interest rates on the associated policy reserves. We also use interest rate swaps to hedge the potential adverse impact of rising interest rates in anticipation of issuing fixed rate long-term debt. | |||||||||||||||||||||||||||
• | Forward treasury locks are used to minimize interest rate risk associated with the anticipated purchase or disposal of fixed maturity securities. A forward treasury lock is a derivative contract without an initial investment where we and the counterparty agree to purchase or sell a specific U.S. Treasury bond at a future date at a pre-determined price. | |||||||||||||||||||||||||||
• | Options on U.S. Treasury rates are used to hedge the interest rate risk associated with the anticipated purchase of fixed maturity securities. These options give us the right, but not the obligation, to receive a specific interest rate for a specified period of time. These options enable us to lock in a minimum investment yield to hedge the potential adverse impact of declining interest rates. | |||||||||||||||||||||||||||
Derivatives designated as fair value hedges and used to reduce our exposure to interest rate and duration risk are as follows: | ||||||||||||||||||||||||||||
• | Interest rate swaps are used to effectively convert certain of our fixed rate securities into floating rate securities which are used to fund our floating rate long-term debt. Under these swap agreements, we receive a variable rate of interest and pay a fixed rate of interest. Additionally, we use interest rate swaps to effectively convert certain fixed rate, long-term debt into floating rate long-term debt. Under these swap agreements, we receive a fixed rate of interest and pay a variable rate of interest. | |||||||||||||||||||||||||||
Derivatives designated as cash flow hedges and used to reduce our exposure to foreign currency risk are as follows: | ||||||||||||||||||||||||||||
• | Foreign currency interest rate swaps have historically been used to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for portfolio diversification and to hedge the currency risk associated with certain of the principal and interest payments of the U.S. dollar-denominated debt issued by one of our U.K. subsidiaries . For hedges of fixed maturity securities, we agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments in exchange for fixed rate payments in the functional currency of the operating segment. For hedges of debt issued, we agree to pay, at specified intervals, fixed rate foreign currency-denominated principal and interest payments to the counterparty in exchange for fixed rate U.S. dollar-denominated principal and interest payments. | |||||||||||||||||||||||||||
• | Foreign currency forward contracts are used to minimize foreign currency risks. A foreign currency forward is a derivative without an initial investment where we and the counterparty agree to exchange a specific amount of currencies, at a specific exchange rate, on a specific date. We have used these forward contracts to hedge the foreign currency risk associated with certain of the principal repayments of the U.S. dollar-denominated debt issued by one of our U.K. subsidiaries and to hedge the currency risk of certain foreign currency-denominated fixed maturity securities owned for diversification purposes. | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments and used to reduce our exposure to credit losses on securities owned are as follows: | ||||||||||||||||||||||||||||
• | Credit default swaps are used as economic hedges against credit risk but do not qualify for hedge accounting. A credit default swap is an agreement in which we agree with another party to pay, at specified intervals, a fixed-rate fee in exchange for insurance against a credit event on a specific investment. If a defined credit event occurs, our counterparty may either pay us a net cash settlement or we may surrender the specific investment to them in exchange for cash equal to the full notional amount of the swap. Credit events typically include events such as bankruptcy, failure to pay, or certain types of debt restructuring. | |||||||||||||||||||||||||||
Derivative Risks | ||||||||||||||||||||||||||||
The basic types of risks associated with derivatives are market risk (that the value of the derivative will be adversely impacted by changes in the market, primarily the change in interest and exchange rates) and credit risk (that the counterparty will not perform according to the terms of the contract). The market risk of the derivatives should generally offset the market risk associated with the hedged financial instrument or liability. To help limit the credit exposure of the derivatives, we enter into master netting agreements with our counterparties whereby contracts in a gain position can be offset against contracts in a loss position. We also typically enter into bilateral, cross-collateralization agreements with our counterparties to help limit the credit exposure of the derivatives. These agreements require the counterparty in a loss position to submit acceptable collateral with the other counterparty in the event the net loss position meets or exceeds an agreed upon amount. Our current credit exposure on derivatives, which is limited to the value of those contracts in a net gain position, including accrued interest receivable less collateral held, was $5.5 million at December 31, 2013. We held $1.1 million cash collateral from our counterparties at December 31, 2013. We held no cash collateral at December 31, 2012. We post either fixed maturity securities or cash as collateral to our counterparties. The carrying value of fixed maturity securities posted as collateral to our counterparties was $95.6 million and $108.6 million at December 31, 2013 and 2012, respectively. We had no cash posted as collateral to our counterparties at December 31, 2013. We had $1.8 million cash posted as collateral to our counterparties at December 31, 2012. See Note 3 for further discussion of our master netting agreements. | ||||||||||||||||||||||||||||
The majority of our derivative instruments contain provisions that require us to maintain specified issuer credit ratings and financial strength ratings. Should our ratings fall below these specified levels, we would be in violation of the provisions, and our derivatives counterparties could terminate our contracts and request immediate payment. The aggregate fair value of all derivative instruments with credit risk-related contingent features that were in a liability position was $135.6 million and $170.5 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Derivative Transactions | ||||||||||||||||||||||||||||
The table below summarizes, by notional amounts, the activity for each category of derivatives. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated. | ||||||||||||||||||||||||||||
Swaps | ||||||||||||||||||||||||||||
Receive | Receive | Receive | Credit Default | Forwards | Options | Total | ||||||||||||||||||||||
Variable/Pay | Fixed/Pay | Fixed/Pay | ||||||||||||||||||||||||||
Fixed | Fixed | Variable | ||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 174 | $ | 617.9 | $ | 890 | $ | — | $ | — | $ | — | $ | 1,681.90 | ||||||||||||||
Additions | — | — | — | — | 46.9 | — | 46.9 | |||||||||||||||||||||
Terminations | — | 63.9 | 205 | — | 46.9 | — | 315.8 | |||||||||||||||||||||
Balance at December 31, 2011 | 174 | 554 | 685 | — | — | — | 1,413.00 | |||||||||||||||||||||
Additions | — | — | 250 | — | 86 | — | 336 | |||||||||||||||||||||
Terminations | — | 45.2 | 185 | — | 86 | — | 316.2 | |||||||||||||||||||||
Balance at December 31, 2012 | 174 | 508.8 | 750 | — | — | — | 1,432.80 | |||||||||||||||||||||
Additions | — | 160 | — | 97 | 24 | 10 | 291 | |||||||||||||||||||||
Terminations | 24 | 38.4 | 150 | — | 24 | 10 | 246.4 | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 150 | $ | 630.4 | $ | 600 | $ | 97 | $ | — | $ | — | $ | 1,477.40 | ||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, we had $630.4 million and $508.8 million, respectively, notional amount of receive fixed, pay fixed, open current and forward foreign currency swaps to hedge fixed income foreign currency-denominated securities and long-term debt. During 2013, we entered into $150.0 million notional amount of receive fixed, pay fixed foreign currency swaps to hedge the currency risk on a portion of the U.S. dollar-denominated debt issued by one of our U.K. subsidiaries. As of December 31, 2012, we had $150.0 million notional amount of receive fixed, pay variable forward starting interest rate swaps to hedge the anticipated purchase of fixed maturity securities. These interest rate swaps were terminated as scheduled in 2013. | ||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011 there was no material ineffectiveness related to our cash flow hedges, and no component of the derivative instruments' gain or loss was excluded from the assessment of hedge effectiveness. | ||||||||||||||||||||||||||||
As of December 31, 2013, we expect to amortize approximately $46.7 million of net deferred gains on derivative instruments during the next twelve months. This amount will be reclassified from accumulated other comprehensive income into earnings and reported on the same income statement line item as the hedged item. The income statement line items that will be affected by this amortization are net investment income and interest and debt expense. Amounts that will be reclassified from accumulated other comprehensive income into earnings to offset the earnings impact of foreign currency translation of hedged items are not estimable. | ||||||||||||||||||||||||||||
As of December 31, 2013, we are hedging the variability of future cash flows associated with forecasted transactions through the year 2038. | ||||||||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, we had $150.0 million and $174.0 million, respectively, notional amount of receive variable, pay fixed interest rate swaps to hedge the changes in fair value of certain fixed rate securities held. These swaps effectively convert the associated fixed rate securities into floating rate securities, which are used to fund our floating rate long-term debt. The change in fair value of the hedged fixed maturity securities attributable to the hedged benchmark interest rate resulted in a gain (loss) of $(11.5) million, $(1.2) million and $8.1 million for the years ended December 31, 2013, 2012, and 2011, respectively, with an offsetting gain or loss on the related interest rate swaps. | ||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, we had $600.0 million notional amount of receive fixed, pay variable interest rate swaps to hedge the changes in the fair value of certain fixed rate long-term debt. These swaps effectively convert the associated fixed rate long-term debt into floating rate debt and provide for a better matching of interest rates with our short-term investments, which have frequent interest rate resets similar to a floating rate security. The change in fair value of the hedged debt attributable to the hedged benchmark interest rate resulted in a gain (loss) of $21.1 million, $(6.6) million, and $(23.2) million for the years ended December 31, 2013, 2012, and 2011, respectively, with an offsetting gain or loss on the related interest rate swaps. | ||||||||||||||||||||||||||||
For the years ended December 31, 2013, 2012, and 2011, there was no material ineffectiveness related to our fair value hedges, and no component of the derivative instruments' gain or loss was excluded from the assessment of hedge effectiveness. There were no instances wherein we discontinued fair value hedge accounting due to a hedged firm commitment no longer qualifying as a fair value hedge. | ||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
As of December 31, 2013, we held $97.0 million notional amount of single name credit default swaps. We entered into these swaps in order to mitigate the credit risk associated with specific securities owned. We had no open credit default swaps as of December 31, 2012. | ||||||||||||||||||||||||||||
We have an embedded derivative in a modified coinsurance arrangement for which we include in our realized investment gains and losses a calculation intended to estimate the value of the option of our reinsurance counterparty to cancel the reinsurance contract with us. However, neither party can unilaterally terminate the reinsurance agreement except in extreme circumstances resulting from regulatory supervision, delinquency proceedings, or other direct regulatory action. Cash settlements or collateral related to this embedded derivative are not required at any time during the reinsurance contract or at termination of the reinsurance contract. There are no credit-related counterparty triggers, and any accumulated embedded derivative gain or loss reduces to zero over time as the reinsured business winds down. | ||||||||||||||||||||||||||||
Locations and Amounts of Derivative Financial Instruments | ||||||||||||||||||||||||||||
The following tables summarize the location and fair values of derivative financial instruments, as reported in our consolidated balance sheets. | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||||||||||||
Location | Value | Location | Value | |||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Interest Rate Swaps | Other L-T Investments | $ | 9.2 | Other Liabilities | $ | 35 | ||||||||||||||||||||||
Foreign Exchange Contracts | Other L-T Investments | 1.6 | Other Liabilities | 98.7 | ||||||||||||||||||||||||
Total | $ | 10.8 | $ | 133.7 | ||||||||||||||||||||||||
Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Credit Default Swaps | Other Liabilities | $ | 1.9 | |||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | Other Liabilities | 53.2 | ||||||||||||||||||||||||||
Total | $ | 55.1 | ||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||||||||||||
Location | Value | Location | Value | |||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Interest Rate Swaps | Other L-T Investments | $ | 76.5 | Other Liabilities | $ | 31.7 | ||||||||||||||||||||||
Foreign Exchange Contracts | Other L-T Investments | 5.1 | Other Liabilities | 138.8 | ||||||||||||||||||||||||
Total | $ | 81.6 | $ | 170.5 | ||||||||||||||||||||||||
Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | Other Liabilities | $ | 83.9 | |||||||||||||||||||||||||
The following table summarizes the location of gains and losses on the effective portion of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of income and consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | ||||||||||||||||||||||||||||
Interest Rate Swaps and Forwards | $ | (7.2 | ) | $ | 77.9 | $ | 50.3 | |||||||||||||||||||||
Options | (0.1 | ) | — | — | ||||||||||||||||||||||||
Foreign Exchange Contracts | 22.6 | 3.5 | 22.4 | |||||||||||||||||||||||||
Total | $ | 15.3 | $ | 81.4 | $ | 72.7 | ||||||||||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | ||||||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||||
Interest Rate Swaps and Forwards | $ | 43.1 | $ | 40 | $ | 34.8 | ||||||||||||||||||||||
Foreign Exchange Contracts | (5.9 | ) | (5.3 | ) | (1.1 | ) | ||||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||||||||
Interest Rate Swaps | 1.3 | 4.1 | 3.5 | |||||||||||||||||||||||||
Foreign Exchange Contracts | (13.8 | ) | (17.0 | ) | 10.1 | |||||||||||||||||||||||
Interest and Debt Expense | ||||||||||||||||||||||||||||
Interest Rate Swaps | (1.7 | ) | (1.7 | ) | (1.6 | ) | ||||||||||||||||||||||
Total | $ | 23 | $ | 20.1 | $ | 45.7 | ||||||||||||||||||||||
The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income. | ||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||||||||
Credit Default Swaps | $ | (1.9 | ) | $ | — | $ | — | |||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | 30.7 | 51.8 | (39.4 | ) | ||||||||||||||||||||||||
Total | $ | 28.8 | $ | 51.8 | $ | (39.4 | ) | |||||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||
Comprehensive Income (Loss) Note | ' | |||||||||||||||||||||
Components of our accumulated other comprehensive income, after tax, and related changes are as follows: | ||||||||||||||||||||||
Net Unrealized Gain on Securities | Net Gain on Cash Flow Hedges | Foreign Currency Translation Adjustment | Unrecognized Pension and Postretirement Benefit Costs | Total | ||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 873.5 | $ | 401.6 | $ | (72.6 | ) | $ | (574.5 | ) | $ | 628 | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (746.4 | ) | 9.7 | 25.5 | 328.6 | (382.6 | ) | |||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 8.6 | (15.0 | ) | — | 16 | 9.6 | ||||||||||||||||
Net Other Comprehensive Income (Loss) | (737.8 | ) | (5.3 | ) | 25.5 | 344.6 | (373.0 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 135.7 | $ | 396.3 | $ | (47.1 | ) | $ | (229.9 | ) | $ | 255 | ||||||||||
The net unrealized gain on securities consists of the following components: | ||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||
2013 | 2012 | Change | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||
Fixed Maturity Securities | $ | 4,054.80 | $ | 7,221.50 | $ | (3,166.7 | ) | |||||||||||||||
Other Investments | 55.5 | 92.8 | (37.3 | ) | ||||||||||||||||||
Deferred Acquisition Costs | (41.6 | ) | (67.0 | ) | 25.4 | |||||||||||||||||
Reserves for Future Policy and Contract Benefits | (4,108.5 | ) | (6,277.5 | ) | 2,169.00 | |||||||||||||||||
Reinsurance Recoverable | 263.8 | 351.5 | (87.7 | ) | ||||||||||||||||||
Deferred Income Tax | (88.3 | ) | (447.8 | ) | 359.5 | |||||||||||||||||
Total | $ | 135.7 | $ | 873.5 | $ | (737.8 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income were recognized in our consolidated statements of income as follows: | ||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||
Net Unrealized Gain on Securities | ||||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||
Loss on Sales of Securities and Other Invested Assets | $ | (12.6 | ) | |||||||||||||||||||
Other-Than-Temporary Impairment Loss | (0.8 | ) | ||||||||||||||||||||
(13.4 | ) | |||||||||||||||||||||
Income Tax Benefit | (4.8 | ) | ||||||||||||||||||||
Total | $ | (8.6 | ) | |||||||||||||||||||
Net Gain on Cash Flow Hedges | ||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||
Gain on Interest Rate Swaps and Forwards | $ | 43.1 | ||||||||||||||||||||
Loss on Foreign Exchange Contracts | (5.9 | ) | ||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||
Gain on Interest Rate Swaps | 1.3 | |||||||||||||||||||||
Loss on Foreign Exchange Contracts | (13.8 | ) | ||||||||||||||||||||
Interest and Debt Expense | ||||||||||||||||||||||
Loss on Interest Rate Swaps | (1.7 | ) | ||||||||||||||||||||
23 | ||||||||||||||||||||||
Income Tax Expense | 8 | |||||||||||||||||||||
Total | $ | 15 | ||||||||||||||||||||
Unrecognized Pension and Postretirement Benefit Costs | ||||||||||||||||||||||
Other Expenses | ||||||||||||||||||||||
Amortization of Net Actuarial Loss | $ | (32.9 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 5 | |||||||||||||||||||||
Curtailment Gain | 3 | |||||||||||||||||||||
(24.9 | ) | |||||||||||||||||||||
Income Tax Benefit | (8.9 | ) | ||||||||||||||||||||
Total | $ | (16.0 | ) |
Liability_for_Unpaid_Claims
Liability for Unpaid Claims | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Insurance [Abstract] | ' | |||||||||||
Liability for Unpaid Claims Disclosure [Text Block] | ' | |||||||||||
Changes in the liability for unpaid claims and claim adjustment expenses are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Balance at January 1 | $ | 24,567.10 | $ | 24,586.50 | $ | 24,339.40 | ||||||
Less Reinsurance Recoverable | 2,006.00 | 2,042.60 | 2,028.20 | |||||||||
Net Balance at January 1 | 22,561.10 | 22,543.90 | 22,311.20 | |||||||||
Incurred Related to | ||||||||||||
Current Year | 4,751.90 | 4,946.20 | 4,684.40 | |||||||||
Prior Years | ||||||||||||
Interest | 1,230.00 | 1,247.60 | 1,262.90 | |||||||||
All Other Incurred | (44.7 | ) | (175.7 | ) | 209.1 | |||||||
Foreign Currency | 41.2 | 101.1 | (10.9 | ) | ||||||||
Total Incurred | 5,978.40 | 6,119.20 | 6,145.50 | |||||||||
Paid Related to | ||||||||||||
Current Year | (1,657.3 | ) | (1,715.4 | ) | (1,588.6 | ) | ||||||
Prior Years | (4,419.4 | ) | (4,386.6 | ) | (4,324.2 | ) | ||||||
Total Paid | (6,076.7 | ) | (6,102.0 | ) | (5,912.8 | ) | ||||||
Net Balance at December 31 | 22,462.80 | 22,561.10 | 22,543.90 | |||||||||
Plus Reinsurance Recoverable | 2,072.80 | 2,006.00 | 2,042.60 | |||||||||
Balance at December 31 | $ | 24,535.60 | $ | 24,567.10 | $ | 24,586.50 | ||||||
The majority of the net balances are related to disability claims with long-tail payouts on which interest earned on assets backing liabilities is an integral part of pricing and reserving. Interest accrued on prior year reserves has been calculated on the opening reserve balance less one-half year's cash payments at our average reserve discount rate used during 2013, 2012, and 2011. | ||||||||||||
"Incurred Related to Prior Years - All Other Incurred" for the years shown in the preceding chart includes the reserve adjustments as discussed in the following paragraphs, which create variances year over year. Excluding those adjustments, the variability exhibited year over year is caused primarily by the level of claim resolutions in the period relative to the long-term expectations reflected in the reserves. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the life of the block of business and will vary from actual experience in any one period, both favorably and unfavorably. Claim resolution rates for 2013 in the Unum US group long-term disability product line were less favorable than the level of 2012, though still above the level of our long-term assumptions. | ||||||||||||
2013 Unclaimed Death Benefits Reserve Increase | ||||||||||||
Beginning in 2011, a number of state regulators began requiring insurers to cross-check specified insurance policies with the Social Security Administration’s Death Master File to identify potential matches. If a potential match was identified, insurers were requested to determine if benefits were due, locate beneficiaries, and make payments where appropriate. We initiated this process where requested, and in 2012 we began implementing this process in all states on a forward-looking basis. In addition to implementing this on a forward-looking basis, in 2013 we began an initiative to search for potential claims from previous years. | ||||||||||||
During the fourth quarter of 2013, we completed our assessment of benefits which we estimate will be paid under this initiative, and as such, established $95.5 million of additional claim reserves for payment of these benefits. Claim reserves were increased $49.1 million for Unum US group life, $26.3 million for Unum US voluntary life, and $20.1 million for Colonial Life voluntary life. The reserves established were attributed to prior year incurred claims, thereby impacting the results shown in the preceding chart. | ||||||||||||
2013 Group Life Waiver of Premium Benefit Reserve Reduction | ||||||||||||
Within our Unum US segment, we offer group life insurance coverage which consists primarily of renewable term life insurance and includes a provision for waiver of premium, if disabled. The group life waiver of premium benefit (group life waiver) provides for continuation of life insurance coverage when an insured, or the employer on behalf of the insured, is no longer paying premium because the employee is not actively at work due to a disability. The group life waiver claim reserve is the present value of future anticipated death benefits reflecting the probability of death while remaining disabled. Claim reserves are calculated using assumptions based on past experience adjusted for current trends and any other factors that would modify past experience and are subject to revision as current claim experience emerges and alters our view of future expectations. The two fundamental assumptions in the development of the group life waiver reserve are mortality and recovery. Our emerging experience and that which continues to emerge within the industry indicate an increase in life expectancies, which decreases the ultimate anticipated death benefits to be paid under the group life waiver benefit. Emerging experience also reflects an improvement in claim recovery rates, which also lessens the likelihood of payment of a death benefit while the insured is disabled. During the fourth quarter of 2013, we completed a review of our assumptions and modified our mortality and claim recovery assumptions for our Unum US group life waiver reserves and, as a result, reduced claim reserves by $85.0 million. Of this amount, approximately $78.0 million was attributed to prior year incurred claims, thereby impacting the results shown in the preceding chart. | ||||||||||||
2011 Long-term Care Loss Recognition | ||||||||||||
We generally perform loss recognition tests on our deferred acquisition costs and policy reserves in the fourth quarter of each year, but more frequently if appropriate, using best estimate assumptions as of the date of the test without a provision for adverse deviation. Included in our analysis for the long-term care product line during the fourth quarter of 2011 was a review of our reserve discount rate, mortality, and morbidity assumptions. Our analysis of reserve discount rate assumptions considered the significant decline in long-term interest rates which occurred late in 2011. We also considered an updated industry study for long-term care experience which was made available mid-year 2011 from the Society of Actuaries. Our analysis of this study, which was completed during the fourth quarter of 2011, showed that lower termination rates than we had previously assumed were beginning to emerge in industry and in our own company experience. Based on our analysis, as of December 31, 2011 we lowered the discount rate assumption to reflect the low interest rate environment and our expectation of future investment portfolio yield rates. We also changed our mortality assumptions to reflect emerging experience due to an increase in life expectancies which increases the ultimate number of people who will utilize long-term care benefits and also lengthens the amount of time a claimant receives long-term care benefits. We changed our morbidity assumptions to reflect emerging industry experience as well as our own company experience. While our morbidity experience is still emerging and is not fully credible, we modified our assumptions to align more closely with the recently published industry study. Using our revised best estimate assumptions, as of December 31, 2011 we determined that deferred acquisition costs of $196.0 million were not recoverable and that our policy and claim reserves should be increased by $573.6 million to reflect our then current estimate of future benefit obligations. Of this amount, $248.1 million was related to claim reserves, and approximately $215.0 million was attributed to prior year incurred claims, thereby impacting the results shown in the preceding chart. | ||||||||||||
2011 Claim Reserve Increase for Individual Disability Closed Block Business | ||||||||||||
In December 2011, we analyzed our reserve assumptions for individual disability closed block claim reserves. Claim resolution rates, which measure the resolution of claims from recovery, deaths, settlements, and benefit expirations, are very sensitive to operational and environmental changes and can be volatile. Our claim resolution rate assumption used in determining reserves is our expectation of the resolution rate we will experience over the life of the block of business. At that time, we were able, with a higher degree of confidence, to assess our own experience for older ages in our long duration lifetime claim block as our data had become credible. There is very little industry experience for lifetime disability benefits, as our insurance companies were the primary disability companies in the insurance industry at the time lifetime disability benefits were offered. These benefits were offered during the 1980s and 1990s, recent enough such that claimants are just reaching the older ages and providing us with data to build our claim experience base. Emerging experience indicated a longer life expectancy for our older age, longer duration disabled claimants, which lengthens the time a claimant receives disability benefits. As a result of this experience, as of December 31, 2011 we adjusted our mortality assumption within our claim resolution rate assumption and, as a result, increased our claim reserves for our individual disability closed block of business by $183.5 million. Of this amount, approximately $176.0 million was attributed to prior year incurred claims, thereby impacting the results shown in the preceding chart. | ||||||||||||
Reconciliation | ||||||||||||
A reconciliation of policy and contract benefits and reserves for future policy and contract benefits as reported in our consolidated balance sheets to the liability for unpaid claims and claim adjustment expenses is as follows: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Policy and Contract Benefits | $ | 1,511.00 | $ | 1,484.60 | $ | 1,494.00 | ||||||
Reserves for Future Policy and Contract Benefits | 43,099.10 | 44,694.40 | 43,051.90 | |||||||||
Total | 44,610.10 | 46,179.00 | 44,545.90 | |||||||||
Less: | ||||||||||||
Life Reserves for Future Policy and Contract Benefits | 7,740.50 | 7,571.10 | 7,454.20 | |||||||||
Accident and Health Active Life Reserves | 8,225.50 | 7,763.30 | 7,259.60 | |||||||||
Unrealized Adjustment to Reserves for Future Policy and Contract Benefits | 4,108.50 | 6,277.50 | 5,245.60 | |||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | $ | 24,535.60 | $ | 24,567.10 | $ | 24,586.50 | ||||||
The unrealized adjustment to reserves for future policy and contract benefits reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the available-for-sale securities had been realized. Changes in this adjustment are reported as a component of other comprehensive income or loss. |
Income_Tax
Income Tax | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||
Total income tax expense (benefit) is allocated as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Net Income | $ | 347.1 | $ | 355.1 | $ | 49.1 | ||||||
Stockholders' Equity - Additional Paid-in Capital | ||||||||||||
Stock-Based Compensation | (0.8 | ) | 3.5 | (3.3 | ) | |||||||
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Change in Net Unrealized Gain on Securities Before Adjustment | (1,102.8 | ) | 467.7 | 798.3 | ||||||||
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | 743.3 | (325.6 | ) | (701.5 | ) | |||||||
Change in Net Gain on Cash Flow Hedges | (1.3 | ) | (4.3 | ) | 25.2 | |||||||
Change in Unrecognized Pension and Postretirement Benefit Costs | 185.2 | (68.0 | ) | (67.4 | ) | |||||||
Total | $ | 170.7 | $ | 428.4 | $ | 100.4 | ||||||
A reconciliation of the income tax expense (benefit) attributable to income from operations before income tax, computed at U.S. federal statutory tax rates, to the income tax expense (benefit) as included in our consolidated statements of income, is as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory Income Tax | 35 | % | 35 | % | 35 | % | ||||||
Prior Year Taxes | (0.1 | ) | (0.9 | ) | (11.0 | ) | ||||||
Foreign Items | (1.9 | ) | (2.0 | ) | (0.3 | ) | ||||||
Tax Credits | (3.4 | ) | (2.7 | ) | (5.9 | ) | ||||||
Other Items, Net | (0.8 | ) | (1.0 | ) | (3.1 | ) | ||||||
Effective Tax | 28.8 | % | 28.4 | % | 14.7 | % | ||||||
Our net deferred tax liability consists of the following. Certain prior year amounts have been reclassified to conform to current year reporting. | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Deferred Tax Liability | ||||||||||||
Deferred Acquisition Costs | $ | 70 | $ | 39.3 | ||||||||
Fixed Assets | 80.3 | 74.1 | ||||||||||
Invested Assets | 1,274.30 | 2,342.80 | ||||||||||
Other | 54.4 | 63.2 | ||||||||||
Gross Deferred Tax Liability | 1,479.00 | 2,519.40 | ||||||||||
Deferred Tax Asset | ||||||||||||
Reserves | 1,180.10 | 1,934.20 | ||||||||||
Employee Benefits | 151.2 | 315.2 | ||||||||||
Other | 3.4 | 0.6 | ||||||||||
Gross Deferred Tax Asset | 1,334.70 | 2,250.00 | ||||||||||
Total Net Deferred Tax Liability | $ | 144.3 | $ | 269.4 | ||||||||
Our consolidated statements of income include amounts subject to both domestic and foreign taxation. The income and related tax expense (benefit) are as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Income Before Tax | ||||||||||||
United States - Federal | $ | 1,072.00 | $ | 1,128.40 | $ | 160.5 | ||||||
Foreign | 133.2 | 121.1 | 172.8 | |||||||||
Total | $ | 1,205.20 | $ | 1,249.50 | $ | 333.3 | ||||||
Current Tax Expense | ||||||||||||
United States - Federal | $ | 277.9 | $ | 164.4 | $ | 218.4 | ||||||
Foreign | 18.7 | 42.2 | 12.1 | |||||||||
Total | 296.6 | 206.6 | 230.5 | |||||||||
Deferred Tax Expense (Benefit) | ||||||||||||
United States - Federal | 47.3 | 173.5 | (203.4 | ) | ||||||||
Foreign | 3.2 | (25.0 | ) | 22 | ||||||||
Total | 50.5 | 148.5 | (181.4 | ) | ||||||||
Total | $ | 347.1 | $ | 355.1 | $ | 49.1 | ||||||
The U.K. government enacted income tax rate reductions during each of the years 2010 through 2013. During 2013, the rate was reduced from 23 percent to 21 percent effective April 2014, and to 20 percent effective April 2015. Although the rate reductions in each instance became or will become effective during a subsequent year, we are required to adjust deferred tax assets and liabilities through income on the date of enactment of a rate change. As a result, we recorded income tax benefits of $6.3 million for the three percent tax rate reduction enacted during 2013 and $9.3 million and $6.8 million for the two percent tax rate reductions enacted during 2012 and 2011, respectively. | ||||||||||||
We consider the unremitted earnings of our foreign operations to be permanently invested and therefore have not provided U.S. deferred taxes on the cumulative earnings of our non-U.S. affiliates. Deferred taxes are provided for earnings of non-U.S. affiliates when we plan to remit those earnings. As of December 31, 2013, we have not made a provision for U.S. taxes on approximately $1 billion of the excess of the carrying amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. The determination of a deferred tax liability related to investments in these foreign subsidiaries is not practicable. | ||||||||||||
Our consolidated statements of income include the following changes in unrecognized tax benefits: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Balance at Beginning of Year | $ | 17.5 | $ | 86.9 | $ | 138.9 | ||||||
Tax Positions Taken During Prior Years | ||||||||||||
Additions | 5.7 | 13.3 | 4.4 | |||||||||
Subtractions | — | (0.6 | ) | (11.8 | ) | |||||||
Settlements with Tax Authorities | (4.8 | ) | (23.5 | ) | (44.6 | ) | ||||||
Lapses of Statute of Limitations | — | (61.1 | ) | — | ||||||||
Tax Positions Taken During Current Year | — | 2.5 | — | |||||||||
Balance at End of Year | 18.4 | 17.5 | 86.9 | |||||||||
Less Tax Attributable to Temporary Items Included Above | (10.2 | ) | (15.0 | ) | (86.9 | ) | ||||||
Total Unrecognized Tax Benefits that if Recognized Would Affect the Effective Tax Rate | $ | 8.2 | $ | 2.5 | $ | — | ||||||
Included in the balances at December 31, 2013, 2012, and 2011 are $10.2 million, $15.0 million, and $86.9 million, respectively, of unrecognized tax benefits for tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Other than potential interest and penalties, the disallowance of the shorter deductibility period would not affect our results of operations but would accelerate the payment of cash to the taxing authority. | ||||||||||||
We recognize interest expense and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. We recognized a reduction of interest expense associated with unrecognized tax benefits of $1.1 million, $10.4 million, and $13.1 million for 2013, 2012, and 2011, respectively. The total amounts of accrued interest and penalties related to unrecognized tax benefits in our consolidated balance sheets as of December 31, 2013 and 2012 were $0.8 million and $1.9 million, respectively. It is reasonably possible that unrecognized tax benefits could decrease within the next 12 months by $0 to $8.0 million pending resolution of items with the Internal Revenue Service (IRS). | ||||||||||||
We file federal and state income tax returns in the United States and in foreign jurisdictions. We are under continuous examination by the IRS with regard to our U.S. federal income tax returns. During 2013, our appeal of tax years 2005 and 2006 was effectively settled with the approval of the Congressional Joint Committee on Taxation. As a result of the settlement, we recognized in our 2013 operating results a reduction in federal income taxes of $1.4 million as well as other income of $4.0 million before tax and $2.6 million after tax. We expect to receive a cash refund of taxes and interest under this settlement of approximately $17.5 million in 2014. | ||||||||||||
During 2012, the IRS audit of our 2009 and 2010 years commenced, and we also finalized all issues with the IRS related to our 2007 and 2008 years resulting in a reduction of our federal income taxes of $11.0 million. During 2011, the IRS approved our final settlement for tax years 1996 to 2004. The settlement resulted from our administrative appeal of audit adjustments relating primarily to insurance tax reserves and losses incurred by foreign subsidiaries. As a result of the settlement, we recognized in our 2011 operating results a reduction in our federal income taxes of $41.3 million as well as interest income of $17.5 million before tax and $11.4 million after tax. We received a cash refund of taxes and interest under this settlement of $60.4 million in 2012. | ||||||||||||
Tax years subsequent to 2008 remain subject to examination by tax authorities in the U.S., and tax years subsequent to 2010 remain subject to examination in major foreign jurisdictions. We believe sufficient provision has been made for all potential adjustments for years that are not closed by the statute of limitations in all major tax jurisdictions and that any such adjustments would not have a material adverse effect on our financial position, liquidity, or results of operations. | ||||||||||||
In January 2013, the American Taxpayer Relief Act retroactively reinstated the active financing income exemption to the beginning of 2012 which affects the amount of earnings from foreign subsidiaries that is taxed annually, regardless of whether foreign earnings are repatriated. Our 2012 income tax expense reflected the taxation of all active financing income from our foreign subsidiaries as required under the law in place prior to the reinstatement. In 2013, we reversed the amounts recorded in 2012 and recorded a reduction in income tax expense of $0.9 million to reflect the reinstatement of the exemption of active financing income. The active financing income exemption expired again for tax years beginning on or after January 1, 2014, the effect of which is expected to be immaterial in 2014. | ||||||||||||
As of December 31, 2013 and 2012, we had no net operating loss carryforward for U.S. income taxes. We record a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. As of December 31, 2013 and 2012, we had no valuation allowance. In 2011, as part of an IRS settlement, we released a $4.1 million valuation allowance related to basis differences in foreign subsidiaries and net operating loss carryforwards in foreign jurisdictions. | ||||||||||||
Total income taxes paid net of refunds during 2013, 2012, and 2011 were $398.1 million, $185.0 million, and $303.5 million, respectively. |
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
Long-term and short-term debt consists of the following: | ||||||||
31-Dec | ||||||||
2013 | 2012 | |||||||
(in millions of dollars) | ||||||||
Long-term Debt | ||||||||
Senior Secured Notes, variable due 2037, callable at or above par | $ | 440 | $ | 500 | ||||
Senior Secured Notes, variable due 2036, callable at or above par | — | 62.5 | ||||||
Notes @ 5.75% due 2042, callable at or above par | 248.6 | 248.6 | ||||||
Notes @ 7.375% due 2032, callable at or above par | 39.5 | 39.5 | ||||||
Notes @ 6.75% due 2028, callable at or above par | 165.8 | 165.8 | ||||||
Notes @ 7.25% due 2028, callable at or above par | 200 | 200 | ||||||
Notes @ 5.625% due 2020, callable at or above par | 399.7 | 399.6 | ||||||
Notes @ 7.125% due 2016, callable at or above par | 350 | 350 | ||||||
Notes @ 6.85% due 2015, callable at or above par | 296.8 | 296.7 | ||||||
Notes @ 7.0% due 2018, non-callable | 200 | 200 | ||||||
Medium-term Notes @ 7.0% to 7.2% due 2023 to 2028, non-callable | 50.8 | 50.8 | ||||||
Junior Subordinated Debt Securities @ 7.405% due 2038 | 226.5 | 226.5 | ||||||
Fair Value Hedges Adjustment | (5.7 | ) | 15.4 | |||||
Total | 2,612.00 | 2,755.40 | ||||||
Short-term Debt | ||||||||
Securities Lending Agreements - See Note 3 | 76.5 | 455.8 | ||||||
Total | $ | 2,688.50 | $ | 3,211.20 | ||||
Collateralized debt is comprised of our senior secured notes and ranks highest in priority, followed by unsecured notes, which consist of notes and medium-term notes, followed by junior subordinated debt securities. The junior subordinated debt securities due 2038 are callable under limited, specified circumstances. The remaining callable debt may be redeemed, in whole or in part, at any time. | ||||||||
The aggregate contractual principal maturities are $296.9 million in 2015, $350.0 million in 2016, $200.0 million in 2018, and $1,772.6 million in 2020 and thereafter. | ||||||||
Senior Secured Notes | ||||||||
In 2007, Northwind Holdings, LLC (Northwind Holdings), a wholly-owned subsidiary of Unum Group, issued $800.0 million of insured, senior secured notes due 2037 (the Northwind notes) in a private offering. The Northwind notes bear interest at a floating rate equal to the three-month LIBOR plus 0.78%. | ||||||||
Northwind Holdings’ ability to meet its obligations to pay principal, interest, and other amounts due on the Northwind notes will be dependent principally on its receipt of dividends from Northwind Reinsurance Company (Northwind Re), the sole subsidiary of Northwind Holdings. Northwind Re reinsured the risks attributable to specified individual disability insurance policies issued by or reinsured by Provident Life and Accident Insurance Company, Unum Life Insurance Company of America, and The Paul Revere Life Insurance Company (collectively, the ceding insurers) pursuant to separate reinsurance agreements between Northwind Re and each of the ceding insurers. The ability of Northwind Re to pay dividends to Northwind Holdings will depend on its satisfaction of applicable regulatory requirements and the performance of the reinsured policies. | ||||||||
Recourse for the payment of principal, interest, and other amounts due on the Northwind notes is limited to the collateral for the Northwind notes and the other assets, if any, of Northwind Holdings. The collateral consists of a first priority, perfected security interest in (a) the debt service coverage account (DSCA) that Northwind Holdings is required to maintain in accordance with the indenture pursuant to which the Northwind notes were issued (the Northwind indenture), (b) the capital stock of Northwind Re and the dividends and distributions on such capital stock, and (c) Northwind Holdings' rights under the transaction documents related to the Northwind notes to which Northwind Holdings is a party. At December 31, 2013, the amount in the DSCA was $7.4 million. None of Unum Group, the ceding insurers, Northwind Re, or any other affiliate of Northwind Holdings is an obligor or guarantor with respect to the Northwind notes. | ||||||||
Northwind Holdings is required to repay a portion of the outstanding principal under the Northwind notes at par on the quarterly scheduled payment dates under the Northwind notes in an amount equal to the lesser of (i) a targeted amortization amount as defined in the Northwind indenture and (ii) the amount of the remaining available funds in the DSCA minus an amount equal to the minimum balance that is required to be maintained in the DSCA under the Northwind indenture, provided that Northwind Holdings has sufficient funds available to pay its other expenses, including interest payments on the Northwind notes, and to maintain the minimum balance in the DSCA as required under the Northwind indenture. Northwind Holdings made principal payments on the Northwind Notes of $60.0 million in both 2013 and 2012 and $74.4 million in 2011. | ||||||||
In 2006, Tailwind Holdings, LLC (Tailwind Holdings) a wholly-owned subsidiary of Unum Group, issued $130.0 million of insured, senior, secured notes due 2036 in a private offering. During 2012 and 2011, Tailwind Holdings made principal payments of $10.0 million each year on these notes. In January 2013, we purchased and retired the outstanding principal of $62.5 million on these notes, resulting in a before-tax gain of $4.0 million. | ||||||||
Unsecured Notes | ||||||||
In August 2012, we issued $250.0 million of unsecured senior notes in a public offering. | ||||||||
In 2011, the remaining $225.1 million of our 7.625% senior notes due March 2011 matured. | ||||||||
In 2005, UnumProvident Finance Company plc, a wholly-owned subsidiary of Unum Group, issued 6.85% senior debentures due 2015. These debentures are fully and unconditionally guaranteed by Unum Group. | ||||||||
Fair Value Hedges | ||||||||
As of December 31, 2013 and 2012, we had $600.0 million notional amount interest rate swaps which effectively convert certain of our unsecured senior notes into floating rate debt. Under these agreements, we receive fixed rates of interest and pay variable rates of interest, based off of three-month LIBOR. See Note 4 for further information on our interest rate swaps. | ||||||||
Junior Subordinated Debt Securities | ||||||||
In 1998, Provident Financing Trust I (the trust), a 100 percent-owned finance subsidiary of Unum Group, issued $300.0 million of 7.405% capital securities in a public offering. These capital securities, which mature in 2038, are fully and unconditionally guaranteed by Unum Group, have a liquidation value of $1,000 per capital security, and have a mandatory redemption feature under certain circumstances. Unum Group issued 7.405% junior subordinated deferrable interest debentures to the trust in connection with the capital securities offering. The debentures mature in 2038. The sole assets of the trust are the junior subordinated debt securities. | ||||||||
Interest and Debt Expense | ||||||||
Interest paid on long-term and short-term debt and related securities during 2013, 2012, and 2011 was $144.6 million, $139.6 million, and $145.4 million, respectively. | ||||||||
Credit Facility | ||||||||
In August 2013, we entered into a five-year, $400.0 million unsecured revolving credit facility. Under the terms of the agreement, we may request that the credit facility be increased up to $600.0 million. Borrowings under the credit facility are for general corporate uses and are subject to financial covenants, negative covenants, and events of default that are customary. The credit facility provides for interest rates based on either the prime rate or LIBOR. At December 31, 2013, no amount was outstanding on the facility. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||
Note 9 - Employee Benefit Plans | ||||||||||||||||||||||||||||||||||||
Defined Benefit Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||||
We sponsor several defined benefit pension and other postretirement benefit (OPEB) plans for our employees, including non-qualified pension plans. The U.S. qualified and non-qualified defined benefit pension plans comprise the majority of our total benefit obligation and benefit cost. We maintain a separate defined benefit plan for eligible employees in our U.K. operation. The U.S. defined benefit pension plans were closed to new entrants on December 31, 2013, and the U.K. plan was closed to new entrants on December 31, 2002. | ||||||||||||||||||||||||||||||||||||
Amendments to U.S. Pension Plans | ||||||||||||||||||||||||||||||||||||
In 2013, we adopted plan amendments which freeze participation and benefit accruals in our U.S. qualified and non-qualified defined benefit pension plans, effective December 31, 2013. Because the amendments eliminate all future service accruals subsequent to December 31, 2013 for active participants in these plans, we were required to remeasure the benefit obligations during 2013. The discount rate assumption increased from 4.50 percent at December 31, 2012 to 5.00 percent at the remeasurement date, reflecting the change in market interest rates during that period. The expected long-term rate of return on plan assets of 7.50 percent remained unchanged from December 31, 2012. The remeasurement resulted in a decrease in our net pension liability of $327.4 million at the remeasurement date, with a corresponding increase in other comprehensive income, less applicable income tax of $114.6 million. The decrease in the net pension liability resulted primarily from the curtailment of benefits under the plan amendments as well as the increase in the discount rate assumption used to remeasure the benefit obligations. | ||||||||||||||||||||||||||||||||||||
As a result of these plan amendments, we recognized a before-tax curtailment loss of $0.7 million in earnings during 2013, with a corresponding reduction in the prior service cost included in accumulated other comprehensive income and associated with years of service no longer expected to be rendered. | ||||||||||||||||||||||||||||||||||||
Amendments to U.K. Pension Plan | ||||||||||||||||||||||||||||||||||||
In 2013, we adopted amendments to our U.K. pension plan which freeze participation in our plan and which reduce the maximum rate of inflation indexation from 5.0 percent to 2.5 percent for pension benefits which were earned prior to April 1997. The amendment to reduce the maximum rate of inflation indexation was effective September 12, 2013, and the amendment to freeze participation will become effective June 30, 2014. Although all future service accruals will be eliminated for active participants, pension payments to participants currently employed will be based on the higher of (i) pensionable earnings at a participant's retirement age or the date a participant's employment ceases, subject to the inflation indexation provisions in the plan, or (ii) pensionable earnings as of June 30, 2014, also subject to the inflation indexation provisions. Because the amendments eliminate all future service accruals subsequent to June 30, 2014 for active participants in the plan, we were required to remeasure the benefit obligation of the plan during 2013. The discount rate assumption increased from 4.50 percent at December 31, 2012 to 4.60 percent at the remeasurement date, reflecting the change in market interest rates during that period. The expected long-term rate of return on plan assets changed from 6.20 percent at December 31, 2012 to 6.35 percent at the remeasurement date. The remeasurement resulted in a $2.3 million, or £1.5 million, increase in our net pension asset at the remeasurement date. | ||||||||||||||||||||||||||||||||||||
As a result of these plan amendments, we recognized a before-tax curtailment gain of $3.7 million, or £2.3 million, in earnings during 2013, with a corresponding decrease in the prior service credit included in accumulated other comprehensive income and associated with years of service no longer expected to be rendered. The majority of the prior service credit was related to the amendment to reduce the rate of inflation indexation. | ||||||||||||||||||||||||||||||||||||
Amendments to OPEB Plan | ||||||||||||||||||||||||||||||||||||
We discontinued offering retiree life insurance to future retirees effective December 31, 2012 but continue to provide this benefit to employees who retired prior to that date. As a result of this plan amendment, we recognized a curtailment gain of $4.2 million and a prior service credit of $5.0 million in accumulated other comprehensive income during 2012. | ||||||||||||||||||||||||||||||||||||
Amortization Period of Actuarial Gain or Loss | ||||||||||||||||||||||||||||||||||||
Because all participants in the U.S. and U.K. pension plans are considered inactive as a result of these amendments, we are required to amortize the net actuarial loss for these plans over the average remaining life expectancy of the plan participants. The net actuarial loss was previously amortized over the average future working life of pension plan participants, or approximately 11 years, for both U.S. and U.K. participants up to the dates of remeasurement. As of December 31, 2013, the estimate of the average remaining life expectancy of plan participants is approximately 33 years for U.S. participants and 34 years for U.K. participants. | ||||||||||||||||||||||||||||||||||||
The following tables provide the changes in the benefit obligation and fair value of plan assets and statements of the funded status of the plans. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,967.90 | $ | 1,579.80 | $ | 197.4 | $ | 170.4 | $ | 198.8 | $ | 190.9 | ||||||||||||||||||||||||
Service Cost | 59.4 | 48.8 | 4.3 | 4.2 | 0.7 | 1.6 | ||||||||||||||||||||||||||||||
Interest Cost | 86.3 | 84.4 | 8.6 | 8.5 | 8 | 9.6 | ||||||||||||||||||||||||||||||
Plan Participant Contributions | — | — | — | — | 3.9 | 3.5 | ||||||||||||||||||||||||||||||
Actuarial (Gain) Loss | (225.9 | ) | 291.4 | 2.6 | 9.4 | (30.2 | ) | 19.1 | ||||||||||||||||||||||||||||
Benefits and Expenses Paid | (42.2 | ) | (36.5 | ) | (4.1 | ) | (3.9 | ) | (15.9 | ) | (16.7 | ) | ||||||||||||||||||||||||
Plan Amendment | — | — | — | — | — | (5.0 | ) | |||||||||||||||||||||||||||||
Curtailment | (126.8 | ) | — | (3.7 | ) | — | — | (4.2 | ) | |||||||||||||||||||||||||||
Change in Foreign Exchange Rates | — | — | 3.6 | 8.8 | — | — | ||||||||||||||||||||||||||||||
Benefit Obligation at End of Year | $ | 1,718.70 | $ | 1,967.90 | $ | 208.7 | $ | 197.4 | $ | 165.3 | $ | 198.8 | ||||||||||||||||||||||||
Accumulated Benefit Obligation at December 31 | $ | 1,718.70 | $ | 1,822.30 | $ | 197.7 | $ | 187.3 | N/A | N/A | ||||||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,353.60 | $ | 1,170.80 | $ | 205.6 | $ | 188 | $ | 11.5 | $ | 11.7 | ||||||||||||||||||||||||
Actual Return on Plan Assets | 224.6 | 161.8 | 15.6 | 8.6 | 0.2 | 0.3 | ||||||||||||||||||||||||||||||
Employer Contributions | 54.7 | 57.5 | 4 | 4.1 | 11.7 | 12.7 | ||||||||||||||||||||||||||||||
Plan Participant Contributions | — | — | — | — | 3.9 | 3.5 | ||||||||||||||||||||||||||||||
Benefits and Expenses Paid | (42.2 | ) | (36.5 | ) | (4.1 | ) | (3.9 | ) | (15.9 | ) | (16.7 | ) | ||||||||||||||||||||||||
Change in Foreign Exchange Rates | — | — | 4.6 | 8.8 | — | — | ||||||||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,590.70 | $ | 1,353.60 | $ | 225.7 | $ | 205.6 | $ | 11.4 | $ | 11.5 | ||||||||||||||||||||||||
Underfunded (Overfunded) Status | $ | 128 | $ | 614.3 | $ | (17.0 | ) | $ | (8.2 | ) | $ | 153.9 | $ | 187.3 | ||||||||||||||||||||||
The amounts recognized in our consolidated balance sheets for our pension and OPEB plans at December 31, 2013 and 2012 are as follows. Certain prior year amounts have been reclassified to conform to current year reporting. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Current Liability | $ | 5.2 | $ | 4.6 | $ | — | $ | — | $ | 14.6 | $ | 15.6 | ||||||||||||||||||||||||
Noncurrent Liability | 136.2 | 609.7 | — | — | 139.3 | 171.7 | ||||||||||||||||||||||||||||||
Noncurrent Asset | (13.4 | ) | — | (17.0 | ) | (8.2 | ) | — | — | |||||||||||||||||||||||||||
Underfunded (Overfunded) Status | $ | 128 | $ | 614.3 | $ | (17.0 | ) | $ | (8.2 | ) | $ | 153.9 | $ | 187.3 | ||||||||||||||||||||||
Unrecognized Pension and Postretirement Benefit Costs | ||||||||||||||||||||||||||||||||||||
Net Actuarial Gain (Loss) | $ | (342.1 | ) | $ | (845.4 | ) | $ | (36.9 | ) | $ | (37.9 | ) | $ | 10.3 | $ | (19.3 | ) | |||||||||||||||||||
Prior Service Credit (Cost) | — | (0.6 | ) | — | (0.2 | ) | 2.4 | 7.3 | ||||||||||||||||||||||||||||
(342.1 | ) | (846.0 | ) | (36.9 | ) | (38.1 | ) | 12.7 | (12.0 | ) | ||||||||||||||||||||||||||
Deferred Income Tax Asset | 119.7 | 296.1 | 10.9 | 11.1 | 5.8 | 14.4 | ||||||||||||||||||||||||||||||
Total Included in Accumulated Other Comprehensive Income (Loss) | $ | (222.4 | ) | $ | (549.9 | ) | $ | (26.0 | ) | $ | (27.0 | ) | $ | 18.5 | $ | 2.4 | ||||||||||||||||||||
The following table provides the changes recognized in other comprehensive income for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at Beginning of Year | $ | (549.9 | ) | $ | (437.6 | ) | $ | (27.0 | ) | $ | (17.2 | ) | $ | 2.4 | $ | 10.7 | ||||||||||||||||||||
Net Actuarial Gain (Loss) | ||||||||||||||||||||||||||||||||||||
Amortization | 31.7 | 45.9 | 1.2 | 0.5 | — | — | ||||||||||||||||||||||||||||||
Curtailment | 126.8 | — | — | — | — | 4.2 | ||||||||||||||||||||||||||||||
All Other Changes | 344.8 | (218.2 | ) | (0.2 | ) | (13.4 | ) | 29.6 | (19.4 | ) | ||||||||||||||||||||||||||
Prior Service Credit (Cost) | ||||||||||||||||||||||||||||||||||||
Amortization | (0.1 | ) | (0.4 | ) | — | — | (4.9 | ) | (2.6 | ) | ||||||||||||||||||||||||||
Curtailment | 0.7 | — | (3.7 | ) | — | — | — | |||||||||||||||||||||||||||||
Plan Amendment | — | — | 3.9 | — | — | 5 | ||||||||||||||||||||||||||||||
Change in Deferred Income Tax Asset | (176.4 | ) | 60.4 | (0.2 | ) | 3.1 | (8.6 | ) | 4.5 | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at End of Year | $ | (222.4 | ) | $ | (549.9 | ) | $ | (26.0 | ) | $ | (27.0 | ) | $ | 18.5 | $ | 2.4 | ||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
The objective of our U.S. pension and OPEB plans is to maximize long-term return, within acceptable risk levels, in a manner that is consistent with the fiduciary standards of the Employee Retirement Income Security Act (ERISA), while maintaining sufficient liquidity to pay current benefits and expenses. | ||||||||||||||||||||||||||||||||||||
Assets for our U.S. pension plans include a diversified blend of domestic and international large cap, mid cap, and small cap equity securities, U.S. government and agency fixed income securities, corporate fixed income securities, private equity direct investments, private equity funds of funds, hedge funds of funds, and cash equivalents. The large cap and mid cap equity securities are comprised of equity index funds that are designed to track the Standard & Poor's (S&P) 500 and S&P 400 Mid Cap indices, respectively. Small cap equity securities consist of individual equity securities that track the Russell 2000 index. International equity investments consist of equity funds that are benchmarked against either the Morgan Stanley Capital International (MSCI) Europe Australasia Far East Index or the MSCI All Country World Index Excluding U.S. These international funds may allocate a certain percentage of their assets to forward currency contracts. Emerging market equity investments consist of funds that are benchmarked against the MSCI Emerging Markets Index. U.S. government and agency fixed income securities are comprised of treasury bonds and U.S. agency asset-backed securities. Corporate fixed income securities consist of investment-grade and below-investment-grade corporate bonds as well as certain asset-backed securities. Alternative investments, which include private equity direct investments, private equity funds of funds, and hedge funds of funds, utilize proprietary strategies that are intended to have a low correlation to the U.S. stock market. The target allocations for invested assets are 60 percent equity securities, 30 percent fixed income securities, and 10 percent alternative investments. Prohibited investments include, but are not limited to, unlisted securities, futures contracts, options, short sales, and investments in securities issued by the Company or its affiliates. | ||||||||||||||||||||||||||||||||||||
Assets for our U.K. pension plan are primarily invested in a pooled diversified growth fund. This fund invests in assets such as global equities, hedge funds, commodities, below-investment-grade fixed income securities, and currencies. The objectives of the fund are to generate capital appreciation over the course of a complete economic and market cycle and to deliver equity-like returns in the medium-to-long term while maintaining approximately two thirds of the volatility of equity markets. Performance of this fund is measured against the U.K. inflation rate plus four percent. The remaining assets in the U.K. plan are invested in leveraged interest rate and inflation swap funds of varying durations designed to broadly match the interest rate and inflation sensitivities of the plan's liabilities. The current target allocation for the assets is 75 percent diversified growth assets and 25 percent interest rate and inflation swap funds. There are no categories of investments that are specifically prohibited by the U.K. plan, but there are general guidelines that ensure prudent investment action is taken. Such guidelines include the prevention of the plan from using derivatives for speculative purposes and limiting the concentration of risk in any one type of investment. | ||||||||||||||||||||||||||||||||||||
Assets for life insurance benefits payable to certain former retirees covered under the OPEB plan are invested in life insurance contracts issued by one of our insurance subsidiaries. The terms of these contracts are consistent in all material respects with those the subsidiary offers to unaffiliated parties that are similarly situated. There are no categories of investments specifically prohibited by the OPEB plan. | ||||||||||||||||||||||||||||||||||||
We believe our investment portfolios are well diversified by asset class and sector, with no potential risk concentrations in any one category. | ||||||||||||||||||||||||||||||||||||
The categorization of fair value measurements by input level for the invested assets in our U.S. pension plans is as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Invested Assets | ||||||||||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | $ | — | $ | 343.9 | $ | — | $ | 343.9 | ||||||||||||||||||||||||||||
U.S. Mid Cap | — | 139.6 | — | 139.6 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 231.9 | — | — | 231.9 | ||||||||||||||||||||||||||||||||
International | 134.5 | 131.7 | — | 266.2 | ||||||||||||||||||||||||||||||||
Emerging Markets | — | 76.3 | — | 76.3 | ||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government and Agencies | 105.7 | 7.4 | — | 113.1 | ||||||||||||||||||||||||||||||||
Corporate | 97.8 | 172.6 | — | 270.4 | ||||||||||||||||||||||||||||||||
State and Municipal Securities | — | 12.9 | — | 12.9 | ||||||||||||||||||||||||||||||||
Alternative Investments: | ||||||||||||||||||||||||||||||||||||
Private Equity Direct Investments | — | — | 7.2 | 7.2 | ||||||||||||||||||||||||||||||||
Private Equity Funds of Funds | — | — | 29.6 | 29.6 | ||||||||||||||||||||||||||||||||
Hedge Funds of Funds | — | — | 66.9 | 66.9 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 28.4 | — | — | 28.4 | ||||||||||||||||||||||||||||||||
Total | $ | 598.3 | $ | 884.4 | $ | 103.7 | $ | 1,586.40 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Invested Assets | ||||||||||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | $ | — | $ | 269.2 | $ | — | $ | 269.2 | ||||||||||||||||||||||||||||
U.S. Mid Cap | — | 111.6 | — | 111.6 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 83.9 | 120.1 | — | 204 | ||||||||||||||||||||||||||||||||
International | 106.4 | 102.9 | — | 209.3 | ||||||||||||||||||||||||||||||||
Emerging Markets | — | 73.9 | — | 73.9 | ||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government and Agencies | 138 | 8.6 | — | 146.6 | ||||||||||||||||||||||||||||||||
Corporate | 84.1 | 141.7 | — | 225.8 | ||||||||||||||||||||||||||||||||
State and Municipal Securities | — | 12.7 | — | 12.7 | ||||||||||||||||||||||||||||||||
Alternative Investments: | ||||||||||||||||||||||||||||||||||||
Private Equity Funds of Funds | — | — | 28.7 | 28.7 | ||||||||||||||||||||||||||||||||
Hedge Funds of Funds | — | — | 56.1 | 56.1 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 13.1 | — | — | 13.1 | ||||||||||||||||||||||||||||||||
Total | $ | 425.5 | $ | 840.7 | $ | 84.8 | $ | 1,351.00 | ||||||||||||||||||||||||||||
Level 1 equity and fixed income securities consist of individual holdings and funds that are valued based on unadjusted quoted prices from active markets for identical securities. Level 2 equity securities consist of funds that are valued based on the net asset value (NAV) of the underlying holdings. These investments have no unfunded commitments and no specific redemption restrictions. Level 2 fixed income securities are valued using observable inputs through market corroborated pricing. | ||||||||||||||||||||||||||||||||||||
Alternative investments, which include private equity direct investments, hedge funds of funds, and private equity funds of funds, are valued based on the NAV of the underlying holdings in a period ranging from one month to one quarter in arrears. We evaluate the need for adjustments to the NAV based on market conditions and discussions with fund managers in the period subsequent to the valuation date and prior to issuance of the financial statements. We made no adjustments to the NAV for 2013 or 2012. Redemptions on the hedge funds of funds can be made on either a quarterly or bi-annual basis, depending on the fund, with prior notice of at least 90 calendar days. Because of these redemption restrictions, we have classified the hedge funds of funds as Level 3 because we do not have the unrestricted ability to redeem our investment at NAV at any given time. The private equity funds of funds cannot be redeemed by investors, and distributions are received following the maturity of the underlying assets. It is estimated that these underlying assets will begin to mature between five and eight years from the date of initial investment. Accordingly, we have assigned a Level 3 classification to the private equity funds of funds due to the redemption restrictions. | ||||||||||||||||||||||||||||||||||||
Changes in our U.S. pension plans' assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Purchases | Sales | Level 3 Transfers | End of | |||||||||||||||||||||||||||||||
of Year | Held at Year End | Sold During the Year | Into | Out of | Year | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Private Equity Direct Investments | $ | — | $ | 0.3 | $ | — | $ | 8.4 | $ | (1.5 | ) | $ | — | $ | — | $ | 7.2 | |||||||||||||||||||
Private Equity Funds of Funds | 28.7 | 0.9 | 1.1 | 2.1 | (3.2 | ) | — | — | 29.6 | |||||||||||||||||||||||||||
Hedge Funds of Funds | 56.1 | 6.3 | — | 4.9 | (0.4 | ) | — | — | 66.9 | |||||||||||||||||||||||||||
Total | $ | 84.8 | $ | 7.5 | $ | 1.1 | $ | 15.4 | $ | (5.1 | ) | $ | — | $ | — | $ | 103.7 | |||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Purchases | Sales | Level 3 Transfers | End of | |||||||||||||||||||||||||||||||
of Year | Held at Year End | Sold During the Year | Into | Out of | Year | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Private Equity Funds of Funds | $ | 23.7 | $ | 0.5 | $ | 1 | $ | 6 | $ | (2.5 | ) | $ | — | $ | — | $ | 28.7 | |||||||||||||||||||
Hedge Funds of Funds | 44.3 | 3.8 | — | 11.8 | (3.8 | ) | — | — | 56.1 | |||||||||||||||||||||||||||
Total | $ | 68 | $ | 4.3 | $ | 1 | $ | 17.8 | $ | (6.3 | ) | $ | — | $ | — | $ | 84.8 | |||||||||||||||||||
The categorization of fair value measurements by input level for the assets in our U.K. pension plan is as follows. Certain prior year amounts have been reclassified to conform to current year reporting. | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
Diversified Growth Assets | $ | — | $ | 172 | $ | — | $ | 172 | ||||||||||||||||||||||||||||
Fixed Interest and Index-linked Securities | 52.6 | 0.4 | — | 53 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||||||||||
Total Plan Assets | $ | 53.3 | $ | 172.4 | $ | — | $ | 225.7 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
Diversified Growth Assets | $ | — | $ | 154.7 | $ | — | $ | 154.7 | ||||||||||||||||||||||||||||
Fixed Interest and Index-linked Securities | 42.6 | 0.9 | — | 43.5 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 7.4 | — | — | 7.4 | ||||||||||||||||||||||||||||||||
Total Plan Assets | $ | 50 | $ | 155.6 | $ | — | $ | 205.6 | ||||||||||||||||||||||||||||
Level 1 fixed interest and index-linked securities consist of individual funds that are valued based on unadjusted quoted prices from active markets for identical securities. Level 2 assets consist of funds that are valued based on the NAV of the underlying holdings. These investments have no unfunded commitments and no specific redemption restrictions. | ||||||||||||||||||||||||||||||||||||
The categorization of fair value measurements by input level for the assets in our OPEB plan is as follows: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | — | $ | — | $ | 11.4 | $ | 11.4 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | — | $ | — | $ | 11.5 | $ | 11.5 | ||||||||||||||||||||||||||||
The fair value is represented by the actuarial present value of future cash flows of the contracts. | ||||||||||||||||||||||||||||||||||||
Changes in our OPEB plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Contributions | Net Benefits and Expenses Paid | End of Year | ||||||||||||||||||||||||||||||||
of Year | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | 11.5 | $ | 0.2 | $ | 15.6 | $ | (15.9 | ) | $ | 11.4 | |||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Contributions | Net Benefits and Expenses Paid | End of Year | ||||||||||||||||||||||||||||||||
of Year | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | 11.7 | $ | 0.3 | $ | 16.2 | $ | (16.7 | ) | $ | 11.5 | |||||||||||||||||||||||||
For the years end December 31, 2013 and 2012, the actual return on plan assets relates solely to investments still held at the reporting date. There were no transfers into or out of Level 3 during 2013 or 2012. | ||||||||||||||||||||||||||||||||||||
Measurement Assumptions | ||||||||||||||||||||||||||||||||||||
We use a December 31 measurement date for each of our plans. The weighted average assumptions used in the measurement of our benefit obligations as of December 31 and our net periodic benefit costs for the years ended December 31 are as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||||||||
Discount Rate | 5.3 | % | 4.5 | % | 4.4 | % | 4.5 | % | 5 | % | 4.2 | % | ||||||||||||||||||||||||
Rate of Compensation Increase | 4 | % | 4 | % | 3.9 | % | 3.75 | % | — | % | — | % | ||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
Discount Rate | 4.50% / 5.00%* | 5.4 | % | 4.50% / 4.60%** | 4.9 | % | 4.2 | % | 5.2 | % | ||||||||||||||||||||||||||
Expected Return on Plan Assets | 7.5 | % | 7.5 | % | 6.20% / 6.35%** | 5.8 | % | 5.75 | % | 5.75 | % | |||||||||||||||||||||||||
Rate of Compensation Increase | 4 | % | 4 | % | 3.75 | % | 3.85 | % | — | % | — | % | ||||||||||||||||||||||||
*In conjunction with the remeasurement due to the amendment of the plans, a discount rate of 4.50% was used for the period January 1, 2013 through the date of remeasurement, and a discount rate of 5.00% was used for the period subsequent to the date of remeasurement through December 31, 2013. | ||||||||||||||||||||||||||||||||||||
**In conjunction with the remeasurement due to the amendment of the plan, a discount rate of 4.50% and expected return on plan assets of 6.20% were used for the period January 1, 2013 through the date of remeasurement, and a discount rate of 4.60% and expected return on plan assets of 6.35% were used for the period subsequent to the date of remeasurement through December 31, 2013. | ||||||||||||||||||||||||||||||||||||
We set the discount rate assumption annually for each of our retirement-related benefit plans at the measurement date to reflect the yield on a portfolio of high quality fixed income corporate debt instruments matched against the projected cash flows for future benefits. | ||||||||||||||||||||||||||||||||||||
Our long-term rate of return on plan assets assumption is an estimate, based on statistical analysis, of the average annual assumed return that will be produced from the plan assets until current benefits are paid. The market-related value equals the fair value of assets, determined as of the measurement date. Our expectations for the future investment returns of the asset categories were based on a combination of historical market performance and evaluations of investment forecasts obtained from external consultants and economists. | ||||||||||||||||||||||||||||||||||||
The methodology underlying the return assumption included the various elements of the expected return for each asset class such as long-term rates of return, volatility of returns, and the correlation of returns between various asset classes. The expected return for the total portfolio was calculated based on the plan's strategic asset allocation. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. Risk tolerance is established through consideration of plan liabilities, plan funded status, and corporate financial condition. | ||||||||||||||||||||||||||||||||||||
The expected return assumption for the life insurance reserve for our OPEB plan at December 31, 2013 and 2012 was 5.75 percent, which was based on full investment in fixed income securities with an average book yield of 5.58 percent and 5.77 percent in 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Our rate of compensation increase assumption is generally based on periodic studies of compensation trends. | ||||||||||||||||||||||||||||||||||||
For measurement purposes at December 31, 2013 and 2012, the annual rate of increase in the per capita cost of covered postretirement health care benefits assumed for the next calendar year was 7.50 percent and 8.00 percent, respectively, for benefits payable to both retirees prior to Medicare eligibility as well as Medicare eligible retirees. The rate was assumed to change gradually to 5.00 percent by 2019 and remain at that level thereafter. | ||||||||||||||||||||||||||||||||||||
The medical and dental premium used to determine the per retiree employer subsidy are capped. If the cap is not reached by the year 2015, the caps are then set equal to the year 2015 premium. Certain of the current retirees and all future retirees are subject to the cap. | ||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
The following table provides the components of the net periodic benefit cost for the plans described above for the years ended December 31. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Service Cost | $ | 59.4 | $ | 48.8 | $ | 42.7 | $ | 4.3 | $ | 4.2 | $ | 4.8 | $ | 0.7 | $ | 1.6 | $ | 1.9 | ||||||||||||||||||
Interest Cost | 86.3 | 84.4 | 77.6 | 8.6 | 8.5 | 8.8 | 8 | 9.6 | 10 | |||||||||||||||||||||||||||
Expected Return on Plan Assets | (105.5 | ) | (88.8 | ) | (87.6 | ) | (12.5 | ) | (11.1 | ) | (12.2 | ) | (0.6 | ) | (0.7 | ) | (0.7 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Net Actuarial Loss | 31.7 | 45.9 | 31.9 | 1.2 | 0.5 | — | — | — | — | |||||||||||||||||||||||||||
Prior Service Credit | (0.1 | ) | (0.4 | ) | (0.5 | ) | — | — | — | (4.9 | ) | (2.6 | ) | (2.6 | ) | |||||||||||||||||||||
Curtailment | 0.7 | — | — | (3.7 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 72.5 | $ | 89.9 | $ | 64.1 | $ | (2.1 | ) | $ | 2.1 | $ | 1.4 | $ | 3.2 | $ | 7.9 | $ | 8.6 | |||||||||||||||||
A one percent increase or decrease in the assumed health care cost trend rate at December 31, 2013 would have increased (decreased) the service cost and interest cost by $0.2 million and $(0.1) million, respectively, and the postretirement benefit obligation by $2.4 million and $(1.7) million, respectively. | ||||||||||||||||||||||||||||||||||||
Our OPEB plan currently receives a subsidy from the federal government under the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the Medicare Act). This act allows an employer to choose whether to coordinate prescription drug benefits under a retiree medical plan with the Medicare prescription drug benefit or to keep the company plan design as it is and receive a subsidy from the federal government. When the Medicare Act became effective in 2006, we initially elected to receive the subsidy from the federal government with plans to defer our coordination with the new prescription drug benefit until a later date. This anticipated change was reflected in the net periodic benefit cost. In 2009, we amended the plan design to stop the deferral of coordination of benefits and elected to continue receiving the existing subsidy from the federal government. This election resulted in a $4.4 million prior service credit that began amortization in 2010. We received subsidy payments of $1.2 million, $1.3 million, and $1.3 million in 2013, 2012, and 2011, respectively. Our expected benefit payments in future years have been reduced by the amount of subsidy payments we expect to receive. | ||||||||||||||||||||||||||||||||||||
The unrecognized net actuarial loss and prior service credit included in accumulated other comprehensive income and expected to be amortized and included in net periodic pension cost for our pension plans during 2014 is $5.6 million before tax and $3.7 million after tax. The prior service credit expected to be amortized and included as a reduction to net periodic cost for our OPEB plan during 2014 is $1.7 million before tax and $1.1 million after tax. | ||||||||||||||||||||||||||||||||||||
Benefit Payments | ||||||||||||||||||||||||||||||||||||
The following table provides expected benefit payments, which reflect expected future service, as appropriate. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Year | Gross | Subsidy Payments | Net | |||||||||||||||||||||||||||||||||
2014 | $ | 45.1 | $ | 5.4 | $ | 16.4 | $ | 1.8 | $ | 14.6 | ||||||||||||||||||||||||||
2015 | 49.3 | 5.8 | 16.4 | 1.9 | 14.5 | |||||||||||||||||||||||||||||||
2016 | 54.6 | 6.1 | 16.2 | 2.1 | 14.1 | |||||||||||||||||||||||||||||||
2017 | 59.4 | 6.4 | 15.9 | 2.2 | 13.7 | |||||||||||||||||||||||||||||||
2018 | 64.7 | 6.7 | 15.6 | 2.4 | 13.2 | |||||||||||||||||||||||||||||||
2019-2023 | 421.9 | 38.9 | 70.3 | 14.2 | 56.1 | |||||||||||||||||||||||||||||||
Pension Plans' Funding Policy | ||||||||||||||||||||||||||||||||||||
The funding policy for our U.S. qualified defined benefit plan is to contribute annually an amount at least equal to the minimum annual contribution required under ERISA and other applicable laws, but generally not greater than the maximum amount that can be deducted for federal income tax purposes. We had no regulatory contribution requirements for our U.S. qualified defined benefit plan in 2013. We elected to make a voluntary contribution of $50.0 million to this plan during 2013 but do not expect to make any contributions during 2014. The funding policy for our U.S. non-qualified defined benefit pension plan is to contribute the amount of the benefit payments made during the year. Our expected return on plan assets and discount rate will not affect the cash contributions we are required to make to our U.S. pension and OPEB plans because we have met all minimum funding requirements required under ERISA. | ||||||||||||||||||||||||||||||||||||
We made required contributions to our U.K. plan of $4.0 million, or approximately £2.5 million, during December 31, 2013. Effective October 1, 2013, we increased contributions to the U.K. plan from 24.8 percent to 30.0 percent of pensionable earnings for plan participants. We expect to make contributions of approximately $2.3 million, or £1.4 million, during 2014. Subsequent to June 30, 2014, we may make voluntary contributions in the future as is deemed necessary. We contribute to our U.K. pension plan sufficient to meet the minimum funding requirements under U.K. legislation. | ||||||||||||||||||||||||||||||||||||
Our OPEB plan represents a non-vested, non-guaranteed obligation, and current regulations do not require specific funding levels for these benefits, which are comprised of retiree life, medical, and dental benefits. It is our practice to use general assets to pay medical and dental claims as they come due in lieu of utilizing plan assets for the medical and dental benefit portions of our OPEB plan. | ||||||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||||||
We offer a 401(k) plan to all eligible U.S. employees under which a portion of employee contributions is matched. Concurrent with the adoption of our U.S. pension plan amendments, we adopted an amendment to increase the benefits under our 401(k) plan, effective January 1, 2014, to match dollar-for dollar up to 5.0 percent of base salary. We previously matched dollar-for-dollar up to 3.0 percent of base salary and $0.50 on the dollar for each of the next 2.0 percent of base salary for employee contributions into the 401(k) plan. Also effective January 1, 2014, we will include any performance-based incentive compensation as part of the definition of earnings for purposes of contributions. We will also establish a new component of the 401(k) plan wherein we will make an additional non-elective contribution of 4.5 percent of earnings for all eligible employees, and a separate transition contribution will be made for eligible employees who meet certain age and years of service criteria. These changes are in compliance with ERISA guidelines, and the 401(k) plan will continue to qualify for a “safe harbor” from annual discrimination testing. | ||||||||||||||||||||||||||||||||||||
We also offer a defined contribution plan to all eligible U.K. employees under which a portion of employee contributions is matched. Concurrent with the adoption of our U.K. pension plan amendments, we adopted an amendment to increase the benefits under our U.K. defined contribution plan. Effective July 1, 2014, we will increase benefits under the defined contribution plan wherein we will match two pounds for every one pound on the first 1.0 percent of employee contributions into the plan and will match additional employee contributions pound-for-pound up to 5.0 percent of base salary. We previously matched pound-for-pound up to 5.0 percent of base salary for employee contributions into the defined contribution plan and made an additional non-elective contribution of 5.0 percent of base salary. Also effective July 1, 2014, we will increase the non-elective contribution to 6.0 percent of base salary for all eligible employees, and a separate transition contribution will be made for all eligible employees through March 31, 2016. | ||||||||||||||||||||||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, we contributed $18.8 million, $18.9 million, and $18.8 million, respectively, to our U.S. defined contribution plan, and $2.9 million, $2.9 million, and $2.6 million, or £1.9 million, £1.8 million, and £1.6 million, respectively, to our U.K. defined contribution plan. |
Stockholders_Equity_and_Earnin
Stockholders' Equity and Earnings Per Common Share | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||
Stockholders Equity and Earnings Per Common Share | ' | ||||||||||||||||||||
Stockholders' Equity and Earnings Per Common Share | |||||||||||||||||||||
Earnings Per Common Share | |||||||||||||||||||||
Net income per common share is determined as follows: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(in millions of dollars, except share data) | |||||||||||||||||||||
Numerator | |||||||||||||||||||||
Net Income | $ | 858.1 | $ | 894.4 | $ | 284.2 | |||||||||||||||
Denominator (000s) | |||||||||||||||||||||
Weighted Average Common Shares - Basic | 264,725.80 | 281,355.90 | 302,399.80 | ||||||||||||||||||
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards | 1,223.40 | 400.9 | 1,171.20 | ||||||||||||||||||
Weighted Average Common Shares - Assuming Dilution | 265,949.20 | 281,756.80 | 303,571.00 | ||||||||||||||||||
Net Income Per Common Share | |||||||||||||||||||||
Basic | $ | 3.24 | $ | 3.18 | $ | 0.94 | |||||||||||||||
Assuming Dilution | $ | 3.23 | $ | 3.17 | $ | 0.94 | |||||||||||||||
We use the treasury stock method to account for the effect of outstanding stock options, nonvested restricted stock units, and nonvested performance share units on the computation of diluted earnings per share. Under this method, these potential common shares will each have a dilutive effect, as individually measured, when the average market price of Unum Group common stock during the period exceeds the exercise price of the stock options and the grant price of the nonvested restricted stock units and the nonvested performance share units. The outstanding stock options have exercise prices ranging from $11.37 to $26.29, the nonvested restricted stock units have grant prices ranging from $19.38 to $32.35, and the nonvested performance share units have a grant price of $23.97. See Note 11. | |||||||||||||||||||||
In computing earnings per share assuming dilution, only potential common shares that are dilutive (those that reduce earnings per share) are included. Potential common shares not included in the computation of diluted earnings per share because their impact would be antidilutive, based on then current market prices, approximated 0.1 million, 2.5 million, and 2.1 million shares of common stock for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Our board of directors has authorized the repurchase of Unum Group's common stock under the following repurchase programs: | |||||||||||||||||||||
Share Repurchase Program Authorized During | |||||||||||||||||||||
Dec-13 | Jul-12 | Feb-11 | May-10 | ||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||
Authorized Repurchase Amount | $ | 750 | $ | 750 | $ | 1,000.00 | $ | 500 | |||||||||||||
Remaining Repurchase Amount at Year End 2013 | $ | 730 | $ | — | $ | — | $ | — | |||||||||||||
The December 2013 share repurchase program has an expiration date of June 12, 2015. | |||||||||||||||||||||
Common stock repurchases were classified as follows in our consolidated statements of stockholders' equity: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Cost | Shares | Cost | Shares | Cost | ||||||||||||||||
(in millions) | |||||||||||||||||||||
Treasury Stock | 11.2 | $ | 318.6 | 23.6 | $ | 500.6 | 17.7 | $ | 419.9 | ||||||||||||
Retirement of Common Shares | — | — | — | — | 7.7 | 200 | |||||||||||||||
Total | 11.2 | $ | 318.6 | 23.6 | $ | 500.6 | 25.4 | $ | 619.9 | ||||||||||||
The cost in the preceding chart includes commissions of $0.2 million, $0.6 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
In February 2011, we repurchased 7.1 million shares, at a cost of $200.0 million, using an accelerated repurchase agreement with a financial counterparty. As part of this transaction, we simultaneously entered into a forward contract indexed to the price of Unum Group common stock, which subjected the transaction to a future price adjustment. Under the terms of the repurchase agreement, we were to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us was to be settled in shares of Unum Group common stock. Any price adjustment we would have been required to pay would have been settled in either cash or common stock at our option. The final price adjustment settlement occurred in March 2011, resulting in the delivery to us of 0.6 million additional shares. We retired 7.7 million shares during 2011. All other repurchased shares have been classified as treasury stock. | |||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Unum Group has 25,000,000 shares of preferred stock authorized with a par value of $0.10 per share. No preferred stock has been issued to date. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments | ' | ||||||||||||
Description of Stock Plans | |||||||||||||
Under the stock incentive plan of 2012 (the 2012 Plan), up to 20 million shares of common stock are available for awards to our employees, officers, consultants, and directors. Awards may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance share units, and other stock-based awards. Each full-value award, defined as any award other than a stock option or stock appreciation right, is counted as 1.76 shares. The exercise price for stock options issued cannot be less than the fair value of the underlying common stock as of the grant date. Stock options generally have a term of eight years after the date of grant and vest after three years. At December 31, 2013, approximately 18.31 million shares were available for future grants under the 2012 Plan. | |||||||||||||
Under the stock incentive plan of 2007 (the 2007 Plan), which was terminated in May 2012 for purposes of any further grants, up to 35 million shares of common stock were available for awards to our employees, officers, consultants, and directors. Awards could be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance share units, and other stock-based awards. Each full-value award, defined as any award other than a stock option or stock appreciation right, is counted as 2.7 shares. Awards granted before the termination of the 2007 Plan remain outstanding in accordance with the plan's terms. Stock options generally have a term of eight years after the date of grant and vest after three years. | |||||||||||||
We issue new shares of common stock for all of our stock plan vestings and exercises. | |||||||||||||
Performance Share Units (PSUs) | |||||||||||||
In February 2013, we issued approximately 0.1 million PSUs with a grant date fair value of $25.26, all of which were outstanding and nonvested at December 31, 2013. Vesting for the PSUs occurs at the end of a three-year period and is contingent upon our achievement of prospective company performance goals and our total shareholder return relative to a particular peer group during the three-year period. Forfeitable dividend equivalents on PSUs are accrued in the form of additional PSUs. The weighted average grant date fair value per share for PSU grants and dividends during 2013 was $25.26. | |||||||||||||
At December 31, 2013, we had approximately $2.1 million of unrecognized compensation cost related to PSUs that will be recognized over a weighted average period of 2.0 years. The expense and unrecognized compensation cost assume the performance goals are attained at 100 percent. Actual performance, including modification for relative total shareholder return, may result in 0 to 180 percent of the PSUs ultimately being earned. Compensation expense recognized for the PSUs is adjusted quarterly based on actual performance measure results. | |||||||||||||
We estimated the fair value on the date of initial grant for the PSUs using the Monte-Carlo simulation model. The following assumptions were used to value the grant: | |||||||||||||
• | Expected volatility of 35 percent, based on our historical daily stock prices and those for components of our peer group. | ||||||||||||
• | Expected life of 3.0 years, which equals the performance period. | ||||||||||||
• | Expected dividend yield of 2.17 percent, assuming continuous reinvestment of the dividends, based on the plan's provisions. | ||||||||||||
• | Risk free interest rate of 0.38 percent, based on the yield of U.S. Treasury bonds at the date of grant. | ||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||
Activity for RSUs classified as equity is as follows: | |||||||||||||
Weighted Average | |||||||||||||
Shares | Grant Date | ||||||||||||
(000s) | Fair Value | ||||||||||||
Outstanding at December 31, 2012 | 1,403 | $ | 23.57 | ||||||||||
Granted | 731 | 24.68 | |||||||||||
Vested | (790 | ) | 23.12 | ||||||||||
Forfeited | (22 | ) | 24.22 | ||||||||||
Outstanding at December 31, 2013 | 1,322 | 24.35 | |||||||||||
During 2013, 2012, and 2011, we issued RSUs with a weighted average grant date fair value per share of $24.68, $22.96, and $26.13, respectively. RSUs vest over a one- to three-year service period, beginning at the date of grant, and the compensation cost is recognized ratably during the vesting period. Forfeitable dividend equivalents on RSUs are accrued in the form of additional RSUs. Compensation cost for RSUs subject to accelerated vesting upon retirement is recognized over the implicit service period. | |||||||||||||
The total fair value of shares vested during 2013, 2012, and 2011 was $18.3 million, $19.5 million, and $19.2 million, respectively. At December 31, 2013, we had $10.6 million of unrecognized compensation cost related to RSUs that will be recognized over a weighted average period of 0.8 years. | |||||||||||||
Cash-Settled Awards | |||||||||||||
Activity for cash-settled awards classified as a liability is as follows: | |||||||||||||
Weighted Average | |||||||||||||
Shares | Grant Date | ||||||||||||
(000s) | Fair Value | ||||||||||||
Outstanding at December 31, 2012 | 207 | $ | 23.72 | ||||||||||
Granted | 60 | 24.22 | |||||||||||
Vested | (102 | ) | 23.29 | ||||||||||
Outstanding at December 31, 2013 | 165 | 24.09 | |||||||||||
Cash-settled awards vest over a one- to three-year service period, beginning at the date of grant, and the compensation cost is recognized ratably during the vesting period. Forfeitable dividend equivalents on cash-settled awards are accrued in the form of additional units. Compensation cost for cash-settled awards subject to accelerated vesting upon retirement is recognized over the implicit service period. | |||||||||||||
The amount payable per unit awarded is equal to the price per share of Unum Group's common stock at settlement of the award, and as such, we measure the value of the award each reporting period based on the current stock price. The effects of changes in the stock price during the service period are recognized as compensation cost over the service period. Changes in the amount of the liability due to stock price changes after the service period are recognized as compensation cost during the period in which the changes occur. | |||||||||||||
The weighted average grant date fair value per unit for cash-settled awards granted during 2013, 2012, and 2011 was $24.22, $23.23, and $26.22, respectively. The total fair value of cash-settled awards vested during 2013, 2012, and 2011 was $2.4 million, $1.5 million, and $0.7 million, respectively, and the total fair value of cash-settled awards paid during 2013, 2012, and 2011 was $2.5 million, $1.5 million, and $0.9 million, respectively. There is no unrecognized compensation cost related to the cash-settled awards, other than future changes in the liability due to future stock price changes, as the units do not require additional future service. | |||||||||||||
Stock Options | |||||||||||||
Stock option activity is summarized as follows: | |||||||||||||
Remaining | Intrinsic | ||||||||||||
Shares | Weighted Average | Contractual Term | Value | ||||||||||
(000s) | Exercise Price | (in years) | (in millions) | ||||||||||
Outstanding at December 31, 2012 | 1,691 | $ | 20.98 | ||||||||||
Granted | 103 | 24.25 | |||||||||||
Exercised | (399 | ) | 21.15 | ||||||||||
Outstanding at December 31, 2013 | 1,395 | 21.17 | 4.2 | $ | 19.4 | ||||||||
Exercisable at December 31, 2013 | 1,041 | $ | 20.15 | 3.5 | $ | 15.5 | |||||||
All outstanding stock options at December 31, 2013 are expected to vest. Stock options vest over a one- to three-year service period, beginning at the date of grant, and the compensation cost is recognized ratably during the vesting period. Compensation cost for stock options subject to accelerated vesting upon retirement is recognized over the implicit service period. | |||||||||||||
The total intrinsic value of options exercised during 2013, 2012, and 2011 was $4.4 million, $0.6 million, and $3.9 million, respectively. The total fair value of options that vested during 2013, 2012, and 2011 was $2.4 million, $2.3 million, and $2.7 million, respectively. At December 31, 2013, we had $0.6 million of unrecognized compensation cost related to stock options that will be recognized over a weighted average period of 0.7 years. | |||||||||||||
The weighted average grant date fair value of options granted during 2013, 2012, and 2011 was $9.77, $9.78, and $11.73, respectively. We estimated the fair value on the date of grant using the Black-Scholes valuation model. The following assumptions were used to value the 2013, 2012, and 2011 grants: | |||||||||||||
• | Expected volatility of 52 percent, 52 percent, and 53 percent, respectively, based on our historical daily stock prices. | ||||||||||||
• | Expected life of 6.0 years, 6.0 years, and 5.5 years, respectively, based on historical average years to exercise. | ||||||||||||
• | Expected dividend yield of 2.14 percent, 1.80 percent, and 1.41 percent, respectively, based on the dividend rate at the date of grant. | ||||||||||||
• | Risk free interest rate of 1.12 percent, 1.13 percent, and 2.37 percent, respectively, based on the yield of U.S. Treasury bonds at the date of grant. | ||||||||||||
Expense | |||||||||||||
Compensation expense for the stock plans, as reported in our consolidated statements of income, is as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions of dollars) | |||||||||||||
Performance Share Units | $ | 1.1 | $ | — | $ | — | |||||||
Restricted Stock Units and Cash-Settled Awards | 21 | 20.9 | 19.6 | ||||||||||
Stock Options | 1 | 2.7 | 2.7 | ||||||||||
Other | 0.5 | 0.6 | 1.2 | ||||||||||
Total Compensation Expense, Before Income Tax | $ | 23.6 | $ | 24.2 | $ | 23.5 | |||||||
Total Compensation Expense, Net of Income Tax | $ | 15.6 | $ | 15.6 | $ | 15.3 | |||||||
Cash received under all share-based payment arrangements for the years ended December 31, 2013, 2012, and 2011 was $11.4 million, $4.9 million, and $14.8 million, respectively. |
Reinsurance
Reinsurance | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||
Reinsurance [Text Block] | ' | |||||||||||
Our reinsurance recoverable at December 31, 2013 relates to 86 companies. Thirteen major companies account for approximately 91 percent of our reinsurance recoverable at December 31, 2013, and are all companies rated A or better by A.M. Best Company (AM Best) or are fully securitized by letters of credit or investment-grade fixed maturity securities held in trust. Approximately eight percent of our reinsurance recoverable relates to business reinsured either with companies rated A- or better by AM Best, with overseas entities with equivalent ratings or backed by letters of credit or trust agreements, or through reinsurance arrangements wherein we retain the assets in our general account. The remaining one percent of our reinsurance recoverable is held by companies either rated below A- by AM Best or not rated. | ||||||||||||
Reinsurance data is as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Direct Premium Income | $ | 7,777.30 | $ | 7,736.00 | $ | 7,521.50 | ||||||
Reinsurance Assumed | 203.2 | 210.9 | 216.6 | |||||||||
Reinsurance Ceded | (355.8 | ) | (230.8 | ) | (223.9 | ) | ||||||
Net Premium Income | $ | 7,624.70 | $ | 7,716.10 | $ | 7,514.20 | ||||||
Ceded Benefits and Change in Reserves for Future Benefits | $ | 728.7 | $ | 591.7 | $ | 609.2 | ||||||
We entered into reinsurance agreements, effective January 1, 2013, whereby the agreements provide 50 percent coverage up to £0.5 million per covered life and 100 percent coverage, per covered life, above that amount for the existing in-force block of Unum UK group life business as well as new policies issued during the term of the agreements. | ||||||||||||
We entered into a reinsurance agreement effective April 1, 2013 to cede the inforce policies on a small block of individual disability business in our Unum US segment. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||
We have three principal operating business segments: Unum US, Unum UK, and Colonial Life. Our other segments are the Closed Block and the Corporate segment. | ||||||||||||||||||||||||
The Unum US segment includes group long-term and short-term disability insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business, which are comprised of individual disability - recently issued insurance and voluntary benefits products. These products are marketed through our field sales personnel who work in conjunction with independent brokers and consultants. | ||||||||||||||||||||||||
The Unum UK segment includes insurance for group long-term disability, group life, and supplemental lines of business, which include individual disability and critical illness products. Unum UK's products are sold primarily in the United Kingdom through field sales personnel and independent brokers and consultants. | ||||||||||||||||||||||||
The Colonial Life segment includes insurance for accident, sickness, and disability products, life products, and cancer and critical illness products and marketed to employees at the workplace through an independent contractor agency sales force and brokers. | ||||||||||||||||||||||||
The Closed Block segment consists of individual disability, group and individual long-term care, and other insurance products no longer actively marketed. The individual disability line of business in this segment generally consists of policies we sold prior to the mid-1990s and entirely discontinued selling in 2004, other than update features contractually allowable on existing policies. We discontinued offering group long-term care in 2012 and individual long-term care in 2009. Other insurance products include group pension, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other miscellaneous product lines. | ||||||||||||||||||||||||
The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt other than non-recourse debt, and certain other corporate income and expense not allocated to a line of business. | ||||||||||||||||||||||||
We measure and analyze our segment performance using non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures of "operating revenue" and "operating income" or "operating loss" differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses, non-operating retirement-related gains or losses, and certain other items as specified in the reconciliations below. We believe operating revenue and operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. Realized investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of realized investment gains or losses. Although we may experience realized investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities. The amortization of prior period actuarial gains or losses, a component of the net periodic benefit cost for our pensions and other postretirement benefit plans, is driven by market performance as well as plan amendments and is not indicative of the operational results of our businesses. We believe that excluding the amortization of prior period gains or losses from operating income or loss provides investors with additional information for comparison and analysis of our operating results. Although we manage our non-operating retirement-related gains or losses separately from the operational performance of our business, these gains or losses impact the overall profitability of our company and have historically increased or decreased over time, depending on plan amendments and market conditions and the resulting impact on the actuarial gains or losses in our pensions and other postretirement benefit plans. | ||||||||||||||||||||||||
We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability. | ||||||||||||||||||||||||
A reconciliation of "operating revenue" to total revenue and "operating income" to income before income taxes is as follows: | ||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Operating Revenue | $ | 10,347.00 | $ | 10,459.20 | $ | 10,282.90 | ||||||||||||||||||
Net Realized Investment Gain (Loss) | 6.8 | 56.2 | (4.9 | ) | ||||||||||||||||||||
Total Revenue | $ | 10,353.80 | $ | 10,515.40 | $ | 10,278.00 | ||||||||||||||||||
Operating Income | $ | 1,241.80 | $ | 1,239.70 | $ | 1,323.20 | ||||||||||||||||||
Net Realized Investment Gain (Loss) | 6.8 | 56.2 | (4.9 | ) | ||||||||||||||||||||
Non-operating Retirement-related Loss | (32.9 | ) | (46.4 | ) | (31.9 | ) | ||||||||||||||||||
Unclaimed Death Benefits Reserve Increase for Unum US | (75.4 | ) | — | — | ||||||||||||||||||||
Unclaimed Death Benefits Reserve Increase for Colonial Life | (20.1 | ) | — | — | ||||||||||||||||||||
Group Life Waiver of Premium Benefit Reserve Reduction for Unum US | 85 | — | — | |||||||||||||||||||||
Deferred Acquisition Costs Impairment and Reserve Charges for Long-term Care Closed Block | — | — | (769.6 | ) | ||||||||||||||||||||
Reserve Charge for Individual Disability Closed Block | — | — | (183.5 | ) | ||||||||||||||||||||
Income Before Income Tax | $ | 1,205.20 | $ | 1,249.50 | $ | 333.3 | ||||||||||||||||||
Premium income by major line of business within each of our segments is presented as follows: | ||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Unum US | ||||||||||||||||||||||||
Group Disability | ||||||||||||||||||||||||
Group Long-term Disability | $ | 1,553.90 | $ | 1,578.80 | 1,580.20 | |||||||||||||||||||
Group Short-term Disability | 519.6 | 476.7 | 455.2 | |||||||||||||||||||||
Group Life and Accidental Death & Dismemberment | ||||||||||||||||||||||||
Group Life | 1,213.90 | 1,182.10 | 1,106.70 | |||||||||||||||||||||
Accidental Death & Dismemberment | 121.6 | 115.3 | 109.2 | |||||||||||||||||||||
Supplemental and Voluntary | ||||||||||||||||||||||||
Individual Disability - Recently Issued | 465.3 | 477.6 | 464.7 | |||||||||||||||||||||
Voluntary Benefits | 642.8 | 626 | 580 | |||||||||||||||||||||
4,517.10 | 4,456.50 | 4,296.00 | ||||||||||||||||||||||
Unum UK | ||||||||||||||||||||||||
Group Long-term Disability | 389.9 | 409.7 | 419.6 | |||||||||||||||||||||
Group Life | 106.4 | 221.3 | 203.6 | |||||||||||||||||||||
Supplemental | 60.3 | 63.6 | 64.4 | |||||||||||||||||||||
556.6 | 694.6 | 687.6 | ||||||||||||||||||||||
Colonial Life | ||||||||||||||||||||||||
Accident, Sickness, and Disability | 738.7 | 724.5 | 695.3 | |||||||||||||||||||||
Life | 221.1 | 209.7 | 190.7 | |||||||||||||||||||||
Cancer and Critical Illness | 272.4 | 260.3 | 249.3 | |||||||||||||||||||||
1,232.20 | 1,194.50 | 1,135.30 | ||||||||||||||||||||||
Closed Block | ||||||||||||||||||||||||
Individual Disability | 687.5 | 736.4 | 787 | |||||||||||||||||||||
Long-term Care | 630.6 | 631.9 | 608.1 | |||||||||||||||||||||
All Other | 0.7 | 2.2 | 0.2 | |||||||||||||||||||||
1,318.80 | 1,370.50 | 1,395.30 | ||||||||||||||||||||||
Total | $ | 7,624.70 | $ | 7,716.10 | $ | 7,514.20 | ||||||||||||||||||
Selected operating statement data by segment is presented as follows: | ||||||||||||||||||||||||
Unum US | Unum UK | Colonial Life | Closed Block | Corporate | Total | |||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Premium Income | $ | 4,517.10 | $ | 556.6 | $ | 1,232.20 | $ | 1,318.80 | $ | — | $ | 7,624.70 | ||||||||||||
Net Investment Income | 929.6 | 148.5 | 145.4 | 1,272.30 | (3.7 | ) | 2,492.10 | |||||||||||||||||
Other Income | 128.3 | 0.1 | 0.2 | 93.9 | 7.7 | 230.2 | ||||||||||||||||||
Operating Revenue | $ | 5,575.00 | $ | 705.2 | $ | 1,377.80 | $ | 2,685.00 | $ | 4 | $ | 10,347.00 | ||||||||||||
Operating Income (Loss) | $ | 859 | $ | 132 | $ | 284.9 | $ | 109.4 | $ | (143.5 | ) | $ | 1,241.80 | |||||||||||
Interest and Debt Expense | $ | 0.1 | $ | — | $ | — | $ | 8.4 | $ | 140.9 | $ | 149.4 | ||||||||||||
Depreciation and Amortization | $ | 292.5 | $ | 22.5 | $ | 188.7 | $ | 5.2 | $ | 0.9 | $ | 509.8 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Premium Income | $ | 4,456.50 | $ | 694.6 | $ | 1,194.50 | $ | 1,370.50 | $ | — | $ | 7,716.10 | ||||||||||||
Net Investment Income | 952.3 | 170.8 | 138.6 | 1,230.50 | 23 | 2,515.20 | ||||||||||||||||||
Other Income | 124.6 | 0.1 | 0.3 | 100.1 | 2.8 | 227.9 | ||||||||||||||||||
Operating Revenue | $ | 5,533.40 | $ | 865.5 | $ | 1,333.40 | $ | 2,701.10 | $ | 25.8 | $ | 10,459.20 | ||||||||||||
Operating Income (Loss) | $ | 847.1 | $ | 131.3 | $ | 274.3 | $ | 95.5 | $ | (108.5 | ) | $ | 1,239.70 | |||||||||||
Interest and Debt Expense | $ | 1.1 | $ | — | $ | — | $ | 10.4 | $ | 133.9 | $ | 145.4 | ||||||||||||
Depreciation and Amortization | $ | 255.6 | $ | 27.2 | $ | 181 | $ | 3.9 | $ | 0.8 | $ | 468.5 | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Premium Income | $ | 4,296.00 | $ | 687.6 | $ | 1,135.30 | $ | 1,395.30 | $ | — | $ | 7,514.20 | ||||||||||||
Net Investment Income | 951.4 | 189.9 | 132.4 | 1,189.70 | 56.2 | 2,519.60 | ||||||||||||||||||
Other Income | 121.6 | 0.3 | 0.5 | 106.1 | 20.6 | 249.1 | ||||||||||||||||||
Operating Revenue | $ | 5,369.00 | $ | 877.8 | $ | 1,268.20 | $ | 2,691.10 | $ | 76.8 | $ | 10,282.90 | ||||||||||||
Operating Income (Loss) | $ | 816.9 | $ | 190.7 | $ | 270.1 | $ | 123.9 | $ | (78.4 | ) | $ | 1,323.20 | |||||||||||
Interest and Debt Expense | $ | 1 | $ | — | $ | — | $ | 10.5 | $ | 131.8 | $ | 143.3 | ||||||||||||
Depreciation and Amortization | $ | 245.9 | $ | 26.8 | $ | 164.6 | $ | 16.9 | $ | 0.8 | $ | 455 | ||||||||||||
The following table provides the changes in deferred acquisition costs by segment: | ||||||||||||||||||||||||
Colonial | Closed | |||||||||||||||||||||||
Unum US | Unum UK | Life | Block | Total | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Beginning of Year | $ | 1,024.30 | $ | 38.8 | $ | 692.4 | $ | — | $ | 1,755.50 | ||||||||||||||
Capitalized | 252 | 9.8 | 205 | — | 466.8 | |||||||||||||||||||
Amortization | (230.0 | ) | (14.7 | ) | (174.2 | ) | — | (418.9 | ) | |||||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | 5.2 | — | 20.2 | — | 25.4 | |||||||||||||||||||
Foreign Currency | — | 0.4 | — | — | 0.4 | |||||||||||||||||||
End of Year | $ | 1,051.50 | $ | 34.3 | $ | 743.4 | $ | — | $ | 1,829.20 | ||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Beginning of Year | $ | 971.8 | $ | 40.9 | $ | 664.4 | $ | — | $ | 1,677.10 | ||||||||||||||
Capitalized | 249.2 | 11.8 | 206.3 | — | 467.3 | |||||||||||||||||||
Amortization | (196.5 | ) | (15.7 | ) | (166.5 | ) | — | (378.7 | ) | |||||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | (0.2 | ) | — | (11.8 | ) | — | (12.0 | ) | ||||||||||||||||
Foreign Currency | — | 1.8 | — | — | 1.8 | |||||||||||||||||||
End of Year | $ | 1,024.30 | $ | 38.8 | $ | 692.4 | $ | — | $ | 1,755.50 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Beginning of Year | $ | 943.7 | $ | 41 | $ | 628 | $ | 203.4 | $ | 1,816.10 | ||||||||||||||
Capitalized | 220.3 | 15.4 | 203.1 | 3.7 | 442.5 | |||||||||||||||||||
Amortization | (188.1 | ) | (15.3 | ) | (151.2 | ) | (11.1 | ) | (365.7 | ) | ||||||||||||||
Impairment of Long-term Care Deferred Acquisition Costs | — | — | — | (196.0 | ) | (196.0 | ) | |||||||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | (4.1 | ) | — | (15.5 | ) | — | (19.6 | ) | ||||||||||||||||
Foreign Currency | — | (0.2 | ) | — | — | (0.2 | ) | |||||||||||||||||
End of Year | $ | 971.8 | $ | 40.9 | $ | 664.4 | $ | — | $ | 1,677.10 | ||||||||||||||
Assets by segment are as follows: | ||||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Unum US | $ | 18,384.30 | $ | 19,391.20 | ||||||||||||||||||||
Unum UK | 3,654.10 | 3,975.80 | ||||||||||||||||||||||
Colonial Life | 3,482.90 | 3,434.90 | ||||||||||||||||||||||
Closed Block | 31,564.20 | 33,069.20 | ||||||||||||||||||||||
Corporate | 2,318.10 | 2,365.00 | ||||||||||||||||||||||
Total | $ | 59,403.60 | $ | 62,236.10 | ||||||||||||||||||||
Revenue is primarily derived from sources in the United States and the United Kingdom. There are no material revenues or assets attributable to foreign operations other than those reported in our Unum UK segment. | ||||||||||||||||||||||||
We report goodwill in our Unum US segment and in our Unum UK segment, which are the segments expected to benefit from the originating business combinations. At December 31, 2013 and 2012, goodwill was $200.9 million and $201.7 million, respectively, with $189.0 million attributable to Unum US and the remainder attributable to Unum UK. | ||||||||||||||||||||||||
Stockholders' equity is allocated to the operating segments on the basis of an internal allocation formula that reflects the volume and risk components of each operating segment's business and aligns allocated equity with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
Commitments | |
We have noncancelable lease obligations on certain office space and equipment. As of December 31, 2013, the aggregate net minimum lease payments were $213.9 million payable as follows: $40.7 million in 2014, $27.9 million in 2015, $22.4 million in 2016, $17.7 million in 2017, $16.6 million in 2018, and $88.6 million thereafter. Rental expense for the years ended December 31, 2013, 2012, and 2011 was $44.1 million, $41.6 million, and $36.1 million, respectively. | |
At December 31, 2013, we had unfunded commitments of $158.4 million for certain of our private equity partnerships, $58.0 million for certain private placement fixed maturity securities, and $83.9 million for certain mortgage loans. The commitments are not legally binding at December 31, 2013 and may or may not be funded during the term of the investments. | |
Contingent Liabilities | |
We are a defendant in a number of litigation matters. In some of these matters, no specified amount is sought. In others, very large or indeterminate amounts, including punitive and treble damages, are asserted. There is a wide variation of pleading practice permitted in the United States courts with respect to requests for monetary damages, including some courts in which no specified amount is required and others which allow the plaintiff to state only that the amount sought is sufficient to invoke the jurisdiction of that court. Further, some jurisdictions permit plaintiffs to allege damages well in excess of reasonably possible verdicts. Based on our extensive experience and that of others in the industry with respect to litigating or resolving claims through settlement over an extended period of time, we believe that the monetary damages asserted in a lawsuit or claim bear little relation to the merits of the case, or the likely disposition value. Therefore, the specific monetary relief sought is not stated. | |
Unless indicated otherwise in the descriptions below, reserves have not been established for litigation and contingencies. An estimated loss is accrued when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. | |
Claims Handling Matters | |
We and our insurance subsidiaries, in the ordinary course of our business, are engaged in claim litigation where disputes arise as a result of a denial or termination of benefits. Most typically these lawsuits are filed on behalf of a single claimant or policyholder, and in some of these individual actions punitive damages are sought, such as claims alleging bad faith in the handling of insurance claims. For our general claim litigation, we maintain reserves based on experience to satisfy judgments and settlements in the normal course. We expect that the ultimate liability, if any, with respect to general claim litigation, after consideration of the reserves maintained, will not be material to our consolidated financial condition. Nevertheless, given the inherent unpredictability of litigation, it is possible that an adverse outcome in certain claim litigation involving punitive damages could, from time to time, have a material adverse effect on our consolidated results of operations in a period, depending on the results of operations for the particular period. | |
From time to time class action allegations are pursued where the claimant or policyholder purports to represent a larger number of individuals who are similarly situated. Since each insurance claim is evaluated based on its own merits, there is rarely a single act or series of actions which can properly be addressed by a class action. Nevertheless, we monitor these cases closely and defend ourselves appropriately where these allegations are made. | |
Miscellaneous Matters | |
In September 2008, we received service of a complaint, in an adversary proceeding in connection with the bankruptcy case In re Quebecor World (USA) Inc., et al. entitled Official Committee of Unsecured Creditors of Quebecor World (USA) Inc., et al., v. American United Life Insurance Company, et al., filed in the United States Bankruptcy Court for the Southern District of New York. The complaint alleges that we received preference payments relating to notes held by certain of our insurance subsidiaries and seeks to avoid and recover such payments plus interest and cost of the action. In July 2011, the Bankruptcy Court ruled in our favor, granting a summary judgment motion to dismiss the case against us and the other defendants. This decision was affirmed by the United States District Court for the Southern District of New York in September 2012 and upheld by the United States Court of Appeals for the Second Circuit in June 2013. In October 2013, the plaintiff filed a petition for writ of certiorari with the U.S. Supreme Court. On February 24, 2014, the Supreme Court denied the plaintiff’s petition. | |
In October 2010, Denise Merrimon, Bobby S. Mowery, and all others similarly situated vs. Unum Life Insurance Company of America, was filed in the United States District Court for the District of Maine. This class action alleges that we breached fiduciary duties owed to certain beneficiaries under certain group life insurance policies when we paid life insurance proceeds by establishing interest-bearing retained asset accounts rather than by mailing checks. Plaintiffs seek to represent a class of beneficiaries under group life insurance contracts that were part of the ERISA employee welfare benefit plans and under which we paid death benefits via retained asset accounts. The plaintiffs' principal theories in the case are: (1) funds held in retained asset accounts were plan assets, and the proceeds earned by us from investing those funds belonged to the beneficiaries, and (2) payment of claims using retained asset accounts did not constitute payment under Maine's late payment statute, requiring us to pay interest on the undrawn retained asset account funds at an annual rate of 18 percent. In February 2012, the District Court issued an opinion rejecting both of plaintiffs' principal theories and ordering judgment for us. At the same time, however, the District Court held that we breached a fiduciary duty to the beneficiaries by failing to pay rates comparable to the best rates available in the market for demand deposits. The District Court also certified a class of people who, during a certain period of time, were beneficiaries under certain group life insurance contracts that were part of ERISA employee welfare benefit plans and were paid death benefits using retained asset accounts. A bench trial was held on the issue of damages in June and July of 2013. In September 2013, the District Court awarded damages based on a benchmark it created by averaging the interest rates paid on money market mutual funds and money market checking accounts. Based on these averages, the District Court found that for certain periods of the class we should have paid additional interest and awarded damages of $12.1 million and prejudgment interest of $1.3 million. Subsequent to this judgment, in September 2013 we filed an appeal to the First Circuit Court of Appeals, and plaintiffs filed a cross appeal. Based on contrary law that has developed recently in similar cases, we believe that we have strong legal arguments to raise on appeal. We have not accrued a loss for the judgment because we have determined that we do not have a probable loss under the applicable accounting standard relating to the accrual of loss contingencies. We cannot predict the timing of a decision or assure the ultimate outcome of our appeal. | |
Beginning in 2011, a number of state regulators began requiring insurers to cross-check specified insurance policies with the Social Security Administration’s Death Master File to identify potential matches. If a potential match was identified, insurers were requested to determine if benefits were due, locate beneficiaries, and make payments where appropriate. We initiated this process where requested, and in 2012 we began implementing this process in all states on a forward-looking basis. In addition to implementing this on a forward-looking basis, in 2013 we began an initiative to search for potential claims from previous years. During the fourth quarter of 2013, we completed our assessment of benefits which we estimate will be paid under this initiative, and as such, established additional reserves of $95.5 million for payment of these benefits. Similar to other insurers, we are undergoing an examination by a third party acting on behalf of a number of state treasurers concerning our compliance with the unclaimed property laws of the participating states. We are cooperating fully with this examination, as well as with a Delaware Market Conduct examination and a Voluntary Disclosure Agreement process with the state of Minnesota. The legal and regulatory environment around unclaimed death benefits continues to evolve. It is possible that the current examination and/or similar investigations by other state jurisdictions may result in additional payments to beneficiaries, the payment of abandoned funds under state law, and/or administrative penalties, the total of which may be in excess of the reserves established. See Note 6 for further information concerning the reserve for unclaimed death benefits. | |
In December 2012, State of West Virginia ex rel. John D. Perdue v. Provident Life and Accident Insurance Company and State of West Virginia ex rel. John D. Perdue v. Colonial Life & Accident Insurance Company were filed in the Circuit Court of Putnam County, West Virginia. These two separate complaints alleged violations of the West Virginia Uniform Unclaimed Property Act by failing to identify and report all unclaimed insurance policy proceeds due to be escheated to West Virginia. The complaints sought to examine company records and assess penalties and costs in an undetermined amount. In December 2013, the court dismissed both complaints, holding that the West Virginia Uniform Unclaimed Property Act does not require insurance companies to periodically search the Social Security Administrations' Death Master File or escheat unclaimed life insurance benefits until a claim has been submitted. In January 2014, the plaintiff appealed the dismissal of both complaints. | |
In May 2013, a purported class action complaint entitled Ruben Don v. Unum Life Insurance Company of America, Wedner Insurance Group, Inc. dba The Morton Wedner Insurance Agency, and Does 1-30, was filed in the Superior Court of California, County of Los Angeles. The plaintiff seeks to represent a class of California insureds who were issued long-term care policies containing an inflation protection feature. The plaintiff alleges we incorrectly administer the inflation protection feature, resulting in an underpayment of benefits. The complaint makes allegations against us for breach of contract, bad faith, fraud, violation of Business and Professions Code 17200, and injunctive relief. In June 2013, we removed the case to the United States District Court for the Central District of California. We are in the process of preparing our response to this complaint. | |
Summary | |
Various lawsuits against us, in addition to those discussed above, have arisen in the normal course of business. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning our compliance with applicable insurance and other laws and regulations. | |
Given the complexity and scope of our litigation and regulatory matters, it is not possible to predict the ultimate outcome of all pending investigations or legal proceedings or provide reasonable estimates of potential losses, except if noted in connection with specific matters. It is possible that our results of operations or cash flows in a particular period could be materially affected by an ultimate unfavorable outcome of pending litigation or regulatory matters depending, in part, on our results of operations or cash flows for the particular period. We believe, however, that the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, should not have a material adverse effect on our financial position. |
Statutory_Financial_Informatio
Statutory Financial Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Statutory Financial Information [Abstract] | ' | |||||||||||
Statutory Financial Information | ' | |||||||||||
Statutory Financial Information | ||||||||||||
Statutory Net Income, Capital and Surplus, and Dividends | ||||||||||||
Statutory net income for U.S. insurance companies is reported in conformity with statutory accounting principles prescribed by the National Association of Insurance Commissioners (NAIC) and adopted by applicable domiciliary state laws. The commissioners of the states of domicile have the right to permit other specific practices that may deviate from prescribed practices. Our traditional U.S. life insurance subsidiaries have no prescribed or permitted statutory accounting practices that differ materially from statutory accounting principles prescribed by the NAIC. | ||||||||||||
Certain of our traditional U.S. life insurance subsidiaries cede blocks of business to Northwind Re, Tailwind Re, and UnumProvident International Ltd. (UPIL), all of which are affiliated captive reinsurance subsidiaries (captive reinsurers) with Unum Group as the ultimate parent. These captive reinsurers were established for the limited purpose of reinsuring risks attributable to specified policies issued or reinsured by our life insurance subsidiaries. The captive reinsurers are all domiciled in the United States as of December 31, 2013. Our captive reinsurers have no material state prescribed accounting practices, except for UPIL. During 2013, we re-domesticated UPIL, which was previously domiciled in Bermuda, to the state of Vermont. Vermont reporting requirements for pure captive insurance companies follow GAAP, unless the commissioner permits the use of some other basis of accounting. UPIL has permission from Vermont to follow accounting practices that are generally consistent with current NAIC statutory accounting principles for its insurance reserves and invested assets supporting reserves. All other assets and liabilities are accounted for in accordance with GAAP, as prescribed by Vermont, which allows for the full recognition of deferred tax assets which are more likely than not to be realized. Statutory accounting principles have a stricter limitation for the recognition of deferred tax assets. The impact of following the prescribed and permitted practices of Vermont rather than statutory accounting principles prescribed by the NAIC resulted in higher capital and surplus for UPIL of approximately $176 million as of December 31, 2013. | ||||||||||||
The operating results and capital and surplus of our traditional U.S. life insurance subsidiaries and our captive reinsurers, prepared in accordance with prescribed or permitted accounting practices of the NAIC or states of domicile, are presented separately below. Results for 2012 and prior include those for UPIL as filed with insurance regulators in Bermuda. | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Combined Net Income | ||||||||||||
Traditional U.S. Life Insurance Subsidiaries | $ | 584.5 | $ | 624.5 | $ | 642.9 | ||||||
Captive Reinsurers | $ | 13.3 | $ | 40.8 | $ | 64.6 | ||||||
Combined Net Gain from Operations | ||||||||||||
Traditional U.S. Life Insurance Subsidiaries | $ | 617.5 | $ | 649.8 | $ | 664 | ||||||
Captive Reinsurers | $ | 13.6 | $ | 37.4 | $ | 55.4 | ||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Combined Capital and Surplus | ||||||||||||
Traditional U.S. Life Insurance Subsidiaries | $ | 3,450.50 | $ | 3,426.50 | ||||||||
Captive Reinsurers | $ | 1,679.40 | $ | 1,765.30 | ||||||||
As derived from the most recent annual statutory basis financial statements filed with insurance regulators, the statutory net income and statutory capital and surplus of our United Kingdom insurance subsidiary, Unum Limited, was £94.6 million and £438.1 million, respectively. | ||||||||||||
Restrictions under applicable state insurance laws limit the amount of dividends that can be paid to a parent company from its insurance subsidiaries in any 12-month period without prior approval by regulatory authorities. For life insurance companies domiciled in the U.S., that limitation generally equals, depending on the state of domicile, either ten percent of an insurer's statutory surplus with respect to policyholders as of the preceding year end or the statutory net gain from operations, excluding realized investment gains and losses, of the preceding year. The payment of dividends to a parent company from a life insurance subsidiary is generally further limited to the amount of unassigned funds. | ||||||||||||
Based on the restrictions under current law, $591.0 million is available, without prior approval by regulatory authorities, during 2014 for the payment of dividends to Unum Group from its traditional U.S. life insurance subsidiaries. The ability of our captive insurers to pay dividends to their respective parent companies will depend on their satisfaction of applicable regulatory requirements and on the performance of the business reinsured. | ||||||||||||
We also have the ability to receive dividends from Unum Limited, subject to applicable insurance company regulations and capital guidance in the United Kingdom. Approximately £187.8 million is available for the payment of dividends from Unum Limited during 2014, subject to regulatory approval. | ||||||||||||
Deposits | ||||||||||||
At December 31, 2013 and 2012, our U.S. insurance subsidiaries had on deposit with U.S. regulatory authorities securities with a book value of $280.5 million and $277.5 million, respectively, held for the protection of policyholders. |
Unaudited_Quarterly_Results
Unaudited Quarterly Results | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
The following is a summary of our unaudited quarterly results of operations for 2013 and 2012: | ||||||||||||||||
2013 | ||||||||||||||||
4th | 3rd | 2nd | 1st | |||||||||||||
(in millions of dollars, except share data) | ||||||||||||||||
Premium Income | $ | 1,890.70 | $ | 1,897.30 | $ | 1,905.80 | $ | 1,930.90 | ||||||||
Net Investment Income | 629.4 | 615.5 | 626.1 | 621.1 | ||||||||||||
Net Realized Investment Gain (Loss) | 9.3 | (26.1 | ) | 13.3 | 10.3 | |||||||||||
Total Revenue | 2,586.20 | 2,540.90 | 2,601.90 | 2,624.80 | ||||||||||||
Income Before Income Tax | 305.8 | 284.1 | 311.5 | 303.8 | ||||||||||||
Net Income | 221.2 | 205.7 | 218.6 | 212.6 | ||||||||||||
Net Income Per Common Share | ||||||||||||||||
Basic | 0.85 | 0.78 | 0.82 | 0.79 | ||||||||||||
Assuming Dilution | 0.84 | 0.78 | 0.82 | 0.79 | ||||||||||||
2012 | ||||||||||||||||
4th | 3rd | 2nd | 1st | |||||||||||||
(in millions of dollars, except share data) | ||||||||||||||||
Premium Income | $ | 1,937.20 | $ | 1,929.40 | $ | 1,927.60 | $ | 1,921.90 | ||||||||
Net Investment Income | 643 | 619.2 | 633.5 | 619.5 | ||||||||||||
Net Realized Investment Gain (Loss) | 24.6 | 21.3 | (2.1 | ) | 12.4 | |||||||||||
Total Revenue | 2,658.20 | 2,628.00 | 2,617.90 | 2,611.30 | ||||||||||||
Income Before Income Tax | 322.7 | 320.4 | 296.4 | 310 | ||||||||||||
Net Income | 233.9 | 230.2 | 216.4 | 213.9 | ||||||||||||
Net Income Per Common Share | ||||||||||||||||
Basic | 0.86 | 0.83 | 0.76 | 0.74 | ||||||||||||
Assuming Dilution | 0.85 | 0.83 | 0.76 | 0.73 | ||||||||||||
Items affecting the comparability of our financial results during the fourth quarter of 2013 are as follows: | ||||||||||||||||
• | A reserve increase of $95.5 million before tax and $62.1 million after tax related to unclaimed death benefits. | |||||||||||||||
• | A reserve reduction of $85.0 million before tax and $55.2 million after tax related to group life waiver of premium benefits. | |||||||||||||||
See Notes 6 and 14 for further discussion of the above items. |
Schedule_I_Summary_of_Investme
Schedule I Summary of Investments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule I - Summary of Investments [Abstract] | ' | |||||||||||||
Summary of Investment Holdings, Schedule of Investments [Text Block] | ' | |||||||||||||
SCHEDULE I--SUMMARY OF INVESTMENTS - | ||||||||||||||
OTHER THAN INVESTMENTS IN RELATED PARTIES | ||||||||||||||
Unum Group and Subsidiaries | ||||||||||||||
Type of Investment | Cost or Amortized Cost (1) | Fair Value | Amount shown on the balance sheet | |||||||||||
(in millions of dollars) | ||||||||||||||
Fixed Maturity Securities: | ||||||||||||||
Bonds | ||||||||||||||
United States Government and Government Agencies and Authorities | $ | 1,028.60 | $ | 1,196.10 | $ | 1,196.10 | ||||||||
States, Municipalities, and Political Subdivisions | 1,706.00 | 1,783.20 | 1,783.20 | |||||||||||
Foreign Governments | 1,226.40 | 1,373.20 | 1,373.20 | |||||||||||
Public Utilities | 9,328.90 | 10,403.00 | 10,403.00 | |||||||||||
Mortgage/Asset-Backed Securities | 1,858.70 | 2,039.30 | 2,039.30 | |||||||||||
All Other Corporate Bonds | 23,108.00 | 25,511.90 | 25,511.90 | |||||||||||
Redeemable Preferred Stocks | 33 | 37.7 | 37.7 | |||||||||||
Total | 38,289.60 | $ | 42,344.40 | 42,344.40 | ||||||||||
Mortgage Loans | 1,815.10 | 1,815.10 | ||||||||||||
Policy Loans | 3,276.00 | 3,276.00 | ||||||||||||
Other Long-term Investments | ||||||||||||||
Derivatives | — | 10.8 | -2 | |||||||||||
Equity Securities | 11.3 | 16.4 | ||||||||||||
Miscellaneous Long-term Investments | 530.7 | 538.8 | -3 | |||||||||||
Short-term Investments | 913.4 | 913.4 | ||||||||||||
Total Investments | $ | 44,836.10 | $ | 48,914.90 | ||||||||||
-1 | The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. | |||||||||||||
-2 | Derivatives are carried at fair value. | |||||||||||||
-3 | The difference between amortized cost and carrying value primarily results from changes in the partnership owner's equity since acquisition. |
Condensed_Finacial_Information
Condensed Finacial Information of Registrant | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule II - Condensed Financial Info [Abstract] | ' | |||||||||||
Condensed Financial Information of Parent Company Only Disclosure | ' | |||||||||||
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||
Unum Group (Parent Company) | ||||||||||||
BALANCE SHEETS | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Assets | ||||||||||||
Fixed Maturity Securities - at fair value (amortized cost: $143.9; $217.7) | $ | 145.3 | $ | 224.6 | ||||||||
Other Long-term Investments | 57.2 | 73 | ||||||||||
Short-term Investments | 164 | 433.5 | ||||||||||
Investment in Subsidiaries | 10,082.80 | 10,079.10 | ||||||||||
Deferred Income Tax | 68.1 | 234.1 | ||||||||||
Other Assets | 558.8 | 489.1 | ||||||||||
Total Assets | $ | 11,076.20 | $ | 11,533.40 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Liabilities | ||||||||||||
Short-term Debt | $ | 0.3 | $ | 6.6 | ||||||||
Long-term Debt | 1,875.20 | 1,896.20 | ||||||||||
Pension and Postretirement Benefits | 295.3 | 801.6 | ||||||||||
Other Liabilities | 246.3 | 216.4 | ||||||||||
Total Liabilities | 2,417.10 | 2,920.80 | ||||||||||
Stockholders' Equity | ||||||||||||
Common Stock | 36.1 | 36 | ||||||||||
Additional Paid-in Capital | 2,634.10 | 2,607.70 | ||||||||||
Accumulated Other Comprehensive Income | 255 | 628 | ||||||||||
Retained Earnings | 8,083.20 | 7,371.60 | ||||||||||
Treasury Stock | (2,349.3 | ) | (2,030.7 | ) | ||||||||
Total Stockholders' Equity | 8,659.10 | 8,612.60 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 11,076.20 | $ | 11,533.40 | ||||||||
See notes to condensed financial information. | ||||||||||||
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) | ||||||||||||
Unum Group (Parent Company) | ||||||||||||
STATEMENTS OF INCOME | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Cash Dividends from Subsidiaries | $ | 636.6 | $ | 670.8 | $ | 800 | ||||||
Other Income | 56.9 | 55 | 65 | |||||||||
Total Revenue | 693.5 | 725.8 | 865 | |||||||||
Interest and Debt Expense | 120.9 | 114.2 | 112.1 | |||||||||
Other Expenses | 48.9 | 65.5 | 57.7 | |||||||||
Total Expenses | 169.8 | 179.7 | 169.8 | |||||||||
Income Before Income Tax of Parent Company | 523.7 | 546.1 | 695.2 | |||||||||
Income Tax Benefit | (14.7 | ) | (25.7 | ) | (13.9 | ) | ||||||
Income of Parent Company | 538.4 | 571.8 | 709.1 | |||||||||
Equity in Undistributed Earnings (Loss) of Subsidiaries | 319.7 | 322.6 | (424.9 | ) | ||||||||
Net Income | 858.1 | 894.4 | 284.2 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (373.0 | ) | 166.2 | 110.4 | ||||||||
Comprehensive Income | $ | 485.1 | $ | 1,060.60 | $ | 394.6 | ||||||
See notes to condensed financial information. | ||||||||||||
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) | ||||||||||||
Unum Group (Parent Company) | ||||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Cash Provided by Operating Activities | $ | 612.5 | $ | 677.3 | $ | 827.8 | ||||||
Cash Flows from Investing Activities | ||||||||||||
Proceeds from Sales of Fixed Maturity Securities | — | — | 133.9 | |||||||||
Proceeds from Maturities of Fixed Maturity Securities | 38.5 | 47.7 | 44.5 | |||||||||
Proceeds from Sales and Maturities of Other Investments | 9.4 | 1 | — | |||||||||
Purchase of Fixed Maturity Securities | (139.8 | ) | (99.1 | ) | — | |||||||
Purchase of Other Investments | — | (13.7 | ) | (3.0 | ) | |||||||
Net Sales of Short-term Investments | 269.5 | 40.4 | 192.8 | |||||||||
Cash Distributions to Subsidiaries | (225.1 | ) | (175.2 | ) | (166.1 | ) | ||||||
Acquisition of Property and Equipment | (78.8 | ) | (80.4 | ) | (81.1 | ) | ||||||
Other, Net | (0.9 | ) | 0.1 | 0.2 | ||||||||
Cash Provided (Used) by Investing Activities | (127.2 | ) | (279.2 | ) | 121.2 | |||||||
Cash Flows from Financing Activities | ||||||||||||
Net Short-term Debt Borrowings (Repayments) | (6.3 | ) | 4.1 | (222.6 | ) | |||||||
Issuance of Long-term Debt | — | 246.4 | — | |||||||||
Issuance of Common Stock | 11.4 | 4.9 | 14.8 | |||||||||
Repurchase of Common Stock | (317.2 | ) | (496.7 | ) | (619.9 | ) | ||||||
Dividends Paid to Stockholders | (146.5 | ) | (133.8 | ) | (121.0 | ) | ||||||
Other, Net | (0.3 | ) | 1.6 | — | ||||||||
Cash Used by Financing Activities | (458.9 | ) | (373.5 | ) | (948.7 | ) | ||||||
Increase in Cash | $ | 26.4 | $ | 24.6 | $ | 0.3 | ||||||
See notes to condensed financial information. | ||||||||||||
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) | ||||||||||||
Unum Group (Parent Company) | ||||||||||||
NOTES TO CONDENSED FINANCIAL INFORMATION | ||||||||||||
Note 1 - Basis of Presentation | ||||||||||||
The accompanying condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Unum Group and subsidiaries. | ||||||||||||
Note 2 - Debt | ||||||||||||
Long-term and short-term debt consists of the following: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Long-term Debt | ||||||||||||
Notes @ 5.75% due 2042, callable at or above par | $ | 248.6 | $ | 248.6 | ||||||||
Notes @ 7.375% due 2032, callable at or above par | 39.5 | 39.5 | ||||||||||
Notes @ 6.75% due 2028, callable at or above par | 165.8 | 165.8 | ||||||||||
Notes @ 7.25% due 2028, callable at or above par | 200 | 200 | ||||||||||
Notes @ 5.625% due 2020, callable at or above par | 399.7 | 399.6 | ||||||||||
Notes @ 7.125% due 2016, callable at or above par | 350 | 350 | ||||||||||
Notes @ 7.0% due 2018, non-callable | 200 | 200 | ||||||||||
Medium-term Notes @ 7.0% to 7.2% due 2023 to 2028, non-callable | 50.8 | 50.8 | ||||||||||
Junior Subordinated Debt Securities @ 7.405% due 2038 | 226.5 | 226.5 | ||||||||||
Fair Value Hedges Adjustment | (5.7 | ) | 15.4 | |||||||||
Total | 1,875.20 | 1,896.20 | ||||||||||
Short-term Debt | ||||||||||||
Securities Lending Agreements | 0.3 | 6.6 | ||||||||||
Total | $ | 1,875.50 | $ | 1,902.80 | ||||||||
The junior subordinated debt securities due 2038 are callable under limited, specified circumstances. The remaining callable debt may be redeemed, in whole or in part, at any time. The aggregate contractual principal maturities are $350.0 million in 2016, $200.0 million in 2018, and $1,332.6 million in 2020 and thereafter. | ||||||||||||
Unsecured Notes | ||||||||||||
In August 2012, we issued $250.0 million of unsecured senior notes in a public offering. | ||||||||||||
Fair Value Hedges | ||||||||||||
As of December 31, 2013 and 2012, we had $600.0 million notional amount interest rate swaps which effectively convert certain of our unsecured senior notes into floating rate debt. Under these agreements, we receive fixed rates of interest and pay variable rates of interest, based off of the three-month London Interbank Offered Rate (LIBOR). | ||||||||||||
Junior Subordinated Debt Securities | ||||||||||||
In 1998, Provident Financing Trust I (the trust), a 100 percent-owned finance subsidiary of Unum Group, issued $300.0 million of 7.405% capital securities in a public offering. These capital securities, which mature in 2038, are fully and unconditionally guaranteed by Unum Group, have a liquidation value of $1,000 per capital security, and have a mandatory redemption feature under certain circumstances. Unum Group issued 7.405% junior subordinated deferrable interest debentures to the trust in connection with the capital securities offering. The debentures mature in 2038. The sole assets of the trust are the junior subordinated debt securities. | ||||||||||||
SCHEDULE II--CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) | ||||||||||||
Unum Group (Parent Company) | ||||||||||||
NOTES TO CONDENSED FINANCIAL INFORMATION - CONTINUED | ||||||||||||
Short-term Debt | ||||||||||||
Short-term debt consists of debt due within the next twelve months, including that portion of debt otherwise classified as long-term, and securities lending agreements collateralized by cash. We account for all of our securities lending agreements as collateralized financings, and the carrying amount of the related short-term debt represents our liability to return cash collateral to the counterparty. | ||||||||||||
In 2011, the remaining $225.1 million of our 7.625% senior notes due March 2011 matured. | ||||||||||||
Interest and Debt Expense | ||||||||||||
Interest paid on long-term and short-term debt and related securities during 2013, 2012, and 2011 was $116.5 million, $109.0 million, and $115.6 million, respectively. | ||||||||||||
Credit Facility | ||||||||||||
In August 2013, we entered into a five-year, $400.0 million unsecured revolving credit facility. Under the terms of the agreement, we may request that the credit facility be increased up to $600.0 million. Borrowings under the credit facility are for general corporate uses and are subject to financial covenants, negative covenants, and events of default that are customary. The credit facility provides for interest rates based on either the prime rate or LIBOR. At December 31, 2013, no amount was outstanding on the facility. | ||||||||||||
Note 3 - Guarantees | ||||||||||||
In 2005, UnumProvident Finance Company plc, a wholly-owned subsidiary of Unum Group, issued $400.0 million of 6.85% senior debentures due 2015. As of December 31, 2013, $296.9 million of these debentures, which we fully and unconditionally guarantee, were outstanding. |
Schedule_III_Supplementary_Ins
Schedule III Supplementary Insurance Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Schedule III - Supplementary Insurance Info [Abstract] | ' | |||||||||||||||||||||||
Supplementary Insurance Information, for Insurance Companies Disclosure [Text Block] | ' | |||||||||||||||||||||||
SCHEDULE III--SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||
Unum Group and Subsidiaries | ||||||||||||||||||||||||
Segment | Deferred Acquisition Costs | Reserves for Future Policy Contract Benefits | Unearned Premiums | Policy and Contract Benefits | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Unum US | $ | 1,051.50 | $ | 11,788.40 | $ | 47.6 | $ | 889.1 | ||||||||||||||||
Unum UK | 34.3 | 2,594.30 | 139.3 | 160 | ||||||||||||||||||||
Colonial Life | 743.4 | 1,815.60 | 30 | 193.7 | ||||||||||||||||||||
Closed Block | — | 26,900.80 | 196.9 | 268.2 | ||||||||||||||||||||
Total | $ | 1,829.20 | $ | 43,099.10 | $ | 413.8 | $ | 1,511.00 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unum US | $ | 1,024.30 | $ | 12,449.30 | $ | 46.1 | $ | 890.3 | ||||||||||||||||
Unum UK | 38.8 | 2,487.10 | 142.9 | 155.7 | ||||||||||||||||||||
Colonial Life | 692.4 | 1,691.30 | 29.9 | 149.8 | ||||||||||||||||||||
Closed Block | — | 28,066.70 | 207.8 | 288.8 | ||||||||||||||||||||
Total | $ | 1,755.50 | $ | 44,694.40 | $ | 426.7 | $ | 1,484.60 | ||||||||||||||||
SCHEDULE III--SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||
Unum Group and Subsidiaries | ||||||||||||||||||||||||
(continued from preceding page) | ||||||||||||||||||||||||
Segment | Premium Income | Net Investment Income (1) | Benefits and Change in Reserves for Future Benefits (2) | Amortization of Deferred Acquisition Costs | All Other Expenses (3) | Premiums Written (4) | ||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Unum US | $ | 4,517.10 | $ | 929.6 | $ | 3,222.40 | $ | 230 | $ | 1,254.00 | $ | 3,068.00 | ||||||||||||
Unum UK | 556.6 | 148.5 | 413.3 | 14.7 | 145.2 | 448.1 | ||||||||||||||||||
Colonial Life | 1,232.20 | 145.4 | 667 | 174.2 | 271.8 | 1,011.80 | ||||||||||||||||||
Closed Block | 1,318.80 | 1,272.30 | 2,293.00 | — | 282.6 | 1,307.00 | ||||||||||||||||||
Corporate | — | (3.7 | ) | — | — | 180.4 | — | |||||||||||||||||
Total | $ | 7,624.70 | $ | 2,492.10 | $ | 6,595.70 | $ | 418.9 | $ | 2,134.00 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unum US | $ | 4,456.50 | $ | 952.3 | $ | 3,238.60 | $ | 196.5 | $ | 1,251.20 | $ | 3,045.00 | ||||||||||||
Unum UK | 694.6 | 170.8 | 541.4 | 15.7 | 177.1 | 466.3 | ||||||||||||||||||
Colonial Life | 1,194.50 | 138.6 | 627.3 | 166.5 | 265.3 | 986.3 | ||||||||||||||||||
Closed Block | 1,370.50 | 1,230.50 | 2,314.90 | — | 290.7 | 1,358.60 | ||||||||||||||||||
Corporate | — | 23 | — | — | 180.7 | — | ||||||||||||||||||
Total | $ | 7,716.10 | $ | 2,515.20 | $ | 6,722.20 | $ | 378.7 | $ | 2,165.00 | ||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||
Unum US | $ | 4,296.00 | $ | 951.4 | $ | 3,113.50 | $ | 188.1 | $ | 1,250.50 | $ | 2,965.80 | ||||||||||||
Unum UK | 687.6 | 189.9 | 493.8 | 15.3 | 178 | 480 | ||||||||||||||||||
Colonial Life | 1,135.30 | 132.4 | 589.4 | 151.2 | 257.5 | 944.9 | ||||||||||||||||||
Closed Block | 1,395.30 | 1,189.70 | 3,012.80 | 11.1 | 496.4 | 1,385.10 | ||||||||||||||||||
Corporate | — | 56.2 | — | — | 187.1 | — | ||||||||||||||||||
Total | $ | 7,514.20 | $ | 2,519.60 | $ | 7,209.50 | $ | 365.7 | $ | 2,369.50 | ||||||||||||||
-1 | Net investment income is allocated based upon segmentation. Each segment has its own specifically identified assets and receives the investment income generated by those assets. | |||||||||||||||||||||||
-2 | Included in 2013 are unclaimed death benefits reserve increases of $75.4 million in Unum US and $20.1 million in Colonial Life and a group life waiver of premium benefit reserve reduction of $85.0 million in Unum US. Included in 2011 in the Closed Block segment is a reserve charge of $573.6 million related to our long-term care business and a reserve charge of $183.5 million related to our individual disability business. | |||||||||||||||||||||||
-3 | Includes commissions, interest and debt expense, deferral of acquisition costs, compensation expense, non-operating retirement related loss, and other expenses. Where not directly attributable to a segment, expenses are generally allocated based on activity levels, time information, and usage statistics. Included in 2011 in the Closed Block segment is an impairment charge of $196.0 million related to long-term care deferred policy acquisition costs. | |||||||||||||||||||||||
-4 | Excludes life insurance. |
Schedule_IV_Reinsurance
Schedule IV Reinsurance | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Schedule IV - Reinsurance [Abstract] | ' | ||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Text Block] | ' | ||||||||||||||||||
SCHEDULE IV--REINSURANCE | |||||||||||||||||||
Unum Group and Subsidiaries | |||||||||||||||||||
Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage Amount Assumed to Net | |||||||||||||||
(in millions of dollars) | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Life Insurance in Force | $ | 781,495.90 | $ | 25,904.70 | $ | 1,026.20 | $ | 756,617.40 | 0.1 | % | |||||||||
Premium Income: | |||||||||||||||||||
Life Insurance | $ | 2,018.70 | $ | 253.6 | $ | 10 | $ | 1,775.10 | 0.6 | % | |||||||||
Accident, Health, and Other Insurance | 5,758.60 | 102.2 | 193.2 | 5,849.60 | 3.3 | % | |||||||||||||
Total | $ | 7,777.30 | $ | 355.8 | $ | 203.2 | $ | 7,624.70 | 2.7 | % | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Life Insurance in Force | $ | 832,587.50 | $ | 28,658.70 | $ | 1,073.80 | $ | 805,002.60 | 0.1 | % | |||||||||
Premium Income: | |||||||||||||||||||
Life Insurance | $ | 1,979.10 | $ | 141.4 | $ | 10.3 | $ | 1,848.00 | 0.6 | % | |||||||||
Accident, Health, and Other Insurance | 5,756.90 | 89.4 | 200.6 | 5,868.10 | 3.4 | % | |||||||||||||
Total | $ | 7,736.00 | $ | 230.8 | $ | 210.9 | $ | 7,716.10 | 2.7 | % | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Life Insurance in Force | $ | 782,935.60 | $ | 28,341.10 | $ | 1,141.60 | $ | 755,736.10 | 0.2 | % | |||||||||
Premium Income: | |||||||||||||||||||
Life Insurance | $ | 1,868.80 | $ | 146.6 | $ | 10.9 | $ | 1,733.10 | 0.6 | % | |||||||||
Accident, Health, and Other Insurance | 5,652.70 | 77.3 | 205.7 | 5,781.10 | 3.6 | % | |||||||||||||
Total | $ | 7,521.50 | $ | 223.9 | $ | 216.6 | $ | 7,514.20 | 2.9 | % | |||||||||
Schedule_V_Valuation_and_Quali
Schedule V Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||||||
SCHEDULE V--VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||
Unum Group and Subsidiaries | ||||||||||||||||||||
Description | Balance at Beginning of Period | Additions Charged to Costs and Expenses | Additions Charged to Other Accounts | Deductions (1) | Balance at End of Period | |||||||||||||||
(in millions of dollars) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Real estate reserve (deducted from other long-term investments) | $ | 0.3 | $ | 1.5 | $ | — | $ | — | $ | 1.8 | ||||||||||
Allowance for doubtful accounts (deducted from accounts and premiums receivable) | $ | 6.2 | $ | 0.7 | $ | — | $ | 1.3 | $ | 5.6 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Real estate reserve (deducted from other long-term investments) | $ | 0.3 | $ | — | $ | — | $ | — | $ | 0.3 | ||||||||||
Allowance for doubtful accounts (deducted from accounts and premiums receivable) | $ | 5.7 | $ | 0.9 | $ | — | $ | 0.4 | $ | 6.2 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Real estate reserve (deducted from other long-term investments) | $ | 0.3 | $ | — | $ | — | $ | — | $ | 0.3 | ||||||||||
Allowance for doubtful accounts (deducted from accounts and premiums receivable) | $ | 7.2 | $ | 1.3 | $ | — | $ | 2.8 | $ | 5.7 | ||||||||||
-1 | Deductions include amounts deemed to reduce exposure of probable losses, amounts deemed uncollectible, and amounts related to fluctuations in the foreign currency exchange rate. | |||||||||||||||||||
See Note 3 of the “Notes to Consolidated Financial Statements" contained herein in Item 8 for discussion of the mortgage loan valuation allowance. |
Signficant_Accounting_Policies
Signficant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation: The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Such accounting principles differ from statutory accounting principles (see Note 15). Intercompany transactions have been eliminated. | |
Business Description and Basis of Presentation [Text Block] | ' |
Description of Business: We are the largest provider of group and individual disability products in the United States and the United Kingdom. We also provide a complementary portfolio of other insurance products, including life insurance, employer- and employee-paid group benefits, and other related services. We market our products primarily to employers interested in providing benefits to their employees. | |
We have three principal operating business segments: Unum US, Unum UK, and Colonial Life. Our other reporting segments are Closed Block and Corporate. See Note 13 for further discussion of our operating segments. | |
Use of Estimates | ' |
Use of Estimates: The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. | |
Fixed Maturity Securities | ' |
Fixed Maturity Securities: Fixed maturity securities include long-term bonds and redeemable preferred stocks. Fixed maturity securities not bought and held for the purpose of selling in the near term but for which we do not have the positive intent and ability to hold to maturity are classified as available-for-sale and reported at fair value. Changes in the fair value of available-for-sale fixed maturity securities, except for amounts related to other-than-temporary impairment losses recognized in earnings, are reported as a component of other comprehensive income. These amounts are net of income tax and valuation adjustments to deferred acquisition costs and reserves for future policy and contract benefits which would have been recorded had the related unrealized gain or loss on these securities been realized. | |
Interest income is recorded as part of net investment income when earned, using an effective yield method giving effect to amortization of premium and accretion of discount. Included within fixed maturity securities are mortgage-backed and asset-backed securities. We recognize investment income on these securities using a constant effective yield based on projected prepayments of the underlying loans and the estimated economic life of the securities. Actual prepayment experience is reviewed periodically, and effective yields are recalculated when differences arise between prepayments originally projected and the actual prepayments received and currently projected. The effective yield is recalculated on a retrospective basis, and the adjustment is reflected in net investment income. For fixed maturity securities on which collection of investment income is uncertain, we discontinue the accrual of investment income and recognize investment income when interest and dividends are received. Payment terms specified for fixed maturity securities may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received. | |
In determining when a decline in fair value below amortized cost of a fixed maturity security is other than temporary, we evaluate available information, both positive and negative, in reaching our conclusions. In particular, we consider the strength of the issuer's balance sheet, its debt obligations and near-term funding requirements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets. Although available and applicable factors are considered in our analysis, our expectation of recovering the entire amortized cost basis of the security, whether we intend to sell the security, whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost, and whether the security is current on principal and interest payments are the most critical factors in determining whether impairments are other than temporary. The significance of the decline in value and the length of time during which there has been a significant decline are also important factors, but we generally do not record an impairment loss based solely on these two factors, since often other more relevant factors will impact our evaluation of a security. | |
If we determine that the decline in value of an investment is other than temporary, the investment is written down to fair value, and an impairment loss is recognized in the current period, either in earnings or in both earnings and other comprehensive income, as applicable. Other-than-temporary impairment losses on fixed maturity securities which we intend to sell or more likely than not will be required to sell before recovery in value are recognized in earnings and equal the entire difference between the security's amortized cost basis and its fair value. For securities which we do not intend to sell and it is not more likely than not that we will be required to sell before recovery in value, other-than-temporary impairment losses recognized in earnings generally represent the difference between the amortized cost of the security and the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. For fixed maturity securities for which we have recognized an other-than-temporary impairment loss through earnings, if through subsequent evaluation there is a significant increase in expected cash flows, the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as net investment income. See Notes 2 and 3. | |
Mortgage Loans | ' |
Mortgage Loans: Mortgage loans are generally held for investment and are carried at amortized cost less an allowance for probable losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Prepayment penalties are recognized as investment income when received. For mortgage loans on which collection of interest income is uncertain, we discontinue the accrual of interest and recognize it in the period when an interest payment is received. We typically do not resume the accrual of interest on mortgage loans on nonaccrual status until there are significant improvements in the underlying financial condition of the borrower. We consider a loan to be delinquent if full payment is not received in accordance with the contractual terms of the loan. | |
We evaluate each of our mortgage loans individually for impairment based on a comprehensive rating system used to evaluate the credit risk of the loan. Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining impairment. If we determine that it is probable we will be unable to collect all amounts due under the contractual terms of a mortgage loan, we establish an allowance for credit loss. If we expect to foreclose on the property, the amount of the allowance typically equals the excess carrying value of the mortgage loan over the fair value of the underlying collateral. If we expect to retain the mortgage loan until payoff, the allowance equals the excess carrying value of the mortgage loan over the expected future cash flows of the loan. Additions and reductions to our allowance for credit losses on mortgage loans are reported as a component of net realized investment gains and losses. We do not purchase mortgage loans with existing credit impairments. See Note 3. | |
Policy Loans | ' |
Policy Loans: Policy loans are presented at unpaid balances directly related to policyholders. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Included in policy loans are $3,043.7 million and $2,912.7 million of policy loans ceded to reinsurers at December 31, 2013 and 2012, respectively. | |
Investment, Policy [Policy Text Block] | ' |
Other Long-term Investments: Other long-term investments are comprised primarily of tax credit partnerships and private equity partnerships. | |
Tax credit partnerships in which we have invested were formed for the purpose of investing in the construction and rehabilitation of low-income housing. Because the partnerships are structured such that there is no return of principal, the primary sources of investment return from our tax credit partnerships are tax credits and tax benefits derived from passive losses on the investments, both of which may exhibit variability over the life of the investment. These partnerships are accounted for using either the equity or the effective yield method, depending primarily on whether the tax credits are guaranteed through a letter of credit, a tax indemnity agreement, or another similar arrangement. Tax credits received from these partnerships are reported in our consolidated statements of income as either a reduction of state premium taxes, which are a component of other expenses, or a reduction of income tax. For those partnerships accounted for under the equity method, the amortization of the principal amount invested in these partnerships is reported as a component of net investment income. For those partnerships accounted for under the effective yield method, amortization of the principal amount invested is reported as a component of income tax or other expenses. | |
Our investments in private equity partnerships are passive in nature. The underlying investments held by these partnerships include both equity and debt securities and are accounted for using the equity or cost method, depending on the level of ownership and the degree of our influence over partnership operating and financial policies. For partnerships accounted for under the equity method, our portion of partnership earnings is reported as a component of net investment income in our consolidated statements of income. For those partnerships accounted for under the cost method, we record income received from partnership distributions as either a component of net investment income or net realized investment gain or loss, in accordance with the source of the funds distributed from the partnership. See Notes 2 and 3. | |
Short-term Investments: Short-term investments are carried at cost. Short-term investments include investments maturing within one year, such as corporate commercial paper and U.S. Treasury bills, bank term deposits, and other cash accounts and cash equivalents earning interest. See Note 2. | |
Cash and Bank Deposits | ' |
Cash and Bank Deposits: Cash and bank deposits include cash on hand and non-interest bearing cash and deposit accounts. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments: Derivative financial instruments (including certain derivative instruments embedded in other contracts) are recognized as either other long-term investments or other liabilities in our consolidated balance sheets and are reported at fair value. The accounting for a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify for hedge accounting, at the inception of the hedging transaction, we formally document the risk management objective and strategy for undertaking the hedging transaction, as well as the designation of the hedge as either a fair value hedge or a cash flow hedge. Included in this documentation is how the hedging instrument is expected to hedge the designated risk(s) related to specific assets or liabilities on the balance sheet or to specific forecasted transactions as well as a description of the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. | |
A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk(s) of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship, using qualitative and quantitative methods. Qualitative methods include comparison of critical terms of the derivative to the hedged item. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. | |
Changes in the fair value of a derivative designated as a fair value hedge, including amounts measured as ineffectiveness, and changes in the fair value of the hedged item attributable to the risk being hedged are recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. The gain or loss on the termination of a fair value hedge is recognized in earnings as a component of net realized investment gain or loss during the period in which the termination occurs. When interest rate swaps are used in hedge accounting relationships, periodic settlements are recorded in the same income statement line as the related settlements of the hedged items. | |
To the extent it is effective, changes in the fair value of a derivative designated as a cash flow hedge are reported in other comprehensive income and reclassified into earnings and reported on the same income statement line item as the hedged item and in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income and reclassified into earnings and reported on the same income statement line item as the hedged item and in the same period or periods during which the hedged item affects earnings. | |
Gains or losses on the termination of ineffective fair value or cash flow hedges are reported in earnings as a component of net realized investment gain or loss. In the event a hedged item is disposed of or the anticipated transaction being hedged is no longer likely to occur, we will terminate the related derivative and recognize the gain or loss on termination in current earnings as a component of net realized investment gain or loss. In the event a hedged item is disposed of subsequent to the termination of the hedging transaction, we reclassify any remaining gain or loss on the cash flow hedge out of accumulated other comprehensive income into earnings as a component of the same income statement line item wherein we report the gain or loss on disposition of the hedged item. | |
For a derivative not designated as a hedging instrument, changes in the fair value of the derivative, together with the payment of periodic fees, if applicable, are recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. | |
Cash flow activity from the settlement of derivative contracts is reported in the consolidated statements of cash flows as a component of proceeds from sales and maturities of other investments. | |
In our consolidated balance sheets, we do not offset fair value amounts recognized for derivatives executed with the same counterparty under a master netting agreement and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from those master netting agreements. See Notes 2 and 4. | |
Fair Value Measurement | ' |
Fair Value Measurement: Certain assets and liabilities are reported at fair value in our consolidated balance sheets and in our notes to our consolidated financial statements. We define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value represents an exit price, not an entry price. The exit price objective applies regardless of our intent and/or ability to sell the asset or transfer the liability at the measurement date. Assets or liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. When actively quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If observable inputs are not available, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine fair value. We categorize our assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significance of the inputs. The fair value hierarchy gives the highest priority to inputs which are unadjusted and represent quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See Note 2. | |
Realized Investment Gains and Losses | ' |
Realized Investment Gains and Losses: Realized investment gains and losses are reported as a component of revenue in the consolidated statements of income and are based upon specific identification of the investments sold. See Note 3. | |
Deferred Acquisition Costs | ' |
Deferred Acquisition Costs: Incremental direct costs associated with the successful acquisition of new or renewal insurance contracts have been deferred. Such costs include commissions, other agency compensation, certain selection and policy issue expenses, and certain field expenses. Acquisition costs that do not vary with the production of new business, such as commissions on group products which are generally level throughout the life of the policy, are excluded from deferral. Deferred acquisition costs are subject to recoverability testing at the time of policy issue and loss recognition testing in subsequent years. | |
Deferred acquisition costs related to traditional policies are amortized over the premium paying period of the related policies in proportion to the ratio of the present value of annual expected premium income to the present value of total expected premium income. Deferred acquisition costs related to interest-sensitive policies are amortized over the lives of the policies in relation to the present value of estimated gross profits from surrender charges, mortality margins, investment returns, and expense margins. Deviations from projections result in a change to the rate of amortization in the period during which such events occur. Generally, the amortization periods for these policies approximate the estimated lives of the policies. | |
For certain products, policyholders can elect to modify product benefits, features, rights, or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacement transactions. Internal replacement transactions wherein the modification does not substantially change the policy are accounted for as continuations of the replaced contracts. Unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the new policy, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred. Internal replacement transactions, principally on group contracts, that result in a policy that is substantially changed are accounted for as an extinguishment of the original policy and the issuance of a new policy. Unamortized deferred acquisition costs on the original policy that was replaced are immediately expensed, and the costs of acquiring the new policy are capitalized and amortized in accordance with our accounting policies for deferred acquisition costs. | |
Loss recognition is performed on an annual basis, or more frequently if appropriate, using best estimate assumptions as to future experience as of the date of the test. Insurance contracts are grouped for each major product line within a segment when we perform the loss recognition tests. If loss recognition testing indicates that deferred acquisition costs are not recoverable, the deficiency is charged to expense. | |
Goodwill | ' |
Goodwill: Goodwill is the excess of the amount paid to acquire a business over the fair value of the net assets acquired. We review the carrying amount of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount might not be recoverable. Goodwill impairment testing compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair values of the reporting units are determined using discounted cash flow models. The critical estimates necessary in determining fair value are projected earnings and the discount rate. We set our discount rate assumption based on an expected risk adjusted cost of capital. If the fair value of the reporting unit to which the goodwill relates is less than the carrying amount of the unamortized goodwill, the carrying amount is reduced with a corresponding charge to expense. | |
Property and Equipment | ' |
Property and Equipment: Property and equipment is reported at cost less accumulated depreciation, which is calculated on the straight-line method over the estimated useful life. The accumulated depreciation for property and equipment was $760.8 million and $705.0 million as of December 31, 2013 and 2012, respectively | |
Value of Business Acquired | ' |
Value of Business Acquired: Value of business acquired represents the present value of future profits recorded in connection with the acquisition of a block of insurance policies. The asset is amortized based upon expected future premium income for traditional insurance policies and estimated future gross profits from surrender charges, mortality margins, investment returns, and expense margins for interest-sensitive insurance policies. The value of business acquired, which is included in other assets in our consolidated balance sheets, was $19.0 million and $23.5 million at December 31, 2013 and 2012, respectively. The accumulated amortization for value of business acquired was $138.2 million and $131.5 million as of December 31, 2013 and 2012, respectively. | |
The amortization of value of business acquired, which is included in other expenses in the consolidated statements of income, was $4.5 million, $7.5 million, and $7.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. We periodically review the carrying amount of value of business acquired using the same methods used to evaluate deferred acquisition costs. | |
Policy and Contract Benefits | ' |
Policy and Contract Benefits: Policy and contract benefits represent amounts paid and expected to be paid based on reported losses and estimates of incurred but not reported losses for traditional life and accident and health products. For interest-sensitive products, benefits are the amounts paid and expected to be paid on insured claims in excess of the policyholders' policy fund balances | |
Policy and Contract Benefits Liabilities | ' |
Reserves for Policy and Contract Benefits: Policy reserves represent future policy and contract benefits for claims not yet incurred. Policy reserves for traditional life and accident and health products are determined using the net level premium method. The reserves are calculated based upon assumptions as to interest, persistency, morbidity, and mortality that were appropriate at the date of issue. Interest rate assumptions are based on actual and expected net investment returns. Persistency assumptions are based on our actual historical experience adjusted for future expectations. Morbidity and mortality assumptions are based on actual experience or industry standards adjusted as appropriate to reflect our actual experience and future expectations. The assumptions vary by plan, year of issue, and policy duration and include a provision for adverse deviation. | |
Policy reserves for group single premium annuities have been provided on a net single premium method. The reserves are calculated based on assumptions as to interest, mortality, and retirement that were appropriate at the date of issue. Mortality assumptions are based upon industry standards adjusted as appropriate to reflect our actual experience and future expectations. The assumptions vary by year of issue. | |
Policy reserves for interest-sensitive products are principally policyholder account values. | |
We perform loss recognition tests on our policy reserves annually, or more frequently if appropriate, using best estimate assumptions as of the date of the test, without a provision for adverse deviation. We group the policy reserves for each major product line within a segment when we perform the loss recognition tests. If the policy reserves determined using these best estimate assumptions are higher than our existing policy reserves net of any deferred acquisition cost balance, the existing policy reserves are increased or deferred acquisition costs are reduced to immediately recognize the deficiency. | |
Claim reserves represent future policy and contract benefits for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Our claim reserves relate primarily to disability policies and are calculated based on assumptions as to interest and claim resolution rates that are currently appropriate. Claim resolution rate assumptions are based on our actual experience. The interest rate assumptions used for discounting claim reserves are based on projected portfolio yield rates, after consideration for defaults and investment expenses, for the assets supporting the liabilities for the various product lines. Unlike policy reserves for which assumptions are generally established and locked in at the time of policy issuance, claim reserves are subject to revision as current claim experience and projections of future experience change. See Note 6. | |
Policyholders Funds | ' |
Policyholders' Funds: Policyholders' funds represent customer deposits plus interest credited at contract rates. We control interest rate risk by investing in quality assets which have an aggregate duration that closely matches the expected duration of the liabilities | |
Income Tax | ' |
Income Tax: Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Deferred taxes have been measured using enacted statutory income tax rates and laws that are currently in effect. We record deferred tax assets for tax positions taken in the U.S. and other tax jurisdictions based on our assessment of whether a position is more likely than not to be sustained upon examination based solely on its technical merits. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. See Note 7. | |
Short-term and Long-term Debt | ' |
Short-term and Long-term Debt: Debt is generally carried at the unpaid principal balance, net of unamortized discount or premium. Short-term debt consists of debt due within the next twelve months, including that portion of debt otherwise classified as long-term, and securities lending agreements collateralized by cash. We account for all of our securities lending agreements and repurchase agreements as collateralized financings, and the carrying amount of the related short-term debt represents our liability to return cash collateral to the counterparty. Original issue discount or premium as well as debt issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding. The carrying amount of long-term debt that is part of a fair value hedge program includes an adjustment to reflect the effect of the change in fair value attributable to the risk being hedged. Net interest settlements for fair value hedges on our long-term debt are recognized as a component of interest expense. See Note 8. | |
Treasury Shares and Retirement of Common Stock | ' |
Treasury Stock and Retirement of Common Stock: Treasury stock is reflected as a reduction of stockholders' equity at cost. When shares are retired, the par value is removed from common stock, and the excess of the repurchase price over par is allocated between additional paid-in capital and retained earnings. | |
Revenue Recognition | ' |
Revenue Recognition: Traditional life and accident and health products are long-duration contracts, and premium income is recognized as revenue when due from policyholders. If the contracts are experience rated, the estimated ultimate premium is recognized as revenue over the period of the contract. The estimated ultimate premium, which is revised to reflect current experience, is based on estimated claim costs, expenses, and profit margins. | |
For interest-sensitive products, the amounts collected from policyholders are considered deposits, and only the deductions during the period for cost of insurance, policy administration, and surrenders are included in revenue. Policyholders' funds represent funds deposited by contract holders and are not included in revenue. | |
Revenue Recognition, Sales of Services [Policy Text Block] | ' |
Fees from our administrative-services only and family medical leave products are reported as other income when services are rendered. | |
Reinsurance | ' |
Reinsurance: We routinely enter into reinsurance agreements with other insurance companies to spread risk and thereby limit losses from large exposures. For each of our reinsurance agreements, we determine if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. If we determine that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, we record the agreement using the deposit method of accounting. | |
Reinsurance activity is accounted for on a basis consistent with the terms of the reinsurance contracts and the accounting used for the original policies issued. Premium income and benefits and change in reserves for future benefits are presented in our consolidated statements of income net of reinsurance ceded. Ceded liabilities for policy and contract benefits, future policy and contract benefits, and unearned premiums are reported on a gross basis in our consolidated balance sheets, as are ceded policy loans. Our reinsurance recoverable includes the balances due from reinsurers under the terms of the reinsurance agreements for these ceded balances as well as settlement amounts currently due. | |
Where applicable, gains or losses on reinsurance transactions are deferred and amortized into earnings based upon expected future premium income for traditional insurance policies and estimated future gross profits for interest-sensitive insurance policies. The deferred gain on reinsurance included in other liabilities in our consolidated balance sheets at December 31, 2013 and 2012 was $53.6 million and $67.4 million, respectively. | |
Under ceded reinsurance agreements wherein we are not relieved of our legal liability to our policyholders, if the assuming reinsurer is unable to meet its obligations, we remain contingently liable. We evaluate the financial condition of reinsurers and monitor concentration of credit risk to minimize this exposure. We may also require assets in trust, letters of credit, or other acceptable collateral to support our reinsurance recoverable balances. In the event that reinsurers do not meet their obligations to us under the terms of the reinsurance agreements, certain amounts reported in our reinsurance recoverable could become uncollectible, in which case the reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. See Note 12. | |
Premium Tax Expense | ' |
Premium Tax Expense: Premium tax expense is included in other expenses in the consolidated statements of income. For the years ended December 31, 2013, 2012, and 2011, premium tax expense was $137.0 million, $136.0 million, and $134.9 million, respectively | |
Stock-Based Compensation | ' |
Stock-Based Compensation: The cost of stock-based compensation is generally measured based on the grant-date fair value of the award. The Black-Scholes options valuation model is used for estimating the fair value of stock options, and the Monte-Carlo valuation model is used for estimating the fair value of performance share units. Restricted stock units are valued based on the fair value of common stock at the grant date, and cash-settled awards are measured each reporting period based on the current stock price. Stock-based awards are expensed over the requisite service period, with an offsetting increase to additional paid-in capital in stockholders' equity. See Note 11. | |
Earnings Per Share | ' |
Earnings Per Share: We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. Earnings per share assuming dilution is computed by dividing net income by the weighted average number of shares outstanding for the period plus the shares representing the dilutive effect of stock-based awards. In computing earnings per share assuming dilution, only potential common shares resulting from stock-based awards that are dilutive (those that reduce earnings per share) are included. We use the treasury stock method to account for the effect of outstanding stock options and nonvested stock awards on the computation of earnings per share assuming dilution. See Note 10. | |
Translation of Foreign Curency | ' |
Translation of Foreign Currency: Revenues and expenses of our foreign operations are translated at average exchange rates. Assets and liabilities are translated at the rate of exchange on the balance sheet dates. The translation gain or loss is generally reported in accumulated other comprehensive income, net of deferred tax. We do not provide for deferred taxes to the extent unremitted foreign earnings are deemed permanently invested | |
Accounting for Participating Individual Life Insurance | ' |
Accounting for Participating Individual Life Insurance: Participating policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual to a stock life insurance company will remain participating as long as the policies remain in-force. A Participation Fund Account (PFA) was established for the benefit of all such individual participating life and annuity policies and contracts. The assets of the PFA provide for the benefit, dividend, and certain expense obligations of the participating individual life insurance policies and annuity contracts. The assets of the PFA were $339.2 million and $380.4 million at December 31, 2013 and 2012, respectively. | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' |
Accounting Updates Adopted in 2013: | |
Accounting Standards Codification (ASC) 210 "Balance Sheet - Disclosures about Offsetting Assets and Liabilities" | |
In December 2011, the Financial Accounting Standards Board (FASB) issued an update requiring additional disclosures and information about financial instruments and derivative instruments that are either offset on the balance sheet or are subject to an enforceable master netting arrangement. These disclosures provide information about the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of set-off associated with certain financial instruments and derivative instruments. In January 2013, the FASB issued an update to clarify the scope of transactions that are subject to the disclosures about offsetting. Specifically, the update applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions to the extent they are subject to a master netting arrangement or similar agreement. We adopted these updates effective January 1, 2013. The adoption of these updates expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 220 "Comprehensive Income" | |
In February 2013, the FASB issued an update to improve the transparency of reporting reclassifications out of accumulated other comprehensive income by requiring additional information to be presented regarding certain reclassification adjustments. We adopted this update effective January 1, 2013. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 815 "Derivatives and Hedging" | |
In July 2013, the FASB issued an update which allows entities to use the Fed Funds Effective Swap Rate, also referred to as the Overnight Index Swap Rate (OIS), as a benchmark interest rate for hedge accounting purposes. Previously the only acceptable benchmark rates for hedge accounting purposes under GAAP were U.S. Treasury rates and the London Interbank Offered Rate (LIBOR) swap rate. This update reflects the evolution of market hedging practices and is intended to provide more flexibility in hedging interest rate risk. We adopted this update effective July 17, 2013 for qualifying new or redesignated hedging relationships entered into on or after that date. | |
Accounting Updates Adopted in 2012: | |
ASC 220 "Comprehensive Income" | |
In June 2011, the FASB issued an update related to the financial statement presentation of comprehensive income. This update requires that non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present net income and its components, followed consecutively by a second statement presenting total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. We adopted this update effective January 1, 2012. The adoption of this update modified our financial statement presentation but had no effect on our financial position or results of operations. | |
ASC 350 "Intangibles - Goodwill and Other" | |
In September 2011, the FASB issued an update which gives companies the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 820 "Fair Value Measurements and Disclosures" | |
In May 2011, the FASB issued an update to require additional disclosures regarding fair value measurements and to provide clarifying guidance on the application of existing fair value measurement requirements. Specifically, the update requires additional information on Level 1 and Level 2 transfers within the fair value hierarchy; the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position, but for which the fair value of such items is required to be disclosed; and information about the sensitivity of a fair value measurement in Level 3 of the fair value hierarchy to changes in unobservable inputs and any interrelationships between those unobservable inputs. We adopted this update effective January 1, 2012. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 860 "Transfers and Servicing" | |
In April 2011, the FASB issued an update to revise the criteria for assessing effective control for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The determination of whether the transfer of a financial asset subject to a repurchase agreement is a sale is based, in part, on whether the entity maintains effective control over the financial asset. This update removes from the assessment of effective control the criterion requiring the transferor to have the ability to repurchase or redeem the financial asset on substantially the agreed terms, even in the event of default by the transferee, and the related requirement to demonstrate that the transferor possess adequate collateral to fund substantially all the cost of purchasing replacement financial assets. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 944 "Financial Services - Insurance" | |
In October 2010, the FASB issued an update to address the diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify as deferred acquisition costs. The amendments in the update require that only incremental direct costs associated with the successful acquisition of a new or renewal insurance contract can be capitalized. All other costs are to be expensed as incurred. We adopted this update effective January 1, 2012 and applied the amendments retrospectively, adjusting all prior periods in our consolidated financial statements and accompanying notes. | |
Accounting Updates Adopted in 2011: | |
ASC 310 "Receivables" | |
In April 2011, the FASB issued an update to provide additional clarification to help creditors in determining whether a creditor has granted a concession as well as whether a debtor is experiencing financial difficulties for purposes of determining whether a restructuring constitutes a troubled debt restructuring. We adopted this update effective July 1, 2011. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
Accounting Updates Outstanding: | |
ASC 323 "Investments - Equity Method and Joint Ventures" | |
In January 2014, the FASB issued an update to provide guidance on the accounting and reporting for investments in affordable housing projects that qualify for low-income housing tax credits. The amendments in the update permit entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Additional disclosures concerning investments in qualified affordable housing projects will also be required by the update. The amendments in the update are effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted, and are to be applied retrospectively. We have not yet finalized the expected impact on our financial position or results of operations. | |
Significant Accounting Policies [Text Block] | ' |
Basis of Presentation: The accompanying consolidated financial statements of Unum Group and its subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). Such accounting principles differ from statutory accounting principles (see Note 15). Intercompany transactions have been eliminated. | |
Description of Business: We are the largest provider of group and individual disability products in the United States and the United Kingdom. We also provide a complementary portfolio of other insurance products, including life insurance, employer- and employee-paid group benefits, and other related services. We market our products primarily to employers interested in providing benefits to their employees. | |
We have three principal operating business segments: Unum US, Unum UK, and Colonial Life. Our other reporting segments are Closed Block and Corporate. See Note 13 for further discussion of our operating segments. | |
Use of Estimates: The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. | |
Fixed Maturity Securities: Fixed maturity securities include long-term bonds and redeemable preferred stocks. Fixed maturity securities not bought and held for the purpose of selling in the near term but for which we do not have the positive intent and ability to hold to maturity are classified as available-for-sale and reported at fair value. Changes in the fair value of available-for-sale fixed maturity securities, except for amounts related to other-than-temporary impairment losses recognized in earnings, are reported as a component of other comprehensive income. These amounts are net of income tax and valuation adjustments to deferred acquisition costs and reserves for future policy and contract benefits which would have been recorded had the related unrealized gain or loss on these securities been realized. | |
Interest income is recorded as part of net investment income when earned, using an effective yield method giving effect to amortization of premium and accretion of discount. Included within fixed maturity securities are mortgage-backed and asset-backed securities. We recognize investment income on these securities using a constant effective yield based on projected prepayments of the underlying loans and the estimated economic life of the securities. Actual prepayment experience is reviewed periodically, and effective yields are recalculated when differences arise between prepayments originally projected and the actual prepayments received and currently projected. The effective yield is recalculated on a retrospective basis, and the adjustment is reflected in net investment income. For fixed maturity securities on which collection of investment income is uncertain, we discontinue the accrual of investment income and recognize investment income when interest and dividends are received. Payment terms specified for fixed maturity securities may include a prepayment penalty for unscheduled payoff of the investment. Prepayment penalties are recognized as investment income when received. | |
In determining when a decline in fair value below amortized cost of a fixed maturity security is other than temporary, we evaluate available information, both positive and negative, in reaching our conclusions. In particular, we consider the strength of the issuer's balance sheet, its debt obligations and near-term funding requirements, cash flow and liquidity, the profitability of its core businesses, the availability of marketable assets which could be sold to increase liquidity, its industry fundamentals and regulatory environment, and its access to capital markets. Although available and applicable factors are considered in our analysis, our expectation of recovering the entire amortized cost basis of the security, whether we intend to sell the security, whether it is more likely than not that we will be required to sell the security before recovery of its amortized cost, and whether the security is current on principal and interest payments are the most critical factors in determining whether impairments are other than temporary. The significance of the decline in value and the length of time during which there has been a significant decline are also important factors, but we generally do not record an impairment loss based solely on these two factors, since often other more relevant factors will impact our evaluation of a security. | |
If we determine that the decline in value of an investment is other than temporary, the investment is written down to fair value, and an impairment loss is recognized in the current period, either in earnings or in both earnings and other comprehensive income, as applicable. Other-than-temporary impairment losses on fixed maturity securities which we intend to sell or more likely than not will be required to sell before recovery in value are recognized in earnings and equal the entire difference between the security's amortized cost basis and its fair value. For securities which we do not intend to sell and it is not more likely than not that we will be required to sell before recovery in value, other-than-temporary impairment losses recognized in earnings generally represent the difference between the amortized cost of the security and the present value of our best estimate of cash flows expected to be collected, discounted using the effective interest rate implicit in the security at the date of acquisition. For fixed maturity securities for which we have recognized an other-than-temporary impairment loss through earnings, if through subsequent evaluation there is a significant increase in expected cash flows, the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as net investment income. See Notes 2 and 3. | |
Mortgage Loans: Mortgage loans are generally held for investment and are carried at amortized cost less an allowance for probable losses. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Prepayment penalties are recognized as investment income when received. For mortgage loans on which collection of interest income is uncertain, we discontinue the accrual of interest and recognize it in the period when an interest payment is received. We typically do not resume the accrual of interest on mortgage loans on nonaccrual status until there are significant improvements in the underlying financial condition of the borrower. We consider a loan to be delinquent if full payment is not received in accordance with the contractual terms of the loan. | |
We evaluate each of our mortgage loans individually for impairment based on a comprehensive rating system used to evaluate the credit risk of the loan. Although all available and applicable factors are considered in our analysis, loan-to-value and debt service coverage ratios are the most critical factors in determining impairment. If we determine that it is probable we will be unable to collect all amounts due under the contractual terms of a mortgage loan, we establish an allowance for credit loss. If we expect to foreclose on the property, the amount of the allowance typically equals the excess carrying value of the mortgage loan over the fair value of the underlying collateral. If we expect to retain the mortgage loan until payoff, the allowance equals the excess carrying value of the mortgage loan over the expected future cash flows of the loan. Additions and reductions to our allowance for credit losses on mortgage loans are reported as a component of net realized investment gains and losses. We do not purchase mortgage loans with existing credit impairments. See Note 3. | |
Policy Loans: Policy loans are presented at unpaid balances directly related to policyholders. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Included in policy loans are $3,043.7 million and $2,912.7 million of policy loans ceded to reinsurers at December 31, 2013 and 2012, respectively. | |
Other Long-term Investments: Other long-term investments are comprised primarily of tax credit partnerships and private equity partnerships. | |
Tax credit partnerships in which we have invested were formed for the purpose of investing in the construction and rehabilitation of low-income housing. Because the partnerships are structured such that there is no return of principal, the primary sources of investment return from our tax credit partnerships are tax credits and tax benefits derived from passive losses on the investments, both of which may exhibit variability over the life of the investment. These partnerships are accounted for using either the equity or the effective yield method, depending primarily on whether the tax credits are guaranteed through a letter of credit, a tax indemnity agreement, or another similar arrangement. Tax credits received from these partnerships are reported in our consolidated statements of income as either a reduction of state premium taxes, which are a component of other expenses, or a reduction of income tax. For those partnerships accounted for under the equity method, the amortization of the principal amount invested in these partnerships is reported as a component of net investment income. For those partnerships accounted for under the effective yield method, amortization of the principal amount invested is reported as a component of income tax or other expenses. | |
Our investments in private equity partnerships are passive in nature. The underlying investments held by these partnerships include both equity and debt securities and are accounted for using the equity or cost method, depending on the level of ownership and the degree of our influence over partnership operating and financial policies. For partnerships accounted for under the equity method, our portion of partnership earnings is reported as a component of net investment income in our consolidated statements of income. For those partnerships accounted for under the cost method, we record income received from partnership distributions as either a component of net investment income or net realized investment gain or loss, in accordance with the source of the funds distributed from the partnership. See Notes 2 and 3. | |
Short-term Investments: Short-term investments are carried at cost. Short-term investments include investments maturing within one year, such as corporate commercial paper and U.S. Treasury bills, bank term deposits, and other cash accounts and cash equivalents earning interest. See Note 2. | |
Cash and Bank Deposits: Cash and bank deposits include cash on hand and non-interest bearing cash and deposit accounts. | |
Derivative Financial Instruments: Derivative financial instruments (including certain derivative instruments embedded in other contracts) are recognized as either other long-term investments or other liabilities in our consolidated balance sheets and are reported at fair value. The accounting for a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify for hedge accounting, at the inception of the hedging transaction, we formally document the risk management objective and strategy for undertaking the hedging transaction, as well as the designation of the hedge as either a fair value hedge or a cash flow hedge. Included in this documentation is how the hedging instrument is expected to hedge the designated risk(s) related to specific assets or liabilities on the balance sheet or to specific forecasted transactions as well as a description of the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. | |
A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk(s) of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship, using qualitative and quantitative methods. Qualitative methods include comparison of critical terms of the derivative to the hedged item. Quantitative methods include regression or other statistical analysis of changes in fair value or cash flows associated with the hedge relationship. | |
Changes in the fair value of a derivative designated as a fair value hedge, including amounts measured as ineffectiveness, and changes in the fair value of the hedged item attributable to the risk being hedged are recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. The gain or loss on the termination of a fair value hedge is recognized in earnings as a component of net realized investment gain or loss during the period in which the termination occurs. When interest rate swaps are used in hedge accounting relationships, periodic settlements are recorded in the same income statement line as the related settlements of the hedged items. | |
To the extent it is effective, changes in the fair value of a derivative designated as a cash flow hedge are reported in other comprehensive income and reclassified into earnings and reported on the same income statement line item as the hedged item and in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income and reclassified into earnings and reported on the same income statement line item as the hedged item and in the same period or periods during which the hedged item affects earnings. | |
Gains or losses on the termination of ineffective fair value or cash flow hedges are reported in earnings as a component of net realized investment gain or loss. In the event a hedged item is disposed of or the anticipated transaction being hedged is no longer likely to occur, we will terminate the related derivative and recognize the gain or loss on termination in current earnings as a component of net realized investment gain or loss. In the event a hedged item is disposed of subsequent to the termination of the hedging transaction, we reclassify any remaining gain or loss on the cash flow hedge out of accumulated other comprehensive income into earnings as a component of the same income statement line item wherein we report the gain or loss on disposition of the hedged item. | |
For a derivative not designated as a hedging instrument, changes in the fair value of the derivative, together with the payment of periodic fees, if applicable, are recognized in earnings as a component of net realized investment gain or loss during the period of change in fair value. | |
Cash flow activity from the settlement of derivative contracts is reported in the consolidated statements of cash flows as a component of proceeds from sales and maturities of other investments. | |
In our consolidated balance sheets, we do not offset fair value amounts recognized for derivatives executed with the same counterparty under a master netting agreement and fair value amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from those master netting agreements. See Notes 2 and 4. | |
Fair Value Measurement: Certain assets and liabilities are reported at fair value in our consolidated balance sheets and in our notes to our consolidated financial statements. We define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value represents an exit price, not an entry price. The exit price objective applies regardless of our intent and/or ability to sell the asset or transfer the liability at the measurement date. Assets or liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices in active markets generally have more pricing observability and less judgment utilized in measuring fair value. When actively quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If observable inputs are not available, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine fair value. We categorize our assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significance of the inputs. The fair value hierarchy gives the highest priority to inputs which are unadjusted and represent quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). See Note 2. | |
Realized Investment Gains and Losses: Realized investment gains and losses are reported as a component of revenue in the consolidated statements of income and are based upon specific identification of the investments sold. See Note 3. | |
Deferred Acquisition Costs: Incremental direct costs associated with the successful acquisition of new or renewal insurance contracts have been deferred. Such costs include commissions, other agency compensation, certain selection and policy issue expenses, and certain field expenses. Acquisition costs that do not vary with the production of new business, such as commissions on group products which are generally level throughout the life of the policy, are excluded from deferral. Deferred acquisition costs are subject to recoverability testing at the time of policy issue and loss recognition testing in subsequent years. | |
Deferred acquisition costs related to traditional policies are amortized over the premium paying period of the related policies in proportion to the ratio of the present value of annual expected premium income to the present value of total expected premium income. Deferred acquisition costs related to interest-sensitive policies are amortized over the lives of the policies in relation to the present value of estimated gross profits from surrender charges, mortality margins, investment returns, and expense margins. Deviations from projections result in a change to the rate of amortization in the period during which such events occur. Generally, the amortization periods for these policies approximate the estimated lives of the policies. | |
For certain products, policyholders can elect to modify product benefits, features, rights, or coverages by exchanging a contract for a new contract or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. These transactions are known as internal replacement transactions. Internal replacement transactions wherein the modification does not substantially change the policy are accounted for as continuations of the replaced contracts. Unamortized deferred acquisition costs from the original policy continue to be amortized over the expected life of the new policy, and the costs of replacing the policy are accounted for as policy maintenance costs and expensed as incurred. Internal replacement transactions, principally on group contracts, that result in a policy that is substantially changed are accounted for as an extinguishment of the original policy and the issuance of a new policy. Unamortized deferred acquisition costs on the original policy that was replaced are immediately expensed, and the costs of acquiring the new policy are capitalized and amortized in accordance with our accounting policies for deferred acquisition costs. | |
Loss recognition is performed on an annual basis, or more frequently if appropriate, using best estimate assumptions as to future experience as of the date of the test. Insurance contracts are grouped for each major product line within a segment when we perform the loss recognition tests. If loss recognition testing indicates that deferred acquisition costs are not recoverable, the deficiency is charged to expense. | |
Goodwill: Goodwill is the excess of the amount paid to acquire a business over the fair value of the net assets acquired. We review the carrying amount of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount might not be recoverable. Goodwill impairment testing compares the fair value of a reporting unit with its carrying amount, including goodwill. The fair values of the reporting units are determined using discounted cash flow models. The critical estimates necessary in determining fair value are projected earnings and the discount rate. We set our discount rate assumption based on an expected risk adjusted cost of capital. If the fair value of the reporting unit to which the goodwill relates is less than the carrying amount of the unamortized goodwill, the carrying amount is reduced with a corresponding charge to expense. | |
Property and Equipment: Property and equipment is reported at cost less accumulated depreciation, which is calculated on the straight-line method over the estimated useful life. The accumulated depreciation for property and equipment was $760.8 million and $705.0 million as of December 31, 2013 and 2012, respectively. | |
Value of Business Acquired: Value of business acquired represents the present value of future profits recorded in connection with the acquisition of a block of insurance policies. The asset is amortized based upon expected future premium income for traditional insurance policies and estimated future gross profits from surrender charges, mortality margins, investment returns, and expense margins for interest-sensitive insurance policies. The value of business acquired, which is included in other assets in our consolidated balance sheets, was $19.0 million and $23.5 million at December 31, 2013 and 2012, respectively. The accumulated amortization for value of business acquired was $138.2 million and $131.5 million as of December 31, 2013 and 2012, respectively. | |
The amortization of value of business acquired, which is included in other expenses in the consolidated statements of income, was $4.5 million, $7.5 million, and $7.4 million for the years ended December 31, 2013, 2012, and 2011, respectively. We periodically review the carrying amount of value of business acquired using the same methods used to evaluate deferred acquisition costs. | |
Policy and Contract Benefits: Policy and contract benefits represent amounts paid and expected to be paid based on reported losses and estimates of incurred but not reported losses for traditional life and accident and health products. For interest-sensitive products, benefits are the amounts paid and expected to be paid on insured claims in excess of the policyholders' policy fund balances. | |
Reserves for Policy and Contract Benefits: Policy reserves represent future policy and contract benefits for claims not yet incurred. Policy reserves for traditional life and accident and health products are determined using the net level premium method. The reserves are calculated based upon assumptions as to interest, persistency, morbidity, and mortality that were appropriate at the date of issue. Interest rate assumptions are based on actual and expected net investment returns. Persistency assumptions are based on our actual historical experience adjusted for future expectations. Morbidity and mortality assumptions are based on actual experience or industry standards adjusted as appropriate to reflect our actual experience and future expectations. The assumptions vary by plan, year of issue, and policy duration and include a provision for adverse deviation. | |
Policy reserves for group single premium annuities have been provided on a net single premium method. The reserves are calculated based on assumptions as to interest, mortality, and retirement that were appropriate at the date of issue. Mortality assumptions are based upon industry standards adjusted as appropriate to reflect our actual experience and future expectations. The assumptions vary by year of issue. | |
Policy reserves for interest-sensitive products are principally policyholder account values. | |
We perform loss recognition tests on our policy reserves annually, or more frequently if appropriate, using best estimate assumptions as of the date of the test, without a provision for adverse deviation. We group the policy reserves for each major product line within a segment when we perform the loss recognition tests. If the policy reserves determined using these best estimate assumptions are higher than our existing policy reserves net of any deferred acquisition cost balance, the existing policy reserves are increased or deferred acquisition costs are reduced to immediately recognize the deficiency. | |
Claim reserves represent future policy and contract benefits for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Our claim reserves relate primarily to disability policies and are calculated based on assumptions as to interest and claim resolution rates that are currently appropriate. Claim resolution rate assumptions are based on our actual experience. The interest rate assumptions used for discounting claim reserves are based on projected portfolio yield rates, after consideration for defaults and investment expenses, for the assets supporting the liabilities for the various product lines. Unlike policy reserves for which assumptions are generally established and locked in at the time of policy issuance, claim reserves are subject to revision as current claim experience and projections of future experience change. See Note 6. | |
Policyholders' Funds: Policyholders' funds represent customer deposits plus interest credited at contract rates. We control interest rate risk by investing in quality assets which have an aggregate duration that closely matches the expected duration of the liabilities. | |
Income Tax: Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Deferred taxes have been measured using enacted statutory income tax rates and laws that are currently in effect. We record deferred tax assets for tax positions taken in the U.S. and other tax jurisdictions based on our assessment of whether a position is more likely than not to be sustained upon examination based solely on its technical merits. A valuation allowance is established for deferred tax assets when it is more likely than not that an amount will not be realized. See Note 7. | |
Short-term and Long-term Debt: Debt is generally carried at the unpaid principal balance, net of unamortized discount or premium. Short-term debt consists of debt due within the next twelve months, including that portion of debt otherwise classified as long-term, and securities lending agreements collateralized by cash. We account for all of our securities lending agreements and repurchase agreements as collateralized financings, and the carrying amount of the related short-term debt represents our liability to return cash collateral to the counterparty. Original issue discount or premium as well as debt issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding. The carrying amount of long-term debt that is part of a fair value hedge program includes an adjustment to reflect the effect of the change in fair value attributable to the risk being hedged. Net interest settlements for fair value hedges on our long-term debt are recognized as a component of interest expense. See Note 8. | |
Treasury Stock and Retirement of Common Stock: Treasury stock is reflected as a reduction of stockholders' equity at cost. When shares are retired, the par value is removed from common stock, and the excess of the repurchase price over par is allocated between additional paid-in capital and retained earnings. | |
Revenue Recognition: Traditional life and accident and health products are long-duration contracts, and premium income is recognized as revenue when due from policyholders. If the contracts are experience rated, the estimated ultimate premium is recognized as revenue over the period of the contract. The estimated ultimate premium, which is revised to reflect current experience, is based on estimated claim costs, expenses, and profit margins. | |
For interest-sensitive products, the amounts collected from policyholders are considered deposits, and only the deductions during the period for cost of insurance, policy administration, and surrenders are included in revenue. Policyholders' funds represent funds deposited by contract holders and are not included in revenue. | |
Fees from our administrative-services only and family medical leave products are reported as other income when services are rendered. | |
Reinsurance: We routinely enter into reinsurance agreements with other insurance companies to spread risk and thereby limit losses from large exposures. For each of our reinsurance agreements, we determine if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. If we determine that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, we record the agreement using the deposit method of accounting. | |
Reinsurance activity is accounted for on a basis consistent with the terms of the reinsurance contracts and the accounting used for the original policies issued. Premium income and benefits and change in reserves for future benefits are presented in our consolidated statements of income net of reinsurance ceded. Ceded liabilities for policy and contract benefits, future policy and contract benefits, and unearned premiums are reported on a gross basis in our consolidated balance sheets, as are ceded policy loans. Our reinsurance recoverable includes the balances due from reinsurers under the terms of the reinsurance agreements for these ceded balances as well as settlement amounts currently due. | |
Where applicable, gains or losses on reinsurance transactions are deferred and amortized into earnings based upon expected future premium income for traditional insurance policies and estimated future gross profits for interest-sensitive insurance policies. The deferred gain on reinsurance included in other liabilities in our consolidated balance sheets at December 31, 2013 and 2012 was $53.6 million and $67.4 million, respectively. | |
Under ceded reinsurance agreements wherein we are not relieved of our legal liability to our policyholders, if the assuming reinsurer is unable to meet its obligations, we remain contingently liable. We evaluate the financial condition of reinsurers and monitor concentration of credit risk to minimize this exposure. We may also require assets in trust, letters of credit, or other acceptable collateral to support our reinsurance recoverable balances. In the event that reinsurers do not meet their obligations to us under the terms of the reinsurance agreements, certain amounts reported in our reinsurance recoverable could become uncollectible, in which case the reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. See Note 12. | |
Premium Tax Expense: Premium tax expense is included in other expenses in the consolidated statements of income. For the years ended December 31, 2013, 2012, and 2011, premium tax expense was $137.0 million, $136.0 million, and $134.9 million, respectively. | |
Stock-Based Compensation: The cost of stock-based compensation is generally measured based on the grant-date fair value of the award. The Black-Scholes options valuation model is used for estimating the fair value of stock options, and the Monte-Carlo valuation model is used for estimating the fair value of performance share units. Restricted stock units are valued based on the fair value of common stock at the grant date, and cash-settled awards are measured each reporting period based on the current stock price. Stock-based awards are expensed over the requisite service period, with an offsetting increase to additional paid-in capital in stockholders' equity. See Note 11. | |
Earnings Per Share: We compute basic earnings per share by dividing net income by the weighted average number of common shares outstanding for the period. Earnings per share assuming dilution is computed by dividing net income by the weighted average number of shares outstanding for the period plus the shares representing the dilutive effect of stock-based awards. In computing earnings per share assuming dilution, only potential common shares resulting from stock-based awards that are dilutive (those that reduce earnings per share) are included. We use the treasury stock method to account for the effect of outstanding stock options and nonvested stock awards on the computation of earnings per share assuming dilution. See Note 10. | |
Translation of Foreign Currency: Revenues and expenses of our foreign operations are translated at average exchange rates. Assets and liabilities are translated at the rate of exchange on the balance sheet dates. The translation gain or loss is generally reported in accumulated other comprehensive income, net of deferred tax. We do not provide for deferred taxes to the extent unremitted foreign earnings are deemed permanently invested. | |
Accounting for Participating Individual Life Insurance: Participating policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual to a stock life insurance company will remain participating as long as the policies remain in-force. A Participation Fund Account (PFA) was established for the benefit of all such individual participating life and annuity policies and contracts. The assets of the PFA provide for the benefit, dividend, and certain expense obligations of the participating individual life insurance policies and annuity contracts. The assets of the PFA were $339.2 million and $380.4 million at December 31, 2013 and 2012, respectively. | |
Accounting Updates Adopted in 2013: | |
Accounting Standards Codification (ASC) 210 "Balance Sheet - Disclosures about Offsetting Assets and Liabilities" | |
In December 2011, the Financial Accounting Standards Board (FASB) issued an update requiring additional disclosures and information about financial instruments and derivative instruments that are either offset on the balance sheet or are subject to an enforceable master netting arrangement. These disclosures provide information about the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of set-off associated with certain financial instruments and derivative instruments. In January 2013, the FASB issued an update to clarify the scope of transactions that are subject to the disclosures about offsetting. Specifically, the update applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions to the extent they are subject to a master netting arrangement or similar agreement. We adopted these updates effective January 1, 2013. The adoption of these updates expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 220 "Comprehensive Income" | |
In February 2013, the FASB issued an update to improve the transparency of reporting reclassifications out of accumulated other comprehensive income by requiring additional information to be presented regarding certain reclassification adjustments. We adopted this update effective January 1, 2013. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 815 "Derivatives and Hedging" | |
In July 2013, the FASB issued an update which allows entities to use the Fed Funds Effective Swap Rate, also referred to as the Overnight Index Swap Rate (OIS), as a benchmark interest rate for hedge accounting purposes. Previously the only acceptable benchmark rates for hedge accounting purposes under GAAP were U.S. Treasury rates and the London Interbank Offered Rate (LIBOR) swap rate. This update reflects the evolution of market hedging practices and is intended to provide more flexibility in hedging interest rate risk. We adopted this update effective July 17, 2013 for qualifying new or redesignated hedging relationships entered into on or after that date. | |
Accounting Updates Adopted in 2012: | |
ASC 220 "Comprehensive Income" | |
In June 2011, the FASB issued an update related to the financial statement presentation of comprehensive income. This update requires that non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present net income and its components, followed consecutively by a second statement presenting total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. We adopted this update effective January 1, 2012. The adoption of this update modified our financial statement presentation but had no effect on our financial position or results of operations. | |
ASC 350 "Intangibles - Goodwill and Other" | |
In September 2011, the FASB issued an update which gives companies the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 820 "Fair Value Measurements and Disclosures" | |
In May 2011, the FASB issued an update to require additional disclosures regarding fair value measurements and to provide clarifying guidance on the application of existing fair value measurement requirements. Specifically, the update requires additional information on Level 1 and Level 2 transfers within the fair value hierarchy; the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position, but for which the fair value of such items is required to be disclosed; and information about the sensitivity of a fair value measurement in Level 3 of the fair value hierarchy to changes in unobservable inputs and any interrelationships between those unobservable inputs. We adopted this update effective January 1, 2012. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 860 "Transfers and Servicing" | |
In April 2011, the FASB issued an update to revise the criteria for assessing effective control for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The determination of whether the transfer of a financial asset subject to a repurchase agreement is a sale is based, in part, on whether the entity maintains effective control over the financial asset. This update removes from the assessment of effective control the criterion requiring the transferor to have the ability to repurchase or redeem the financial asset on substantially the agreed terms, even in the event of default by the transferee, and the related requirement to demonstrate that the transferor possess adequate collateral to fund substantially all the cost of purchasing replacement financial assets. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 944 "Financial Services - Insurance" | |
In October 2010, the FASB issued an update to address the diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify as deferred acquisition costs. The amendments in the update require that only incremental direct costs associated with the successful acquisition of a new or renewal insurance contract can be capitalized. All other costs are to be expensed as incurred. We adopted this update effective January 1, 2012 and applied the amendments retrospectively, adjusting all prior periods in our consolidated financial statements and accompanying notes. | |
Accounting Updates Adopted in 2011: | |
ASC 310 "Receivables" | |
In April 2011, the FASB issued an update to provide additional clarification to help creditors in determining whether a creditor has granted a concession as well as whether a debtor is experiencing financial difficulties for purposes of determining whether a restructuring constitutes a troubled debt restructuring. We adopted this update effective July 1, 2011. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
Accounting Updates Outstanding: | |
ASC 323 "Investments - Equity Method and Joint Ventures" | |
In January 2014, the FASB issued an update to provide guidance on the accounting and reporting for investments in affordable housing projects that qualify for low-income housing tax credits. The amendments in the update permit entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Additional disclosures concerning investments in qualified affordable housing projects will also be required by the update. The amendments in the update are effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted, and are to be applied retrospectively. We have not yet finalized the expected impact on our financial position or results of operations. |
Significant_Accounting_Policie1
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ' |
Accounting Updates Adopted in 2013: | |
Accounting Standards Codification (ASC) 210 "Balance Sheet - Disclosures about Offsetting Assets and Liabilities" | |
In December 2011, the Financial Accounting Standards Board (FASB) issued an update requiring additional disclosures and information about financial instruments and derivative instruments that are either offset on the balance sheet or are subject to an enforceable master netting arrangement. These disclosures provide information about the effect or potential effect of netting arrangements on an entity's financial position, including the effect or potential effect of rights of set-off associated with certain financial instruments and derivative instruments. In January 2013, the FASB issued an update to clarify the scope of transactions that are subject to the disclosures about offsetting. Specifically, the update applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions to the extent they are subject to a master netting arrangement or similar agreement. We adopted these updates effective January 1, 2013. The adoption of these updates expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 220 "Comprehensive Income" | |
In February 2013, the FASB issued an update to improve the transparency of reporting reclassifications out of accumulated other comprehensive income by requiring additional information to be presented regarding certain reclassification adjustments. We adopted this update effective January 1, 2013. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 815 "Derivatives and Hedging" | |
In July 2013, the FASB issued an update which allows entities to use the Fed Funds Effective Swap Rate, also referred to as the Overnight Index Swap Rate (OIS), as a benchmark interest rate for hedge accounting purposes. Previously the only acceptable benchmark rates for hedge accounting purposes under GAAP were U.S. Treasury rates and the London Interbank Offered Rate (LIBOR) swap rate. This update reflects the evolution of market hedging practices and is intended to provide more flexibility in hedging interest rate risk. We adopted this update effective July 17, 2013 for qualifying new or redesignated hedging relationships entered into on or after that date. | |
Accounting Updates Adopted in 2012: | |
ASC 220 "Comprehensive Income" | |
In June 2011, the FASB issued an update related to the financial statement presentation of comprehensive income. This update requires that non-owner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present net income and its components, followed consecutively by a second statement presenting total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. We adopted this update effective January 1, 2012. The adoption of this update modified our financial statement presentation but had no effect on our financial position or results of operations. | |
ASC 350 "Intangibles - Goodwill and Other" | |
In September 2011, the FASB issued an update which gives companies the option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity is not required to calculate the fair value of a reporting unit unless the entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 820 "Fair Value Measurements and Disclosures" | |
In May 2011, the FASB issued an update to require additional disclosures regarding fair value measurements and to provide clarifying guidance on the application of existing fair value measurement requirements. Specifically, the update requires additional information on Level 1 and Level 2 transfers within the fair value hierarchy; the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial position, but for which the fair value of such items is required to be disclosed; and information about the sensitivity of a fair value measurement in Level 3 of the fair value hierarchy to changes in unobservable inputs and any interrelationships between those unobservable inputs. We adopted this update effective January 1, 2012. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
ASC 860 "Transfers and Servicing" | |
In April 2011, the FASB issued an update to revise the criteria for assessing effective control for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The determination of whether the transfer of a financial asset subject to a repurchase agreement is a sale is based, in part, on whether the entity maintains effective control over the financial asset. This update removes from the assessment of effective control the criterion requiring the transferor to have the ability to repurchase or redeem the financial asset on substantially the agreed terms, even in the event of default by the transferee, and the related requirement to demonstrate that the transferor possess adequate collateral to fund substantially all the cost of purchasing replacement financial assets. We adopted this update effective January 1, 2012. The adoption of this update had no effect on our financial position or results of operations. | |
ASC 944 "Financial Services - Insurance" | |
In October 2010, the FASB issued an update to address the diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify as deferred acquisition costs. The amendments in the update require that only incremental direct costs associated with the successful acquisition of a new or renewal insurance contract can be capitalized. All other costs are to be expensed as incurred. We adopted this update effective January 1, 2012 and applied the amendments retrospectively, adjusting all prior periods in our consolidated financial statements and accompanying notes. | |
Accounting Updates Adopted in 2011: | |
ASC 310 "Receivables" | |
In April 2011, the FASB issued an update to provide additional clarification to help creditors in determining whether a creditor has granted a concession as well as whether a debtor is experiencing financial difficulties for purposes of determining whether a restructuring constitutes a troubled debt restructuring. We adopted this update effective July 1, 2011. The adoption of this update expanded our disclosures but had no effect on our financial position or results of operations. | |
Accounting Updates Outstanding: | |
ASC 323 "Investments - Equity Method and Joint Ventures" | |
In January 2014, the FASB issued an update to provide guidance on the accounting and reporting for investments in affordable housing projects that qualify for low-income housing tax credits. The amendments in the update permit entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Additional disclosures concerning investments in qualified affordable housing projects will also be required by the update. The amendments in the update are effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted, and are to be applied retrospectively. We have not yet finalized the expected impact on our financial position or results of operations. |
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||
Carrying Amount and Fair Value of Financial Instruments | ' | |||||||||||||||||||||||||||||||
Presented as follows are the carrying amounts and fair values of financial instruments. The carrying values of financial instruments such as short-term investments, cash and bank deposits, accounts and premiums receivable, accrued investment income, and short-term debt approximate fair value due to the short-term nature of the instruments. As such, these financial instruments are not included in the following chart. | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | $ | 42,344.40 | $ | 42,344.40 | $ | 44,973.00 | $ | 44,973.00 | ||||||||||||||||||||||||
Mortgage Loans | 1,815.10 | 1,980.20 | 1,712.70 | 1,937.10 | ||||||||||||||||||||||||||||
Policy Loans | 3,276.00 | 3,339.60 | 3,133.80 | 3,215.30 | ||||||||||||||||||||||||||||
Other Long-term Investments | ||||||||||||||||||||||||||||||||
Derivatives | 10.8 | 10.8 | 81.6 | 81.6 | ||||||||||||||||||||||||||||
Equity Securities | 16.4 | 16.4 | 14.6 | 14.6 | ||||||||||||||||||||||||||||
Miscellaneous Long-term Investments | 475.2 | 475.2 | 455.1 | 455.1 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Policyholders' Funds | ||||||||||||||||||||||||||||||||
Deferred Annuity Products | $ | 631.5 | $ | 631.5 | $ | 640.1 | $ | 640.1 | ||||||||||||||||||||||||
Supplementary Contracts without Life Contingencies | 563.1 | 563.1 | 535.5 | 535.5 | ||||||||||||||||||||||||||||
Long-term Debt | 2,612.00 | 2,824.40 | 2,755.40 | 2,968.80 | ||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | 135.6 | 135.6 | 170.5 | 170.5 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | 53.2 | 53.2 | 83.9 | 83.9 | ||||||||||||||||||||||||||||
Unfunded Commitments to Investment Partnerships | 27.2 | 27.2 | 83.7 | 83.7 | ||||||||||||||||||||||||||||
Fair Value Measurements by Input Level | ' | |||||||||||||||||||||||||||||||
Fair value measurements by input level for financial instruments carried at fair value are as follows: | ||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 144.5 | $ | 1,051.60 | $ | — | $ | 1,196.10 | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | — | 1,608.10 | 175.1 | 1,783.20 | ||||||||||||||||||||||||||||
Foreign Governments | — | 1,294.70 | 78.5 | 1,373.20 | ||||||||||||||||||||||||||||
Public Utilities | 396.8 | 9,802.70 | 203.5 | 10,403.00 | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | — | 2,038.80 | 0.5 | 2,039.30 | ||||||||||||||||||||||||||||
All Other Corporate Bonds | 1,982.00 | 21,670.80 | 1,859.10 | 25,511.90 | ||||||||||||||||||||||||||||
Redeemable Preferred Stocks | — | 13.9 | 23.8 | 37.7 | ||||||||||||||||||||||||||||
Total Fixed Maturity Securities | 2,523.30 | 37,480.60 | 2,340.50 | 42,344.40 | ||||||||||||||||||||||||||||
Other Long-term Investments | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | — | 9.2 | — | 9.2 | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | — | 1.6 | — | 1.6 | ||||||||||||||||||||||||||||
Total Derivatives | — | 10.8 | — | 10.8 | ||||||||||||||||||||||||||||
Equity Securities | — | 11.8 | 4.6 | 16.4 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | 35 | $ | — | $ | 35 | ||||||||||||||||||||||||
Foreign Exchange Contracts | — | 98.7 | — | 98.7 | ||||||||||||||||||||||||||||
Credit Default Swaps | — | 1.9 | — | 1.9 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | — | — | 53.2 | 53.2 | ||||||||||||||||||||||||||||
Total Derivatives | — | 135.6 | 53.2 | 188.8 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 104.1 | $ | 1,244.70 | $ | — | $ | 1,348.80 | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | 53 | 1,625.10 | 128.7 | 1,806.80 | ||||||||||||||||||||||||||||
Foreign Governments | — | 1,424.90 | 82.1 | 1,507.00 | ||||||||||||||||||||||||||||
Public Utilities | 84.2 | 10,485.60 | 574.4 | 11,144.20 | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | — | 2,216.00 | 0.5 | 2,216.50 | ||||||||||||||||||||||||||||
All Other Corporate Bonds | 1,977.10 | 23,755.50 | 1,177.80 | 26,910.40 | ||||||||||||||||||||||||||||
Redeemable Preferred Stocks | — | 14.5 | 24.8 | 39.3 | ||||||||||||||||||||||||||||
Total Fixed Maturity Securities | 2,218.40 | 40,766.30 | 1,988.30 | 44,973.00 | ||||||||||||||||||||||||||||
Other Long-term Investments | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | — | 76.5 | — | 76.5 | ||||||||||||||||||||||||||||
Foreign Exchange Contracts | — | 5.1 | — | 5.1 | ||||||||||||||||||||||||||||
Total Derivatives | — | 81.6 | — | 81.6 | ||||||||||||||||||||||||||||
Equity Securities | — | 10.3 | 4.3 | 14.6 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
Interest Rate Swaps | $ | — | $ | 31.7 | $ | — | $ | 31.7 | ||||||||||||||||||||||||
Foreign Exchange Contracts | — | 138.8 | — | 138.8 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | — | — | 83.9 | 83.9 | ||||||||||||||||||||||||||||
Total Derivatives | — | 170.5 | 83.9 | 254.4 | ||||||||||||||||||||||||||||
Transfers of Assets between Level 1 and Level 2 | ' | |||||||||||||||||||||||||||||||
Transfers of assets between Level 1 and Level 2 are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Transfers into | ||||||||||||||||||||||||||||||||
Level 1 from | Level 2 from | Level 1 from | Level 2 from | |||||||||||||||||||||||||||||
Level 2 | Level 1 | Level 2 | Level 1 | |||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 62.2 | $ | — | $ | — | $ | 224.7 | ||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | — | 53 | — | 43.8 | ||||||||||||||||||||||||||||
Public Utilities | 345.9 | 53.4 | 47.1 | 653.1 | ||||||||||||||||||||||||||||
All Other Corporate Bonds | 1,199.00 | 1,085.30 | 1,068.60 | 2,808.90 | ||||||||||||||||||||||||||||
Total Fixed Maturity Securities | $ | 1,607.10 | $ | 1,191.70 | $ | 1,115.70 | $ | 3,730.50 | ||||||||||||||||||||||||
Transfers between Level 1 and Level 2 occurred due to the change in availability of either a TRACE or broker market maker price. Depending on current market conditions, the availability of these Level 1 prices can vary from period to period. For fair value measurements of financial instruments that were transferred either into or out of Level 1 or 2, we reflect the transfers using the fair value at the beginning of the period. | ||||||||||||||||||||||||||||||||
Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) | ' | |||||||||||||||||||||||||||||||
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Total Realized and | ||||||||||||||||||||||||||||||||
Unrealized Investment | ||||||||||||||||||||||||||||||||
Gains (Losses) Included in | ||||||||||||||||||||||||||||||||
Beginning | Earnings | Other | Purchases | Sales | Level 3 Transfers | End of | ||||||||||||||||||||||||||
of Year | Comprehensive | Year | ||||||||||||||||||||||||||||||
Income or Loss | Into | Out of | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | 128.7 | $ | — | $ | (13.1 | ) | $ | — | $ | (1.0 | ) | $ | 60.5 | $ | — | $ | 175.1 | ||||||||||||||
Foreign Governments | 82.1 | — | (3.6 | ) | — | — | — | — | 78.5 | |||||||||||||||||||||||
Public Utilities | 574.4 | — | (10.8 | ) | — | (3.1 | ) | 151.8 | (508.8 | ) | 203.5 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 0.5 | — | 0.1 | — | (0.1 | ) | — | — | 0.5 | |||||||||||||||||||||||
All Other Corporate Bonds | 1,177.80 | 1.1 | (147.1 | ) | 186.7 | (122.0 | ) | 1,462.00 | (699.4 | ) | 1,859.10 | |||||||||||||||||||||
Redeemable Preferred Stocks | 24.8 | — | (1.0 | ) | — | — | — | — | 23.8 | |||||||||||||||||||||||
Total Fixed Maturity Securities | 1,988.30 | 1.1 | (175.5 | ) | 186.7 | (126.2 | ) | 1,674.30 | (1,208.2 | ) | 2,340.50 | |||||||||||||||||||||
Equity Securities | 4.3 | — | 0.3 | — | — | — | — | 4.6 | ||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (83.9 | ) | 30.7 | — | — | — | — | — | (53.2 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Total Realized and | ||||||||||||||||||||||||||||||||
Unrealized Investment | ||||||||||||||||||||||||||||||||
Gains (Losses) Included in | ||||||||||||||||||||||||||||||||
Beginning | Earnings | Other | Purchases | Sales | Level 3 Transfers | End of | ||||||||||||||||||||||||||
of Year | Comprehensive | Year | ||||||||||||||||||||||||||||||
Income or Loss | Into | Out of | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | 68.1 | $ | — | $ | (0.3 | ) | $ | 18.4 | $ | (0.7 | ) | $ | 43.2 | $ | — | $ | 128.7 | ||||||||||||||
Foreign Governments | — | — | 5 | 15.4 | — | 61.7 | — | 82.1 | ||||||||||||||||||||||||
Public Utilities | 338.9 | — | 22.3 | 47.9 | (4.2 | ) | 481.4 | (311.9 | ) | 574.4 | ||||||||||||||||||||||
Mortgage/Asset-Backed Securities | 31.7 | — | — | — | (0.1 | ) | — | (31.1 | ) | 0.5 | ||||||||||||||||||||||
All Other Corporate Bonds | 665.5 | 1.2 | 40.8 | 151.6 | (67.5 | ) | 599.8 | (213.6 | ) | 1,177.80 | ||||||||||||||||||||||
Redeemable Preferred Stocks | 37.2 | (1.0 | ) | 2.9 | — | (14.3 | ) | — | — | 24.8 | ||||||||||||||||||||||
Total Fixed Maturity Securities | 1,141.40 | 0.2 | 70.7 | 233.3 | (86.8 | ) | 1,186.10 | (556.6 | ) | 1,988.30 | ||||||||||||||||||||||
Equity Securities | 11.2 | (0.1 | ) | — | — | (0.1 | ) | — | (6.7 | ) | 4.3 | |||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (135.7 | ) | 51.8 | — | — | — | — | — | (83.9 | ) | ||||||||||||||||||||||
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. Gains for the years ended December 31, 2013 and 2012 which are included in earnings and are attributable to the change in unrealized gains or losses relating to assets or liabilities valued using significant unobservable inputs and still held at each year end were $30.7 million and $51.8 million, respectively. These amounts relate entirely to the changes in fair value of an embedded derivative in a modified coinsurance arrangement which are reported as realized investment gains and losses. | ||||||||||||||||||||||||||||||||
Quantitative Information Regarding Significant Unobservable Inputs | ' | |||||||||||||||||||||||||||||||
Quantitative information regarding the significant unobservable inputs used in Level 3 fair value measurements, all of which are internally derived, is as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Fair Value | Unobservable Input | Range/Weighted Average | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions - Private | $ | 142.7 | - Comparability Adjustment | (b) | 0.25% - 1.25% / 0.65% | |||||||||||||||||||||||||||
Public Utilities | 64.3 | - Volatility of Credit | (e) | 0.75% - 1.25% / 0.92% | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities - Private | 0.5 | - Discount for Size | (c) | 4.93% - 5.03% / 5.01% | ||||||||||||||||||||||||||||
All Other Corporate Bonds - Private | 307 | - Change in Benchmark Reference | (a) | 3.36% - 3.36% / 3.36% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | (0.70)% - (0.40)% / (0.60)% | ||||||||||||||||||||||||||||||
- Discount for Size | (c) | 0.50% - 0.50% / 0.50% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.20% - 1.00% / 0.55% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | 0.07% - 4.00% / 0.84% | ||||||||||||||||||||||||||||||
- Market Convention | (f) | Priced at Par | ||||||||||||||||||||||||||||||
All Other Corporate Bonds - Public | 514.4 | - Change in Benchmark Reference | (a) | (0.32)% - 0.25% / 0.04% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | (0.23)% - 1.00% / 0.41% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.20% - 0.20% / 0.20% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | (0.88)% - 0.46% / (0.26)% | ||||||||||||||||||||||||||||||
Equity Securities - Private | 4.2 | - Market Convention | (f) | Priced at Cost or Owner's Equity | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (53.2 | ) | - Projected Liability Cash Flows | (g) | Actuarial Assumptions | |||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Fair Value | Unobservable Input | Range/Weighted Average | ||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions - Private | $ | 42.7 | - Comparability Adjustment | (b) | 0.25% - 0.25% / 0.25% | |||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.25% - 0.25% / 0.25% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | 0.15% - 0.15% / 0.15% | ||||||||||||||||||||||||||||||
Public Utilities | 17.4 | - Comparability Adjustment | (b) | 0.20% - 0.20% / 0.20% | ||||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities - Private | 0.5 | - Discount for Size | (c) | 5.74% - 5.84% / 5.81% | ||||||||||||||||||||||||||||
All Other Corporate Bonds - Private | 391.8 | - Change in Benchmark Reference | (a) | 0.04% - 2.89% / 0.28% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | 1.48% - 1.48% / 1.48% | ||||||||||||||||||||||||||||||
- Discount for Size | (c) | 0.10% - 0.50% / 0.24% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.10% - 1.00% / 0.46% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | (0.25)% -7.72% / 1.51% | ||||||||||||||||||||||||||||||
- Market Convention | (f) | Priced at Par | ||||||||||||||||||||||||||||||
All Other Corporate Bonds - Public | 165 | - Change in Benchmark Reference | (a) | 0.25% - 0.25% / 0.25% | ||||||||||||||||||||||||||||
- Comparability Adjustment | (b) | (0.59)% - 1.00% / 0.27% | ||||||||||||||||||||||||||||||
- Discount for Size | (c) | 0.25% - 0.25% / 0.25% | ||||||||||||||||||||||||||||||
- Lack of Marketability | (d) | 0.20% - 0.30% / 0.24% | ||||||||||||||||||||||||||||||
- Volatility of Credit | (e) | (0.30)% - (0.30)% / (0.30)% | ||||||||||||||||||||||||||||||
- Market Convention | (f) | Priced at Par | ||||||||||||||||||||||||||||||
Equity Securities - Private | 4 | - Market Convention | (f) | Priced at Cost or Owner's Equity | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (83.9 | ) | - Projected Liability Cash Flows | (g) | Actuarial Assumptions | |||||||||||||||||||||||||||
(a) | Represents basis point adjustments for changes in benchmark spreads associated with various ratings categories | |||||||||||||||||||||||||||||||
(b) | Represents basis point adjustments for changes in benchmark spreads associated with various industry sectors | |||||||||||||||||||||||||||||||
(c) | Represents basis point adjustments based on issue/issuer size relative to the benchmark | |||||||||||||||||||||||||||||||
(d) | Represents basis point adjustments to apply a discount due to the illiquidity of an investment | |||||||||||||||||||||||||||||||
(e) | Represents basis point adjustments for credit-specific factors | |||||||||||||||||||||||||||||||
(f) | Represents a decision to price based on par value, cost, or owner's equity when limited data is available | |||||||||||||||||||||||||||||||
(g) | Represents various actuarial assumptions required to derive the liability cash flows including incidence, termination, and lapse rates |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | ' | ||||||||||||||||||||||||
At December 31, 2013 and 2012, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 1,028.60 | $ | 173.1 | $ | 5.6 | $ | 1,196.10 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 1,706.00 | 117.2 | 40 | 1,783.20 | |||||||||||||||||||||
Foreign Governments | 1,226.40 | 149.6 | 2.8 | 1,373.20 | |||||||||||||||||||||
Public Utilities | 9,328.90 | 1,126.90 | 52.8 | 10,403.00 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,858.70 | 184.6 | 4 | 2,039.30 | |||||||||||||||||||||
All Other Corporate Bonds | 23,108.00 | 2,602.60 | 198.7 | 25,511.90 | |||||||||||||||||||||
Redeemable Preferred Stocks | 33 | 4.7 | — | 37.7 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 38,289.60 | $ | 4,358.70 | $ | 303.9 | $ | 42,344.40 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | ||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 1,020.90 | $ | 329 | $ | 1.1 | $ | 1,348.80 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 1,498.40 | 316.2 | 7.8 | 1,806.80 | |||||||||||||||||||||
Foreign Governments | 1,280.40 | 226.6 | — | 1,507.00 | |||||||||||||||||||||
Public Utilities | 9,294.30 | 1,865.00 | 15.1 | 11,144.20 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,927.90 | 289.1 | 0.5 | 2,216.50 | |||||||||||||||||||||
All Other Corporate Bonds | 22,696.60 | 4,245.30 | 31.5 | 26,910.40 | |||||||||||||||||||||
Redeemable Preferred Stocks | 33 | 6.3 | — | 39.3 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 37,751.50 | $ | 7,277.50 | $ | 56 | $ | 44,973.00 | |||||||||||||||||
Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position | ' | ||||||||||||||||||||||||
The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | ||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | 41.1 | $ | 3.1 | $ | 5.2 | $ | 2.5 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 412.5 | 33.5 | 37.2 | 6.5 | |||||||||||||||||||||
Foreign Governments | 87.2 | 2.8 | — | — | |||||||||||||||||||||
Public Utilities | 870.6 | 47.1 | 58.7 | 5.7 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 341 | 3.6 | 2.5 | 0.4 | |||||||||||||||||||||
All Other Corporate Bonds | 3,412.30 | 174 | 207.4 | 24.7 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 5,164.70 | $ | 264.1 | $ | 311 | $ | 39.8 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | ||||||||||||||||||||||||
Fair | Gross | Fair | Gross | ||||||||||||||||||||||
Value | Unrealized | Value | Unrealized | ||||||||||||||||||||||
Loss | Loss | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
United States Government and Government Agencies and Authorities | $ | — | $ | — | $ | 6.5 | $ | 1.1 | |||||||||||||||||
States, Municipalities, and Political Subdivisions | 30.8 | 0.9 | 42.1 | 6.9 | |||||||||||||||||||||
Public Utilities | 110.3 | 3.9 | 147.6 | 11.2 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 4.4 | — | 3.8 | 0.5 | |||||||||||||||||||||
All Other Corporate Bonds | 441.3 | 7 | 396.8 | 24.5 | |||||||||||||||||||||
Total Fixed Maturity Securities | $ | 586.8 | $ | 11.8 | $ | 596.8 | $ | 44.2 | |||||||||||||||||
Distribution of the Maturity Dates for Fixed Maturity Securities | ' | ||||||||||||||||||||||||
The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments. | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total | Unrealized Gain Position | Unrealized Loss Position | |||||||||||||||||||||||
Amortized Cost | Gross Gain | Fair Value | Gross Loss | Fair Value | |||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
1 year or less | $ | 903.9 | $ | 20.6 | $ | 915.5 | $ | — | $ | 9 | |||||||||||||||
Over 1 year through 5 years | 7,098.20 | 727.1 | 7,678.50 | 0.6 | 146.2 | ||||||||||||||||||||
Over 5 years through 10 years | 9,492.60 | 940.2 | 8,137.40 | 95.8 | 2,199.60 | ||||||||||||||||||||
Over 10 years | 18,936.20 | 2,486.20 | 18,441.50 | 203.5 | 2,777.40 | ||||||||||||||||||||
36,430.90 | 4,174.10 | 35,172.90 | 299.9 | 5,132.20 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,858.70 | 184.6 | 1,695.80 | 4 | 343.5 | ||||||||||||||||||||
Total Fixed Maturity Securities | $ | 38,289.60 | $ | 4,358.70 | $ | 36,868.70 | $ | 303.9 | $ | 5,475.70 | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total | Unrealized Gain Position | Unrealized Loss Position | |||||||||||||||||||||||
Amortized Cost | Gross Gain | Fair Value | Gross Loss | Fair Value | |||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
1 year or less | $ | 956.4 | $ | 21.2 | $ | 934.1 | $ | 0.5 | $ | 43 | |||||||||||||||
Over 1 year through 5 years | 5,922.80 | 628.1 | 6,449.80 | 5 | 96.1 | ||||||||||||||||||||
Over 5 years through 10 years | 9,752.30 | 1,606.40 | 10,997.00 | 7.6 | 354.1 | ||||||||||||||||||||
Over 10 years | 19,192.10 | 4,732.70 | 23,200.20 | 42.4 | 682.2 | ||||||||||||||||||||
35,823.60 | 6,988.40 | 41,581.10 | 55.5 | 1,175.40 | |||||||||||||||||||||
Mortgage/Asset-Backed Securities | 1,927.90 | 289.1 | 2,208.30 | 0.5 | 8.2 | ||||||||||||||||||||
Total Fixed Maturity Securities | $ | 37,751.50 | $ | 7,277.50 | $ | 43,789.40 | $ | 56 | $ | 1,183.60 | |||||||||||||||
Mortgage Loans by Property Type | ' | ||||||||||||||||||||||||
Mortgage loans by property type and geographic region are presented below. Prior year amounts by property type have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Carrying | Percent of | Carrying | Percent of | ||||||||||||||||||||||
Amount | Total | Amount | Total | ||||||||||||||||||||||
Property Type | |||||||||||||||||||||||||
Apartment | $ | 61.1 | 3.3 | % | $ | 47.2 | 2.7 | % | |||||||||||||||||
Industrial | 567.8 | 31.3 | 545.7 | 31.9 | |||||||||||||||||||||
Office | 776.5 | 42.8 | 721.2 | 42.1 | |||||||||||||||||||||
Retail | 409.7 | 22.6 | 398.6 | 23.3 | |||||||||||||||||||||
Total | $ | 1,815.10 | 100 | % | $ | 1,712.70 | 100 | % | |||||||||||||||||
Mortgage Loans by Geographic Region | ' | ||||||||||||||||||||||||
Region | |||||||||||||||||||||||||
New England | $ | 100.9 | 5.6 | % | $ | 114.3 | 6.7 | % | |||||||||||||||||
Mid-Atlantic | 191.5 | 10.5 | 160 | 9.3 | |||||||||||||||||||||
East North Central | 244.3 | 13.5 | 224.7 | 13.1 | |||||||||||||||||||||
West North Central | 162.3 | 8.9 | 160.8 | 9.4 | |||||||||||||||||||||
South Atlantic | 447.7 | 24.7 | 440.9 | 25.7 | |||||||||||||||||||||
East South Central | 67.7 | 3.7 | 79.6 | 4.7 | |||||||||||||||||||||
West South Central | 190.9 | 10.5 | 159.5 | 9.3 | |||||||||||||||||||||
Mountain | 101.9 | 5.6 | 90.5 | 5.3 | |||||||||||||||||||||
Pacific | 307.9 | 17 | 282.4 | 16.5 | |||||||||||||||||||||
Total | $ | 1,815.10 | 100 | % | $ | 1,712.70 | 100 | % | |||||||||||||||||
Mortgage Loans, Sorted by Applicable Credit Quality Indicators, Internal Rating | ' | ||||||||||||||||||||||||
Mortgage loans, sorted by the applicable credit quality indicators, are as follows: | |||||||||||||||||||||||||
31-Dec | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Internal Rating | |||||||||||||||||||||||||
Aa | $ | 10.8 | $ | 11.5 | |||||||||||||||||||||
A | 683.1 | 659.4 | |||||||||||||||||||||||
Baa | 1,094.60 | 994.5 | |||||||||||||||||||||||
Ba | 13.5 | 34.2 | |||||||||||||||||||||||
B | 13.1 | 13.1 | |||||||||||||||||||||||
Total | $ | 1,815.10 | $ | 1,712.70 | |||||||||||||||||||||
Mortgage Loans, Sorted by Applicable Credit Quality Indicators, Loan to Value Ratio | ' | ||||||||||||||||||||||||
Loan-to-Value Ratio | |||||||||||||||||||||||||
<=5% | $ | 777.4 | $ | 624.7 | |||||||||||||||||||||
> 65% <=5% | 867.5 | 858.8 | |||||||||||||||||||||||
> 75% <=5% | 107.6 | 142.5 | |||||||||||||||||||||||
> 85% | 62.6 | 86.7 | |||||||||||||||||||||||
Total | $ | 1,815.10 | $ | 1,712.70 | |||||||||||||||||||||
Activity in the Allowance for Credit Losses | ' | ||||||||||||||||||||||||
The activity in the allowance for credit losses is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Balance at Beginning of Year | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||||||||||||
Provision | — | 1.8 | — | ||||||||||||||||||||||
Charge-offs, Net of Recoveries | — | (1.8 | ) | — | |||||||||||||||||||||
Balance at End of Year | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||||||||||||
Impaired Mortgage Loans | ' | ||||||||||||||||||||||||
Impaired mortgage loans are as follows: | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With an Allowance Recorded | $ | 13.1 | $ | 14.6 | $ | 1.5 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Unpaid | |||||||||||||||||||||||||
Recorded | Principal | Related | |||||||||||||||||||||||
Investment | Balance | Allowance | |||||||||||||||||||||||
With No Related Allowance Recorded | $ | 4.3 | $ | 4.3 | $ | — | |||||||||||||||||||
With an Allowance Recorded | 13.1 | 14.6 | 1.5 | ||||||||||||||||||||||
Total | $ | 17.4 | $ | 18.9 | $ | 1.5 | |||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | ||||||||||||||||||||||||
A summary of our troubled debt restructurings is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Foreclosure | |||||||||||||||||||||||||
Carrying Amount | $ | 4.3 | $ | 17.3 | $ | 19.9 | |||||||||||||||||||
Number of Loans | 1 | 3 | 2 | ||||||||||||||||||||||
Payoff/Sale | |||||||||||||||||||||||||
Carrying Amount | $ | — | $ | — | $ | 3.2 | |||||||||||||||||||
Realized Loss | $ | — | $ | — | $ | 0.2 | |||||||||||||||||||
Number of Loans | — | — | 1 | ||||||||||||||||||||||
We had no realized losses on loan foreclosures for the years ended December 31, 2013, 2012, and 2011 other than the initial impairment losses recognized prior to foreclosure | |||||||||||||||||||||||||
Schedule of Financial Instrument and Derivative Offsetting [Table Text Block] | ' | ||||||||||||||||||||||||
Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties. | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross Amount | Gross Amount Not | ||||||||||||||||||||||||
of Recognized | Gross Amount | Net Amount | Offset in Balance Sheet | ||||||||||||||||||||||
Financial | Offset in | Presented in | Financial | Cash | Net | ||||||||||||||||||||
Instruments | Balance Sheet | Balance Sheet | Instruments | Collateral | Amount | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Derivatives | $ | 10.8 | $ | — | $ | 10.8 | $ | (9.5 | ) | $ | (1.1 | ) | $ | 0.2 | |||||||||||
Securities Lending | 201.6 | — | 201.6 | (125.1 | ) | (76.5 | ) | — | |||||||||||||||||
Total | $ | 212.4 | $ | — | $ | 212.4 | $ | (134.6 | ) | $ | (77.6 | ) | $ | 0.2 | |||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Derivatives | $ | 135.6 | $ | — | $ | 135.6 | $ | (98.6 | ) | $ | — | $ | 37 | ||||||||||||
Securities Lending | 76.5 | — | 76.5 | (76.5 | ) | — | — | ||||||||||||||||||
Total | $ | 212.1 | $ | — | $ | 212.1 | $ | (175.1 | ) | $ | — | $ | 37 | ||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross Amount | Gross Amount Not | ||||||||||||||||||||||||
of Recognized | Gross Amount | Net Amount | Offset in Balance Sheet | ||||||||||||||||||||||
Financial | Offset in | Presented in | Financial | Cash | Net | ||||||||||||||||||||
Instruments | Balance Sheet | Balance Sheet | Instruments | Collateral | Amount | ||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||
Derivatives | $ | 81.6 | $ | — | $ | 81.6 | $ | (72.9 | ) | $ | — | $ | 8.7 | ||||||||||||
Securities Lending | 452.8 | — | 452.8 | — | (452.8 | ) | — | ||||||||||||||||||
Total | $ | 534.4 | $ | — | $ | 534.4 | $ | (72.9 | ) | $ | (452.8 | ) | $ | 8.7 | |||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Derivatives | $ | 170.5 | $ | — | $ | 170.5 | $ | (129.8 | ) | $ | (1.8 | ) | $ | 38.9 | |||||||||||
Securities Lending | 455.8 | — | 455.8 | (452.8 | ) | — | 3 | ||||||||||||||||||
Total | $ | 626.3 | $ | — | $ | 626.3 | $ | (582.6 | ) | $ | (1.8 | ) | $ | 41.9 | |||||||||||
Investment Income [Table Text Block] | ' | ||||||||||||||||||||||||
Net Investment Income | |||||||||||||||||||||||||
Net investment income reported in our consolidated statements of income is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Fixed Maturity Securities | $ | 2,371.60 | $ | 2,404.00 | $ | 2,425.20 | |||||||||||||||||||
Derivative Financial Instruments | 35.2 | 28.9 | 22.9 | ||||||||||||||||||||||
Mortgage Loans | 109.2 | 107.1 | 100.1 | ||||||||||||||||||||||
Policy Loans | 15.7 | 14.8 | 14.1 | ||||||||||||||||||||||
Other Long-term Investments | 18 | 15.2 | 13.1 | ||||||||||||||||||||||
Short-term Investments | 2.4 | 4.3 | 2.9 | ||||||||||||||||||||||
Gross Investment Income | 2,552.10 | 2,574.30 | 2,578.30 | ||||||||||||||||||||||
Less Investment Expenses | 29.5 | 26.9 | 26.9 | ||||||||||||||||||||||
Less Investment Income on Participation Fund Account Assets | 15.7 | 16.1 | 17.4 | ||||||||||||||||||||||
Less Amortization of Tax Credit Partnerships | 14.8 | 16.1 | 14.4 | ||||||||||||||||||||||
Net Investment Income | $ | 2,492.10 | $ | 2,515.20 | $ | 2,519.60 | |||||||||||||||||||
Realized Investment Gains and Losses Reported in Consolidated Statements of Income | ' | ||||||||||||||||||||||||
Realized Investment Gain and Loss | |||||||||||||||||||||||||
Realized investment gains and losses reported in our consolidated statements of income are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||
Gross Gains on Sales | $ | 15.8 | $ | 29.3 | $ | 74 | |||||||||||||||||||
Gross Losses on Sales | (45.7 | ) | (20.4 | ) | (24.0 | ) | |||||||||||||||||||
Other-Than-Temporary Impairment Loss | (0.8 | ) | — | (19.9 | ) | ||||||||||||||||||||
Mortgage Loans and Other Invested Assets | |||||||||||||||||||||||||
Gross Gains on Sales | 15.6 | 5 | 7.1 | ||||||||||||||||||||||
Gross Losses on Sales | — | (4.3 | ) | (0.5 | ) | ||||||||||||||||||||
Impairment Loss | (2.0 | ) | (1.9 | ) | (0.6 | ) | |||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | 30.7 | 51.8 | (39.4 | ) | |||||||||||||||||||||
Credit Default Swaps | (1.9 | ) | — | — | |||||||||||||||||||||
Foreign Currency Transactions | (4.9 | ) | (3.3 | ) | (1.6 | ) | |||||||||||||||||||
Net Realized Investment Gain (Loss) | $ | 6.8 | $ | 56.2 | $ | (4.9 | ) | ||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||
Notional Amounts for Each Category of Derivative Activity | ' | |||||||||||||||||||||||||||
The table below summarizes, by notional amounts, the activity for each category of derivatives. The notional amounts represent the basis upon which our counterparty pay and receive amounts are calculated. | ||||||||||||||||||||||||||||
Swaps | ||||||||||||||||||||||||||||
Receive | Receive | Receive | Credit Default | Forwards | Options | Total | ||||||||||||||||||||||
Variable/Pay | Fixed/Pay | Fixed/Pay | ||||||||||||||||||||||||||
Fixed | Fixed | Variable | ||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 174 | $ | 617.9 | $ | 890 | $ | — | $ | — | $ | — | $ | 1,681.90 | ||||||||||||||
Additions | — | — | — | — | 46.9 | — | 46.9 | |||||||||||||||||||||
Terminations | — | 63.9 | 205 | — | 46.9 | — | 315.8 | |||||||||||||||||||||
Balance at December 31, 2011 | 174 | 554 | 685 | — | — | — | 1,413.00 | |||||||||||||||||||||
Additions | — | — | 250 | — | 86 | — | 336 | |||||||||||||||||||||
Terminations | — | 45.2 | 185 | — | 86 | — | 316.2 | |||||||||||||||||||||
Balance at December 31, 2012 | 174 | 508.8 | 750 | — | — | — | 1,432.80 | |||||||||||||||||||||
Additions | — | 160 | — | 97 | 24 | 10 | 291 | |||||||||||||||||||||
Terminations | 24 | 38.4 | 150 | — | 24 | 10 | 246.4 | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 150 | $ | 630.4 | $ | 600 | $ | 97 | $ | — | $ | — | $ | 1,477.40 | ||||||||||||||
Location and Fair Values of Derivative Financial Instruments | ' | |||||||||||||||||||||||||||
The following tables summarize the location and fair values of derivative financial instruments, as reported in our consolidated balance sheets. | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||||||||||||
Location | Value | Location | Value | |||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Interest Rate Swaps | Other L-T Investments | $ | 9.2 | Other Liabilities | $ | 35 | ||||||||||||||||||||||
Foreign Exchange Contracts | Other L-T Investments | 1.6 | Other Liabilities | 98.7 | ||||||||||||||||||||||||
Total | $ | 10.8 | $ | 133.7 | ||||||||||||||||||||||||
Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Credit Default Swaps | Other Liabilities | $ | 1.9 | |||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | Other Liabilities | 53.2 | ||||||||||||||||||||||||||
Total | $ | 55.1 | ||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | |||||||||||||||||||||||||
Location | Value | Location | Value | |||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Interest Rate Swaps | Other L-T Investments | $ | 76.5 | Other Liabilities | $ | 31.7 | ||||||||||||||||||||||
Foreign Exchange Contracts | Other L-T Investments | 5.1 | Other Liabilities | 138.8 | ||||||||||||||||||||||||
Total | $ | 81.6 | $ | 170.5 | ||||||||||||||||||||||||
Not Designated as Hedging Instruments | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | Other Liabilities | $ | 83.9 | |||||||||||||||||||||||||
Location of Gains and Losses on Derivative Instruments Designated as Cash Flow Hedging Instruments | ' | |||||||||||||||||||||||||||
The following table summarizes the location of gains and losses on the effective portion of derivative financial instruments designated as cash flow hedging instruments, as reported in our consolidated statements of income and consolidated statements of comprehensive income. | ||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Gain (Loss) Recognized in Other Comprehensive Income (Loss) on Derivatives | ||||||||||||||||||||||||||||
Interest Rate Swaps and Forwards | $ | (7.2 | ) | $ | 77.9 | $ | 50.3 | |||||||||||||||||||||
Options | (0.1 | ) | — | — | ||||||||||||||||||||||||
Foreign Exchange Contracts | 22.6 | 3.5 | 22.4 | |||||||||||||||||||||||||
Total | $ | 15.3 | $ | 81.4 | $ | 72.7 | ||||||||||||||||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | ||||||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||||
Interest Rate Swaps and Forwards | $ | 43.1 | $ | 40 | $ | 34.8 | ||||||||||||||||||||||
Foreign Exchange Contracts | (5.9 | ) | (5.3 | ) | (1.1 | ) | ||||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||||||||
Interest Rate Swaps | 1.3 | 4.1 | 3.5 | |||||||||||||||||||||||||
Foreign Exchange Contracts | (13.8 | ) | (17.0 | ) | 10.1 | |||||||||||||||||||||||
Interest and Debt Expense | ||||||||||||||||||||||||||||
Interest Rate Swaps | (1.7 | ) | (1.7 | ) | (1.6 | ) | ||||||||||||||||||||||
Total | $ | 23 | $ | 20.1 | $ | 45.7 | ||||||||||||||||||||||
Location of and Gain (Loss) on Derivatives Not Designated as Hedging Instruments | ' | |||||||||||||||||||||||||||
The following table summarizes the location of gains and losses on our derivatives not designated as hedging instruments, as reported in our consolidated statements of income. | ||||||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||||||||
Credit Default Swaps | $ | (1.9 | ) | $ | — | $ | — | |||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | 30.7 | 51.8 | (39.4 | ) | ||||||||||||||||||||||||
Total | $ | 28.8 | $ | 51.8 | $ | (39.4 | ) | |||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Notes to Financial Statements [Abstract] | ' | |||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||||
Components of our accumulated other comprehensive income, after tax, and related changes are as follows: | ||||||||||||||||||||||
Net Unrealized Gain on Securities | Net Gain on Cash Flow Hedges | Foreign Currency Translation Adjustment | Unrecognized Pension and Postretirement Benefit Costs | Total | ||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 873.5 | $ | 401.6 | $ | (72.6 | ) | $ | (574.5 | ) | $ | 628 | ||||||||||
Other Comprehensive Income (Loss) Before Reclassifications | (746.4 | ) | 9.7 | 25.5 | 328.6 | (382.6 | ) | |||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 8.6 | (15.0 | ) | — | 16 | 9.6 | ||||||||||||||||
Net Other Comprehensive Income (Loss) | (737.8 | ) | (5.3 | ) | 25.5 | 344.6 | (373.0 | ) | ||||||||||||||
Balance at December 31, 2013 | $ | 135.7 | $ | 396.3 | $ | (47.1 | ) | $ | (229.9 | ) | $ | 255 | ||||||||||
Schedule of Net Unrealized Gain on Securities | ' | |||||||||||||||||||||
The net unrealized gain on securities consists of the following components: | ||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||
2013 | 2012 | Change | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||
Fixed Maturity Securities | $ | 4,054.80 | $ | 7,221.50 | $ | (3,166.7 | ) | |||||||||||||||
Other Investments | 55.5 | 92.8 | (37.3 | ) | ||||||||||||||||||
Deferred Acquisition Costs | (41.6 | ) | (67.0 | ) | 25.4 | |||||||||||||||||
Reserves for Future Policy and Contract Benefits | (4,108.5 | ) | (6,277.5 | ) | 2,169.00 | |||||||||||||||||
Reinsurance Recoverable | 263.8 | 351.5 | (87.7 | ) | ||||||||||||||||||
Deferred Income Tax | (88.3 | ) | (447.8 | ) | 359.5 | |||||||||||||||||
Total | $ | 135.7 | $ | 873.5 | $ | (737.8 | ) | |||||||||||||||
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Income | ' | |||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income were recognized in our consolidated statements of income as follows: | ||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||
Net Unrealized Gain on Securities | ||||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||
Loss on Sales of Securities and Other Invested Assets | $ | (12.6 | ) | |||||||||||||||||||
Other-Than-Temporary Impairment Loss | (0.8 | ) | ||||||||||||||||||||
(13.4 | ) | |||||||||||||||||||||
Income Tax Benefit | (4.8 | ) | ||||||||||||||||||||
Total | $ | (8.6 | ) | |||||||||||||||||||
Net Gain on Cash Flow Hedges | ||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||
Gain on Interest Rate Swaps and Forwards | $ | 43.1 | ||||||||||||||||||||
Loss on Foreign Exchange Contracts | (5.9 | ) | ||||||||||||||||||||
Net Realized Investment Gain (Loss) | ||||||||||||||||||||||
Gain on Interest Rate Swaps | 1.3 | |||||||||||||||||||||
Loss on Foreign Exchange Contracts | (13.8 | ) | ||||||||||||||||||||
Interest and Debt Expense | ||||||||||||||||||||||
Loss on Interest Rate Swaps | (1.7 | ) | ||||||||||||||||||||
23 | ||||||||||||||||||||||
Income Tax Expense | 8 | |||||||||||||||||||||
Total | $ | 15 | ||||||||||||||||||||
Unrecognized Pension and Postretirement Benefit Costs | ||||||||||||||||||||||
Other Expenses | ||||||||||||||||||||||
Amortization of Net Actuarial Loss | $ | (32.9 | ) | |||||||||||||||||||
Amortization of Prior Service Credit | 5 | |||||||||||||||||||||
Curtailment Gain | 3 | |||||||||||||||||||||
(24.9 | ) | |||||||||||||||||||||
Income Tax Benefit | (8.9 | ) | ||||||||||||||||||||
Total | $ | (16.0 | ) |
Liability_for_Unpaid_Claims_Ta
Liability for Unpaid Claims (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Insurance [Abstract] | ' | |||||||||||
Schedule of Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | ' | |||||||||||
Changes in the liability for unpaid claims and claim adjustment expenses are as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Balance at January 1 | $ | 24,567.10 | $ | 24,586.50 | $ | 24,339.40 | ||||||
Less Reinsurance Recoverable | 2,006.00 | 2,042.60 | 2,028.20 | |||||||||
Net Balance at January 1 | 22,561.10 | 22,543.90 | 22,311.20 | |||||||||
Incurred Related to | ||||||||||||
Current Year | 4,751.90 | 4,946.20 | 4,684.40 | |||||||||
Prior Years | ||||||||||||
Interest | 1,230.00 | 1,247.60 | 1,262.90 | |||||||||
All Other Incurred | (44.7 | ) | (175.7 | ) | 209.1 | |||||||
Foreign Currency | 41.2 | 101.1 | (10.9 | ) | ||||||||
Total Incurred | 5,978.40 | 6,119.20 | 6,145.50 | |||||||||
Paid Related to | ||||||||||||
Current Year | (1,657.3 | ) | (1,715.4 | ) | (1,588.6 | ) | ||||||
Prior Years | (4,419.4 | ) | (4,386.6 | ) | (4,324.2 | ) | ||||||
Total Paid | (6,076.7 | ) | (6,102.0 | ) | (5,912.8 | ) | ||||||
Net Balance at December 31 | 22,462.80 | 22,561.10 | 22,543.90 | |||||||||
Plus Reinsurance Recoverable | 2,072.80 | 2,006.00 | 2,042.60 | |||||||||
Balance at December 31 | $ | 24,535.60 | $ | 24,567.10 | $ | 24,586.50 | ||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | ' | |||||||||||
A reconciliation of policy and contract benefits and reserves for future policy and contract benefits as reported in our consolidated balance sheets to the liability for unpaid claims and claim adjustment expenses is as follows: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Policy and Contract Benefits | $ | 1,511.00 | $ | 1,484.60 | $ | 1,494.00 | ||||||
Reserves for Future Policy and Contract Benefits | 43,099.10 | 44,694.40 | 43,051.90 | |||||||||
Total | 44,610.10 | 46,179.00 | 44,545.90 | |||||||||
Less: | ||||||||||||
Life Reserves for Future Policy and Contract Benefits | 7,740.50 | 7,571.10 | 7,454.20 | |||||||||
Accident and Health Active Life Reserves | 8,225.50 | 7,763.30 | 7,259.60 | |||||||||
Unrealized Adjustment to Reserves for Future Policy and Contract Benefits | 4,108.50 | 6,277.50 | 5,245.60 | |||||||||
Liability for Unpaid Claims and Claim Adjustment Expenses | $ | 24,535.60 | $ | 24,567.10 | $ | 24,586.50 | ||||||
The unrealized adjustment to reserves for future policy and contract benefits reflects the changes that would be necessary to policyholder liabilities if the unrealized investment gains and losses related to the available-for-sale securities had been realized. Changes in this adjustment are reported as a component of other comprehensive income or loss. |
Income_Tax_Tables
Income Tax (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
Total income tax expense (benefit) is allocated as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Net Income | $ | 347.1 | $ | 355.1 | $ | 49.1 | ||||||
Stockholders' Equity - Additional Paid-in Capital | ||||||||||||
Stock-Based Compensation | (0.8 | ) | 3.5 | (3.3 | ) | |||||||
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Change in Net Unrealized Gain on Securities Before Adjustment | (1,102.8 | ) | 467.7 | 798.3 | ||||||||
Change in Adjustment to Deferred Acquisition Costs and Reserves for Future Policy and Contract Benefits, Net of Reinsurance | 743.3 | (325.6 | ) | (701.5 | ) | |||||||
Change in Net Gain on Cash Flow Hedges | (1.3 | ) | (4.3 | ) | 25.2 | |||||||
Change in Unrecognized Pension and Postretirement Benefit Costs | 185.2 | (68.0 | ) | (67.4 | ) | |||||||
Total | $ | 170.7 | $ | 428.4 | $ | 100.4 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
A reconciliation of the income tax expense (benefit) attributable to income from operations before income tax, computed at U.S. federal statutory tax rates, to the income tax expense (benefit) as included in our consolidated statements of income, is as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory Income Tax | 35 | % | 35 | % | 35 | % | ||||||
Prior Year Taxes | (0.1 | ) | (0.9 | ) | (11.0 | ) | ||||||
Foreign Items | (1.9 | ) | (2.0 | ) | (0.3 | ) | ||||||
Tax Credits | (3.4 | ) | (2.7 | ) | (5.9 | ) | ||||||
Other Items, Net | (0.8 | ) | (1.0 | ) | (3.1 | ) | ||||||
Effective Tax | 28.8 | % | 28.4 | % | 14.7 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
Our net deferred tax liability consists of the following. Certain prior year amounts have been reclassified to conform to current year reporting. | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Deferred Tax Liability | ||||||||||||
Deferred Acquisition Costs | $ | 70 | $ | 39.3 | ||||||||
Fixed Assets | 80.3 | 74.1 | ||||||||||
Invested Assets | 1,274.30 | 2,342.80 | ||||||||||
Other | 54.4 | 63.2 | ||||||||||
Gross Deferred Tax Liability | 1,479.00 | 2,519.40 | ||||||||||
Deferred Tax Asset | ||||||||||||
Reserves | 1,180.10 | 1,934.20 | ||||||||||
Employee Benefits | 151.2 | 315.2 | ||||||||||
Other | 3.4 | 0.6 | ||||||||||
Gross Deferred Tax Asset | 1,334.70 | 2,250.00 | ||||||||||
Total Net Deferred Tax Liability | $ | 144.3 | $ | 269.4 | ||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | |||||||||||
Our consolidated statements of income include amounts subject to both domestic and foreign taxation. The income and related tax expense (benefit) are as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Income Before Tax | ||||||||||||
United States - Federal | $ | 1,072.00 | $ | 1,128.40 | $ | 160.5 | ||||||
Foreign | 133.2 | 121.1 | 172.8 | |||||||||
Total | $ | 1,205.20 | $ | 1,249.50 | $ | 333.3 | ||||||
Current Tax Expense | ||||||||||||
United States - Federal | $ | 277.9 | $ | 164.4 | $ | 218.4 | ||||||
Foreign | 18.7 | 42.2 | 12.1 | |||||||||
Total | 296.6 | 206.6 | 230.5 | |||||||||
Deferred Tax Expense (Benefit) | ||||||||||||
United States - Federal | 47.3 | 173.5 | (203.4 | ) | ||||||||
Foreign | 3.2 | (25.0 | ) | 22 | ||||||||
Total | 50.5 | 148.5 | (181.4 | ) | ||||||||
Total | $ | 347.1 | $ | 355.1 | $ | 49.1 | ||||||
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | ' | |||||||||||
Our consolidated statements of income include the following changes in unrecognized tax benefits: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Balance at Beginning of Year | $ | 17.5 | $ | 86.9 | $ | 138.9 | ||||||
Tax Positions Taken During Prior Years | ||||||||||||
Additions | 5.7 | 13.3 | 4.4 | |||||||||
Subtractions | — | (0.6 | ) | (11.8 | ) | |||||||
Settlements with Tax Authorities | (4.8 | ) | (23.5 | ) | (44.6 | ) | ||||||
Lapses of Statute of Limitations | — | (61.1 | ) | — | ||||||||
Tax Positions Taken During Current Year | — | 2.5 | — | |||||||||
Balance at End of Year | 18.4 | 17.5 | 86.9 | |||||||||
Less Tax Attributable to Temporary Items Included Above | (10.2 | ) | (15.0 | ) | (86.9 | ) | ||||||
Total Unrecognized Tax Benefits that if Recognized Would Affect the Effective Tax Rate | $ | 8.2 | $ | 2.5 | $ | — | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Debt [Table Text Block] | ' | |||||||
Long-term and short-term debt consists of the following: | ||||||||
31-Dec | ||||||||
2013 | 2012 | |||||||
(in millions of dollars) | ||||||||
Long-term Debt | ||||||||
Senior Secured Notes, variable due 2037, callable at or above par | $ | 440 | $ | 500 | ||||
Senior Secured Notes, variable due 2036, callable at or above par | — | 62.5 | ||||||
Notes @ 5.75% due 2042, callable at or above par | 248.6 | 248.6 | ||||||
Notes @ 7.375% due 2032, callable at or above par | 39.5 | 39.5 | ||||||
Notes @ 6.75% due 2028, callable at or above par | 165.8 | 165.8 | ||||||
Notes @ 7.25% due 2028, callable at or above par | 200 | 200 | ||||||
Notes @ 5.625% due 2020, callable at or above par | 399.7 | 399.6 | ||||||
Notes @ 7.125% due 2016, callable at or above par | 350 | 350 | ||||||
Notes @ 6.85% due 2015, callable at or above par | 296.8 | 296.7 | ||||||
Notes @ 7.0% due 2018, non-callable | 200 | 200 | ||||||
Medium-term Notes @ 7.0% to 7.2% due 2023 to 2028, non-callable | 50.8 | 50.8 | ||||||
Junior Subordinated Debt Securities @ 7.405% due 2038 | 226.5 | 226.5 | ||||||
Fair Value Hedges Adjustment | (5.7 | ) | 15.4 | |||||
Total | 2,612.00 | 2,755.40 | ||||||
Short-term Debt | ||||||||
Securities Lending Agreements - See Note 3 | 76.5 | 455.8 | ||||||
Total | $ | 2,688.50 | $ | 3,211.20 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following tables provide the changes in the benefit obligation and fair value of plan assets and statements of the funded status of the plans. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Benefit Obligation at Beginning of Year | $ | 1,967.90 | $ | 1,579.80 | $ | 197.4 | $ | 170.4 | $ | 198.8 | $ | 190.9 | ||||||||||||||||||||||||
Service Cost | 59.4 | 48.8 | 4.3 | 4.2 | 0.7 | 1.6 | ||||||||||||||||||||||||||||||
Interest Cost | 86.3 | 84.4 | 8.6 | 8.5 | 8 | 9.6 | ||||||||||||||||||||||||||||||
Plan Participant Contributions | — | — | — | — | 3.9 | 3.5 | ||||||||||||||||||||||||||||||
Actuarial (Gain) Loss | (225.9 | ) | 291.4 | 2.6 | 9.4 | (30.2 | ) | 19.1 | ||||||||||||||||||||||||||||
Benefits and Expenses Paid | (42.2 | ) | (36.5 | ) | (4.1 | ) | (3.9 | ) | (15.9 | ) | (16.7 | ) | ||||||||||||||||||||||||
Plan Amendment | — | — | — | — | — | (5.0 | ) | |||||||||||||||||||||||||||||
Curtailment | (126.8 | ) | — | (3.7 | ) | — | — | (4.2 | ) | |||||||||||||||||||||||||||
Change in Foreign Exchange Rates | — | — | 3.6 | 8.8 | — | — | ||||||||||||||||||||||||||||||
Benefit Obligation at End of Year | $ | 1,718.70 | $ | 1,967.90 | $ | 208.7 | $ | 197.4 | $ | 165.3 | $ | 198.8 | ||||||||||||||||||||||||
Accumulated Benefit Obligation at December 31 | $ | 1,718.70 | $ | 1,822.30 | $ | 197.7 | $ | 187.3 | N/A | N/A | ||||||||||||||||||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||||||
Fair Value of Plan Assets at Beginning of Year | $ | 1,353.60 | $ | 1,170.80 | $ | 205.6 | $ | 188 | $ | 11.5 | $ | 11.7 | ||||||||||||||||||||||||
Actual Return on Plan Assets | 224.6 | 161.8 | 15.6 | 8.6 | 0.2 | 0.3 | ||||||||||||||||||||||||||||||
Employer Contributions | 54.7 | 57.5 | 4 | 4.1 | 11.7 | 12.7 | ||||||||||||||||||||||||||||||
Plan Participant Contributions | — | — | — | — | 3.9 | 3.5 | ||||||||||||||||||||||||||||||
Benefits and Expenses Paid | (42.2 | ) | (36.5 | ) | (4.1 | ) | (3.9 | ) | (15.9 | ) | (16.7 | ) | ||||||||||||||||||||||||
Change in Foreign Exchange Rates | — | — | 4.6 | 8.8 | — | — | ||||||||||||||||||||||||||||||
Fair Value of Plan Assets at End of Year | $ | 1,590.70 | $ | 1,353.60 | $ | 225.7 | $ | 205.6 | $ | 11.4 | $ | 11.5 | ||||||||||||||||||||||||
Underfunded (Overfunded) Status | $ | 128 | $ | 614.3 | $ | (17.0 | ) | $ | (8.2 | ) | $ | 153.9 | $ | 187.3 | ||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The amounts recognized in our consolidated balance sheets for our pension and OPEB plans at December 31, 2013 and 2012 are as follows. Certain prior year amounts have been reclassified to conform to current year reporting. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Current Liability | $ | 5.2 | $ | 4.6 | $ | — | $ | — | $ | 14.6 | $ | 15.6 | ||||||||||||||||||||||||
Noncurrent Liability | 136.2 | 609.7 | — | — | 139.3 | 171.7 | ||||||||||||||||||||||||||||||
Noncurrent Asset | (13.4 | ) | — | (17.0 | ) | (8.2 | ) | — | — | |||||||||||||||||||||||||||
Underfunded (Overfunded) Status | $ | 128 | $ | 614.3 | $ | (17.0 | ) | $ | (8.2 | ) | $ | 153.9 | $ | 187.3 | ||||||||||||||||||||||
Unrecognized Pension and Postretirement Benefit Costs | ||||||||||||||||||||||||||||||||||||
Net Actuarial Gain (Loss) | $ | (342.1 | ) | $ | (845.4 | ) | $ | (36.9 | ) | $ | (37.9 | ) | $ | 10.3 | $ | (19.3 | ) | |||||||||||||||||||
Prior Service Credit (Cost) | — | (0.6 | ) | — | (0.2 | ) | 2.4 | 7.3 | ||||||||||||||||||||||||||||
(342.1 | ) | (846.0 | ) | (36.9 | ) | (38.1 | ) | 12.7 | (12.0 | ) | ||||||||||||||||||||||||||
Deferred Income Tax Asset | 119.7 | 296.1 | 10.9 | 11.1 | 5.8 | 14.4 | ||||||||||||||||||||||||||||||
Total Included in Accumulated Other Comprehensive Income (Loss) | $ | (222.4 | ) | $ | (549.9 | ) | $ | (26.0 | ) | $ | (27.0 | ) | $ | 18.5 | $ | 2.4 | ||||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following table provides the changes recognized in other comprehensive income for the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at Beginning of Year | $ | (549.9 | ) | $ | (437.6 | ) | $ | (27.0 | ) | $ | (17.2 | ) | $ | 2.4 | $ | 10.7 | ||||||||||||||||||||
Net Actuarial Gain (Loss) | ||||||||||||||||||||||||||||||||||||
Amortization | 31.7 | 45.9 | 1.2 | 0.5 | — | — | ||||||||||||||||||||||||||||||
Curtailment | 126.8 | — | — | — | — | 4.2 | ||||||||||||||||||||||||||||||
All Other Changes | 344.8 | (218.2 | ) | (0.2 | ) | (13.4 | ) | 29.6 | (19.4 | ) | ||||||||||||||||||||||||||
Prior Service Credit (Cost) | ||||||||||||||||||||||||||||||||||||
Amortization | (0.1 | ) | (0.4 | ) | — | — | (4.9 | ) | (2.6 | ) | ||||||||||||||||||||||||||
Curtailment | 0.7 | — | (3.7 | ) | — | — | — | |||||||||||||||||||||||||||||
Plan Amendment | — | — | 3.9 | — | — | 5 | ||||||||||||||||||||||||||||||
Change in Deferred Income Tax Asset | (176.4 | ) | 60.4 | (0.2 | ) | 3.1 | (8.6 | ) | 4.5 | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) at End of Year | $ | (222.4 | ) | $ | (549.9 | ) | $ | (26.0 | ) | $ | (27.0 | ) | $ | 18.5 | $ | 2.4 | ||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Changes in assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Total Realized and | ||||||||||||||||||||||||||||||||||||
Unrealized Investment | ||||||||||||||||||||||||||||||||||||
Gains (Losses) Included in | ||||||||||||||||||||||||||||||||||||
Beginning | Earnings | Other | Purchases | Sales | Level 3 Transfers | End of | ||||||||||||||||||||||||||||||
of Year | Comprehensive | Year | ||||||||||||||||||||||||||||||||||
Income or Loss | Into | Out of | ||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | 128.7 | $ | — | $ | (13.1 | ) | $ | — | $ | (1.0 | ) | $ | 60.5 | $ | — | $ | 175.1 | ||||||||||||||||||
Foreign Governments | 82.1 | — | (3.6 | ) | — | — | — | — | 78.5 | |||||||||||||||||||||||||||
Public Utilities | 574.4 | — | (10.8 | ) | — | (3.1 | ) | 151.8 | (508.8 | ) | 203.5 | |||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | 0.5 | — | 0.1 | — | (0.1 | ) | — | — | 0.5 | |||||||||||||||||||||||||||
All Other Corporate Bonds | 1,177.80 | 1.1 | (147.1 | ) | 186.7 | (122.0 | ) | 1,462.00 | (699.4 | ) | 1,859.10 | |||||||||||||||||||||||||
Redeemable Preferred Stocks | 24.8 | — | (1.0 | ) | — | — | — | — | 23.8 | |||||||||||||||||||||||||||
Total Fixed Maturity Securities | 1,988.30 | 1.1 | (175.5 | ) | 186.7 | (126.2 | ) | 1,674.30 | (1,208.2 | ) | 2,340.50 | |||||||||||||||||||||||||
Equity Securities | 4.3 | — | 0.3 | — | — | — | — | 4.6 | ||||||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (83.9 | ) | 30.7 | — | — | — | — | — | (53.2 | ) | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Total Realized and | ||||||||||||||||||||||||||||||||||||
Unrealized Investment | ||||||||||||||||||||||||||||||||||||
Gains (Losses) Included in | ||||||||||||||||||||||||||||||||||||
Beginning | Earnings | Other | Purchases | Sales | Level 3 Transfers | End of | ||||||||||||||||||||||||||||||
of Year | Comprehensive | Year | ||||||||||||||||||||||||||||||||||
Income or Loss | Into | Out of | ||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
States, Municipalities, and Political Subdivisions | $ | 68.1 | $ | — | $ | (0.3 | ) | $ | 18.4 | $ | (0.7 | ) | $ | 43.2 | $ | — | $ | 128.7 | ||||||||||||||||||
Foreign Governments | — | — | 5 | 15.4 | — | 61.7 | — | 82.1 | ||||||||||||||||||||||||||||
Public Utilities | 338.9 | — | 22.3 | 47.9 | (4.2 | ) | 481.4 | (311.9 | ) | 574.4 | ||||||||||||||||||||||||||
Mortgage/Asset-Backed Securities | 31.7 | — | — | — | (0.1 | ) | — | (31.1 | ) | 0.5 | ||||||||||||||||||||||||||
All Other Corporate Bonds | 665.5 | 1.2 | 40.8 | 151.6 | (67.5 | ) | 599.8 | (213.6 | ) | 1,177.80 | ||||||||||||||||||||||||||
Redeemable Preferred Stocks | 37.2 | (1.0 | ) | 2.9 | — | (14.3 | ) | — | — | 24.8 | ||||||||||||||||||||||||||
Total Fixed Maturity Securities | 1,141.40 | 0.2 | 70.7 | 233.3 | (86.8 | ) | 1,186.10 | (556.6 | ) | 1,988.30 | ||||||||||||||||||||||||||
Equity Securities | 11.2 | (0.1 | ) | — | — | (0.1 | ) | — | (6.7 | ) | 4.3 | |||||||||||||||||||||||||
Embedded Derivative in Modified Coinsurance Arrangement | (135.7 | ) | 51.8 | — | — | — | — | — | (83.9 | ) | ||||||||||||||||||||||||||
Realized and unrealized investment gains and losses presented in the preceding tables represent gains and losses only for the time during which the applicable financial instruments were classified as Level 3. The transfers between levels resulted primarily from a change in observability of three inputs used to determine fair values of the securities transferred: (1) transactional data for new issuance and secondary trades, (2) broker/dealer quotes and pricing, primarily related to changes in the level of activity in the market and whether the market was considered orderly, and (3) comparable bond metrics from which to perform an analysis. For fair value measurements of financial instruments that were transferred either into or out of Level 3, we reflect the transfers using the fair value at the beginning of the period. We believe this allows for greater transparency, as all changes in fair value that arise during the reporting period of the transfer are disclosed as a component of our Level 3 reconciliation. Gains for the years ended December 31, 2013 and 2012 which are included in earnings and are attributable to the change in unrealized gains or losses relating to assets or liabilities valued using significant unobservable inputs and still held at each year end were $30.7 million and $51.8 million, respectively. These amounts relate entirely to the changes in fair value of an embedded derivative in a modified coinsurance arrangement which are reported as realized investment gains and losses. | ||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
We use a December 31 measurement date for each of our plans. The weighted average assumptions used in the measurement of our benefit obligations as of December 31 and our net periodic benefit costs for the years ended December 31 are as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Benefit Obligations | ||||||||||||||||||||||||||||||||||||
Discount Rate | 5.3 | % | 4.5 | % | 4.4 | % | 4.5 | % | 5 | % | 4.2 | % | ||||||||||||||||||||||||
Rate of Compensation Increase | 4 | % | 4 | % | 3.9 | % | 3.75 | % | — | % | — | % | ||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
Discount Rate | 4.50% / 5.00%* | 5.4 | % | 4.50% / 4.60%** | 4.9 | % | 4.2 | % | 5.2 | % | ||||||||||||||||||||||||||
Expected Return on Plan Assets | 7.5 | % | 7.5 | % | 6.20% / 6.35%** | 5.8 | % | 5.75 | % | 5.75 | % | |||||||||||||||||||||||||
Rate of Compensation Increase | 4 | % | 4 | % | 3.75 | % | 3.85 | % | — | % | — | % | ||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
The following table provides the components of the net periodic benefit cost for the plans described above for the years ended December 31. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Service Cost | $ | 59.4 | $ | 48.8 | $ | 42.7 | $ | 4.3 | $ | 4.2 | $ | 4.8 | $ | 0.7 | $ | 1.6 | $ | 1.9 | ||||||||||||||||||
Interest Cost | 86.3 | 84.4 | 77.6 | 8.6 | 8.5 | 8.8 | 8 | 9.6 | 10 | |||||||||||||||||||||||||||
Expected Return on Plan Assets | (105.5 | ) | (88.8 | ) | (87.6 | ) | (12.5 | ) | (11.1 | ) | (12.2 | ) | (0.6 | ) | (0.7 | ) | (0.7 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Net Actuarial Loss | 31.7 | 45.9 | 31.9 | 1.2 | 0.5 | — | — | — | — | |||||||||||||||||||||||||||
Prior Service Credit | (0.1 | ) | (0.4 | ) | (0.5 | ) | — | — | — | (4.9 | ) | (2.6 | ) | (2.6 | ) | |||||||||||||||||||||
Curtailment | 0.7 | — | — | (3.7 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
Total | $ | 72.5 | $ | 89.9 | $ | 64.1 | $ | (2.1 | ) | $ | 2.1 | $ | 1.4 | $ | 3.2 | $ | 7.9 | $ | 8.6 | |||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following table provides expected benefit payments, which reflect expected future service, as appropriate. | ||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||
U.S. Plans | Non U.S. Plans | OPEB | ||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Year | Gross | Subsidy Payments | Net | |||||||||||||||||||||||||||||||||
2014 | $ | 45.1 | $ | 5.4 | $ | 16.4 | $ | 1.8 | $ | 14.6 | ||||||||||||||||||||||||||
2015 | 49.3 | 5.8 | 16.4 | 1.9 | 14.5 | |||||||||||||||||||||||||||||||
2016 | 54.6 | 6.1 | 16.2 | 2.1 | 14.1 | |||||||||||||||||||||||||||||||
2017 | 59.4 | 6.4 | 15.9 | 2.2 | 13.7 | |||||||||||||||||||||||||||||||
2018 | 64.7 | 6.7 | 15.6 | 2.4 | 13.2 | |||||||||||||||||||||||||||||||
2019-2023 | 421.9 | 38.9 | 70.3 | 14.2 | 56.1 | |||||||||||||||||||||||||||||||
Pension Benefits UK Plans | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The categorization of fair value measurements by input level for the assets in our U.K. pension plan is as follows. Certain prior year amounts have been reclassified to conform to current year reporting. | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
Diversified Growth Assets | $ | — | $ | 172 | $ | — | $ | 172 | ||||||||||||||||||||||||||||
Fixed Interest and Index-linked Securities | 52.6 | 0.4 | — | 53 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||||||||||
Total Plan Assets | $ | 53.3 | $ | 172.4 | $ | — | $ | 225.7 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||
Diversified Growth Assets | $ | — | $ | 154.7 | $ | — | $ | 154.7 | ||||||||||||||||||||||||||||
Fixed Interest and Index-linked Securities | 42.6 | 0.9 | — | 43.5 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 7.4 | — | — | 7.4 | ||||||||||||||||||||||||||||||||
Total Plan Assets | $ | 50 | $ | 155.6 | $ | — | $ | 205.6 | ||||||||||||||||||||||||||||
Other Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The categorization of fair value measurements by input level for the assets in our OPEB plan is as follows: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | — | $ | — | $ | 11.4 | $ | 11.4 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | — | $ | — | $ | 11.5 | $ | 11.5 | ||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The fair value is represented by the actuarial present value of future cash flows of the contracts. | ||||||||||||||||||||||||||||||||||||
Changes in our OPEB plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Contributions | Net Benefits and Expenses Paid | End of Year | ||||||||||||||||||||||||||||||||
of Year | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | 11.5 | $ | 0.2 | $ | 15.6 | $ | (15.9 | ) | $ | 11.4 | |||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Contributions | Net Benefits and Expenses Paid | End of Year | ||||||||||||||||||||||||||||||||
of Year | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Life Insurance Contracts | $ | 11.7 | $ | 0.3 | $ | 16.2 | $ | (16.7 | ) | $ | 11.5 | |||||||||||||||||||||||||
Pension Benefits, U.S. Plans | ' | |||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The categorization of fair value measurements by input level for the invested assets in our U.S. pension plans is as follows: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Invested Assets | ||||||||||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | $ | — | $ | 343.9 | $ | — | $ | 343.9 | ||||||||||||||||||||||||||||
U.S. Mid Cap | — | 139.6 | — | 139.6 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 231.9 | — | — | 231.9 | ||||||||||||||||||||||||||||||||
International | 134.5 | 131.7 | — | 266.2 | ||||||||||||||||||||||||||||||||
Emerging Markets | — | 76.3 | — | 76.3 | ||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government and Agencies | 105.7 | 7.4 | — | 113.1 | ||||||||||||||||||||||||||||||||
Corporate | 97.8 | 172.6 | — | 270.4 | ||||||||||||||||||||||||||||||||
State and Municipal Securities | — | 12.9 | — | 12.9 | ||||||||||||||||||||||||||||||||
Alternative Investments: | ||||||||||||||||||||||||||||||||||||
Private Equity Direct Investments | — | — | 7.2 | 7.2 | ||||||||||||||||||||||||||||||||
Private Equity Funds of Funds | — | — | 29.6 | 29.6 | ||||||||||||||||||||||||||||||||
Hedge Funds of Funds | — | — | 66.9 | 66.9 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 28.4 | — | — | 28.4 | ||||||||||||||||||||||||||||||||
Total | $ | 598.3 | $ | 884.4 | $ | 103.7 | $ | 1,586.40 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||||||||||||||
in Active Markets | Observable | Unobservable | ||||||||||||||||||||||||||||||||||
for Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||||||||
or Liabilities | (Level 2) | (Level 3) | ||||||||||||||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Invested Assets | ||||||||||||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | $ | — | $ | 269.2 | $ | — | $ | 269.2 | ||||||||||||||||||||||||||||
U.S. Mid Cap | — | 111.6 | — | 111.6 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 83.9 | 120.1 | — | 204 | ||||||||||||||||||||||||||||||||
International | 106.4 | 102.9 | — | 209.3 | ||||||||||||||||||||||||||||||||
Emerging Markets | — | 73.9 | — | 73.9 | ||||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government and Agencies | 138 | 8.6 | — | 146.6 | ||||||||||||||||||||||||||||||||
Corporate | 84.1 | 141.7 | — | 225.8 | ||||||||||||||||||||||||||||||||
State and Municipal Securities | — | 12.7 | — | 12.7 | ||||||||||||||||||||||||||||||||
Alternative Investments: | ||||||||||||||||||||||||||||||||||||
Private Equity Funds of Funds | — | — | 28.7 | 28.7 | ||||||||||||||||||||||||||||||||
Hedge Funds of Funds | — | — | 56.1 | 56.1 | ||||||||||||||||||||||||||||||||
Cash Equivalents | 13.1 | — | — | 13.1 | ||||||||||||||||||||||||||||||||
Total | $ | 425.5 | $ | 840.7 | $ | 84.8 | $ | 1,351.00 | ||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
Changes in our U.S. pension plans' assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Purchases | Sales | Level 3 Transfers | End of | |||||||||||||||||||||||||||||||
of Year | Held at Year End | Sold During the Year | Into | Out of | Year | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Private Equity Direct Investments | $ | — | $ | 0.3 | $ | — | $ | 8.4 | $ | (1.5 | ) | $ | — | $ | — | $ | 7.2 | |||||||||||||||||||
Private Equity Funds of Funds | 28.7 | 0.9 | 1.1 | 2.1 | (3.2 | ) | — | — | 29.6 | |||||||||||||||||||||||||||
Hedge Funds of Funds | 56.1 | 6.3 | — | 4.9 | (0.4 | ) | — | — | 66.9 | |||||||||||||||||||||||||||
Total | $ | 84.8 | $ | 7.5 | $ | 1.1 | $ | 15.4 | $ | (5.1 | ) | $ | — | $ | — | $ | 103.7 | |||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Beginning | Actual Return on Plan Assets | Purchases | Sales | Level 3 Transfers | End of | |||||||||||||||||||||||||||||||
of Year | Held at Year End | Sold During the Year | Into | Out of | Year | |||||||||||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||||||||||||||
Private Equity Funds of Funds | $ | 23.7 | $ | 0.5 | $ | 1 | $ | 6 | $ | (2.5 | ) | $ | — | $ | — | $ | 28.7 | |||||||||||||||||||
Hedge Funds of Funds | 44.3 | 3.8 | — | 11.8 | (3.8 | ) | — | — | 56.1 | |||||||||||||||||||||||||||
Total | $ | 68 | $ | 4.3 | $ | 1 | $ | 17.8 | $ | (6.3 | ) | $ | — | $ | — | $ | 84.8 | |||||||||||||||||||
Stockholders_Equity_and_Earnin1
Stockholders' Equity and Earnings Per Common Share Stockholders' Equity and Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||||||
Net income per common share is determined as follows: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(in millions of dollars, except share data) | |||||||||||||||||||||
Numerator | |||||||||||||||||||||
Net Income | $ | 858.1 | $ | 894.4 | $ | 284.2 | |||||||||||||||
Denominator (000s) | |||||||||||||||||||||
Weighted Average Common Shares - Basic | 264,725.80 | 281,355.90 | 302,399.80 | ||||||||||||||||||
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards | 1,223.40 | 400.9 | 1,171.20 | ||||||||||||||||||
Weighted Average Common Shares - Assuming Dilution | 265,949.20 | 281,756.80 | 303,571.00 | ||||||||||||||||||
Net Income Per Common Share | |||||||||||||||||||||
Basic | $ | 3.24 | $ | 3.18 | $ | 0.94 | |||||||||||||||
Assuming Dilution | $ | 3.23 | $ | 3.17 | $ | 0.94 | |||||||||||||||
Authorized common stock repurchase programs | ' | ||||||||||||||||||||
Our board of directors has authorized the repurchase of Unum Group's common stock under the following repurchase programs: | |||||||||||||||||||||
Share Repurchase Program Authorized During | |||||||||||||||||||||
Dec-13 | Jul-12 | Feb-11 | May-10 | ||||||||||||||||||
(in millions of dollars) | |||||||||||||||||||||
Authorized Repurchase Amount | $ | 750 | $ | 750 | $ | 1,000.00 | $ | 500 | |||||||||||||
Remaining Repurchase Amount at Year End 2013 | $ | 730 | $ | — | $ | — | $ | — | |||||||||||||
The December 2013 share repurchase program has an expiration date of June 12, 2015. | |||||||||||||||||||||
Share Repurchase Table | ' | ||||||||||||||||||||
Common stock repurchases were classified as follows in our consolidated statements of stockholders' equity: | |||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Cost | Shares | Cost | Shares | Cost | ||||||||||||||||
(in millions) | |||||||||||||||||||||
Treasury Stock | 11.2 | $ | 318.6 | 23.6 | $ | 500.6 | 17.7 | $ | 419.9 | ||||||||||||
Retirement of Common Shares | — | — | — | — | 7.7 | 200 | |||||||||||||||
Total | 11.2 | $ | 318.6 | 23.6 | $ | 500.6 | 25.4 | $ | 619.9 | ||||||||||||
The cost in the preceding chart includes commissions of $0.2 million, $0.6 million, and $0.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
In February 2011, we repurchased 7.1 million shares, at a cost of $200.0 million, using an accelerated repurchase agreement with a financial counterparty. As part of this transaction, we simultaneously entered into a forward contract indexed to the price of Unum Group common stock, which subjected the transaction to a future price adjustment. Under the terms of the repurchase agreement, we were to receive, or be required to pay, a price adjustment based on the volume weighted average price of Unum Group common stock during the term of the agreement, less a discount. Any price adjustment payable to us was to be settled in shares of Unum Group common stock. Any price adjustment we would have been required to pay would have been settled in either cash or common stock at our option. The final price adjustment settlement occurred in March 2011, resulting in the delivery to us of 0.6 million additional shares. We retired 7.7 million shares during 2011. All other repurchased shares have been classified as treasury stock. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options Activity | ' | ||||||||||||
Stock option activity is summarized as follows: | |||||||||||||
Remaining | Intrinsic | ||||||||||||
Shares | Weighted Average | Contractual Term | Value | ||||||||||
(000s) | Exercise Price | (in years) | (in millions) | ||||||||||
Outstanding at December 31, 2012 | 1,691 | $ | 20.98 | ||||||||||
Granted | 103 | 24.25 | |||||||||||
Exercised | (399 | ) | 21.15 | ||||||||||
Outstanding at December 31, 2013 | 1,395 | 21.17 | 4.2 | $ | 19.4 | ||||||||
Exercisable at December 31, 2013 | 1,041 | $ | 20.15 | 3.5 | $ | 15.5 | |||||||
Schedule of Compensation Cost for Share-based Payment Arrangements | ' | ||||||||||||
Compensation expense for the stock plans, as reported in our consolidated statements of income, is as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in millions of dollars) | |||||||||||||
Performance Share Units | $ | 1.1 | $ | — | $ | — | |||||||
Restricted Stock Units and Cash-Settled Awards | 21 | 20.9 | 19.6 | ||||||||||
Stock Options | 1 | 2.7 | 2.7 | ||||||||||
Other | 0.5 | 0.6 | 1.2 | ||||||||||
Total Compensation Expense, Before Income Tax | $ | 23.6 | $ | 24.2 | $ | 23.5 | |||||||
Total Compensation Expense, Net of Income Tax | $ | 15.6 | $ | 15.6 | $ | 15.3 | |||||||
Restricted Stock Units (RSUs) | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units and Cash Settled Awards Activity | ' | ||||||||||||
Activity for RSUs classified as equity is as follows: | |||||||||||||
Weighted Average | |||||||||||||
Shares | Grant Date | ||||||||||||
(000s) | Fair Value | ||||||||||||
Outstanding at December 31, 2012 | 1,403 | $ | 23.57 | ||||||||||
Granted | 731 | 24.68 | |||||||||||
Vested | (790 | ) | 23.12 | ||||||||||
Forfeited | (22 | ) | 24.22 | ||||||||||
Outstanding at December 31, 2013 | 1,322 | 24.35 | |||||||||||
Cash Settled Awards | ' | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units and Cash Settled Awards Activity | ' | ||||||||||||
Activity for cash-settled awards classified as a liability is as follows: | |||||||||||||
Weighted Average | |||||||||||||
Shares | Grant Date | ||||||||||||
(000s) | Fair Value | ||||||||||||
Outstanding at December 31, 2012 | 207 | $ | 23.72 | ||||||||||
Granted | 60 | 24.22 | |||||||||||
Vested | (102 | ) | 23.29 | ||||||||||
Outstanding at December 31, 2013 | 165 | 24.09 | |||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||
Reinsurance Premiums for Insurance Companies by Product Segment Table [Text Block] | ' | |||||||||||
Reinsurance data is as follows: | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Direct Premium Income | $ | 7,777.30 | $ | 7,736.00 | $ | 7,521.50 | ||||||
Reinsurance Assumed | 203.2 | 210.9 | 216.6 | |||||||||
Reinsurance Ceded | (355.8 | ) | (230.8 | ) | (223.9 | ) | ||||||
Net Premium Income | $ | 7,624.70 | $ | 7,716.10 | $ | 7,514.20 | ||||||
Ceded Benefits and Change in Reserves for Future Benefits | $ | 728.7 | $ | 591.7 | $ | 609.2 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of Total Operating Revenue and Operating Income by Segment to Revenue and Net Income | ' | |||||||||||||||||||||||
A reconciliation of "operating revenue" to total revenue and "operating income" to income before income taxes is as follows: | ||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Operating Revenue | $ | 10,347.00 | $ | 10,459.20 | $ | 10,282.90 | ||||||||||||||||||
Net Realized Investment Gain (Loss) | 6.8 | 56.2 | (4.9 | ) | ||||||||||||||||||||
Total Revenue | $ | 10,353.80 | $ | 10,515.40 | $ | 10,278.00 | ||||||||||||||||||
Operating Income | $ | 1,241.80 | $ | 1,239.70 | $ | 1,323.20 | ||||||||||||||||||
Net Realized Investment Gain (Loss) | 6.8 | 56.2 | (4.9 | ) | ||||||||||||||||||||
Non-operating Retirement-related Loss | (32.9 | ) | (46.4 | ) | (31.9 | ) | ||||||||||||||||||
Unclaimed Death Benefits Reserve Increase for Unum US | (75.4 | ) | — | — | ||||||||||||||||||||
Unclaimed Death Benefits Reserve Increase for Colonial Life | (20.1 | ) | — | — | ||||||||||||||||||||
Group Life Waiver of Premium Benefit Reserve Reduction for Unum US | 85 | — | — | |||||||||||||||||||||
Deferred Acquisition Costs Impairment and Reserve Charges for Long-term Care Closed Block | — | — | (769.6 | ) | ||||||||||||||||||||
Reserve Charge for Individual Disability Closed Block | — | — | (183.5 | ) | ||||||||||||||||||||
Income Before Income Tax | $ | 1,205.20 | $ | 1,249.50 | $ | 333.3 | ||||||||||||||||||
Premium Income by Major Line of Business within Each Segment | ' | |||||||||||||||||||||||
Premium income by major line of business within each of our segments is presented as follows: | ||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Unum US | ||||||||||||||||||||||||
Group Disability | ||||||||||||||||||||||||
Group Long-term Disability | $ | 1,553.90 | $ | 1,578.80 | 1,580.20 | |||||||||||||||||||
Group Short-term Disability | 519.6 | 476.7 | 455.2 | |||||||||||||||||||||
Group Life and Accidental Death & Dismemberment | ||||||||||||||||||||||||
Group Life | 1,213.90 | 1,182.10 | 1,106.70 | |||||||||||||||||||||
Accidental Death & Dismemberment | 121.6 | 115.3 | 109.2 | |||||||||||||||||||||
Supplemental and Voluntary | ||||||||||||||||||||||||
Individual Disability - Recently Issued | 465.3 | 477.6 | 464.7 | |||||||||||||||||||||
Voluntary Benefits | 642.8 | 626 | 580 | |||||||||||||||||||||
4,517.10 | 4,456.50 | 4,296.00 | ||||||||||||||||||||||
Unum UK | ||||||||||||||||||||||||
Group Long-term Disability | 389.9 | 409.7 | 419.6 | |||||||||||||||||||||
Group Life | 106.4 | 221.3 | 203.6 | |||||||||||||||||||||
Supplemental | 60.3 | 63.6 | 64.4 | |||||||||||||||||||||
556.6 | 694.6 | 687.6 | ||||||||||||||||||||||
Colonial Life | ||||||||||||||||||||||||
Accident, Sickness, and Disability | 738.7 | 724.5 | 695.3 | |||||||||||||||||||||
Life | 221.1 | 209.7 | 190.7 | |||||||||||||||||||||
Cancer and Critical Illness | 272.4 | 260.3 | 249.3 | |||||||||||||||||||||
1,232.20 | 1,194.50 | 1,135.30 | ||||||||||||||||||||||
Closed Block | ||||||||||||||||||||||||
Individual Disability | 687.5 | 736.4 | 787 | |||||||||||||||||||||
Long-term Care | 630.6 | 631.9 | 608.1 | |||||||||||||||||||||
All Other | 0.7 | 2.2 | 0.2 | |||||||||||||||||||||
1,318.80 | 1,370.50 | 1,395.30 | ||||||||||||||||||||||
Total | $ | 7,624.70 | $ | 7,716.10 | $ | 7,514.20 | ||||||||||||||||||
Selected Operating Statement Data by Segment | ' | |||||||||||||||||||||||
Selected operating statement data by segment is presented as follows: | ||||||||||||||||||||||||
Unum US | Unum UK | Colonial Life | Closed Block | Corporate | Total | |||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Premium Income | $ | 4,517.10 | $ | 556.6 | $ | 1,232.20 | $ | 1,318.80 | $ | — | $ | 7,624.70 | ||||||||||||
Net Investment Income | 929.6 | 148.5 | 145.4 | 1,272.30 | (3.7 | ) | 2,492.10 | |||||||||||||||||
Other Income | 128.3 | 0.1 | 0.2 | 93.9 | 7.7 | 230.2 | ||||||||||||||||||
Operating Revenue | $ | 5,575.00 | $ | 705.2 | $ | 1,377.80 | $ | 2,685.00 | $ | 4 | $ | 10,347.00 | ||||||||||||
Operating Income (Loss) | $ | 859 | $ | 132 | $ | 284.9 | $ | 109.4 | $ | (143.5 | ) | $ | 1,241.80 | |||||||||||
Interest and Debt Expense | $ | 0.1 | $ | — | $ | — | $ | 8.4 | $ | 140.9 | $ | 149.4 | ||||||||||||
Depreciation and Amortization | $ | 292.5 | $ | 22.5 | $ | 188.7 | $ | 5.2 | $ | 0.9 | $ | 509.8 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Premium Income | $ | 4,456.50 | $ | 694.6 | $ | 1,194.50 | $ | 1,370.50 | $ | — | $ | 7,716.10 | ||||||||||||
Net Investment Income | 952.3 | 170.8 | 138.6 | 1,230.50 | 23 | 2,515.20 | ||||||||||||||||||
Other Income | 124.6 | 0.1 | 0.3 | 100.1 | 2.8 | 227.9 | ||||||||||||||||||
Operating Revenue | $ | 5,533.40 | $ | 865.5 | $ | 1,333.40 | $ | 2,701.10 | $ | 25.8 | $ | 10,459.20 | ||||||||||||
Operating Income (Loss) | $ | 847.1 | $ | 131.3 | $ | 274.3 | $ | 95.5 | $ | (108.5 | ) | $ | 1,239.70 | |||||||||||
Interest and Debt Expense | $ | 1.1 | $ | — | $ | — | $ | 10.4 | $ | 133.9 | $ | 145.4 | ||||||||||||
Depreciation and Amortization | $ | 255.6 | $ | 27.2 | $ | 181 | $ | 3.9 | $ | 0.8 | $ | 468.5 | ||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Premium Income | $ | 4,296.00 | $ | 687.6 | $ | 1,135.30 | $ | 1,395.30 | $ | — | $ | 7,514.20 | ||||||||||||
Net Investment Income | 951.4 | 189.9 | 132.4 | 1,189.70 | 56.2 | 2,519.60 | ||||||||||||||||||
Other Income | 121.6 | 0.3 | 0.5 | 106.1 | 20.6 | 249.1 | ||||||||||||||||||
Operating Revenue | $ | 5,369.00 | $ | 877.8 | $ | 1,268.20 | $ | 2,691.10 | $ | 76.8 | $ | 10,282.90 | ||||||||||||
Operating Income (Loss) | $ | 816.9 | $ | 190.7 | $ | 270.1 | $ | 123.9 | $ | (78.4 | ) | $ | 1,323.20 | |||||||||||
Interest and Debt Expense | $ | 1 | $ | — | $ | — | $ | 10.5 | $ | 131.8 | $ | 143.3 | ||||||||||||
Depreciation and Amortization | $ | 245.9 | $ | 26.8 | $ | 164.6 | $ | 16.9 | $ | 0.8 | $ | 455 | ||||||||||||
Deferred Policy Acquisition Costs [Text Block] | ' | |||||||||||||||||||||||
The following table provides the changes in deferred acquisition costs by segment: | ||||||||||||||||||||||||
Colonial | Closed | |||||||||||||||||||||||
Unum US | Unum UK | Life | Block | Total | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||
Beginning of Year | $ | 1,024.30 | $ | 38.8 | $ | 692.4 | $ | — | $ | 1,755.50 | ||||||||||||||
Capitalized | 252 | 9.8 | 205 | — | 466.8 | |||||||||||||||||||
Amortization | (230.0 | ) | (14.7 | ) | (174.2 | ) | — | (418.9 | ) | |||||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | 5.2 | — | 20.2 | — | 25.4 | |||||||||||||||||||
Foreign Currency | — | 0.4 | — | — | 0.4 | |||||||||||||||||||
End of Year | $ | 1,051.50 | $ | 34.3 | $ | 743.4 | $ | — | $ | 1,829.20 | ||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Beginning of Year | $ | 971.8 | $ | 40.9 | $ | 664.4 | $ | — | $ | 1,677.10 | ||||||||||||||
Capitalized | 249.2 | 11.8 | 206.3 | — | 467.3 | |||||||||||||||||||
Amortization | (196.5 | ) | (15.7 | ) | (166.5 | ) | — | (378.7 | ) | |||||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | (0.2 | ) | — | (11.8 | ) | — | (12.0 | ) | ||||||||||||||||
Foreign Currency | — | 1.8 | — | — | 1.8 | |||||||||||||||||||
End of Year | $ | 1,024.30 | $ | 38.8 | $ | 692.4 | $ | — | $ | 1,755.50 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Beginning of Year | $ | 943.7 | $ | 41 | $ | 628 | $ | 203.4 | $ | 1,816.10 | ||||||||||||||
Capitalized | 220.3 | 15.4 | 203.1 | 3.7 | 442.5 | |||||||||||||||||||
Amortization | (188.1 | ) | (15.3 | ) | (151.2 | ) | (11.1 | ) | (365.7 | ) | ||||||||||||||
Impairment of Long-term Care Deferred Acquisition Costs | — | — | — | (196.0 | ) | (196.0 | ) | |||||||||||||||||
Adjustment Related to Unrealized Investment Gains/Losses | (4.1 | ) | — | (15.5 | ) | — | (19.6 | ) | ||||||||||||||||
Foreign Currency | — | (0.2 | ) | — | — | (0.2 | ) | |||||||||||||||||
End of Year | $ | 971.8 | $ | 40.9 | $ | 664.4 | $ | — | $ | 1,677.10 | ||||||||||||||
Assets by Segment | ' | |||||||||||||||||||||||
Assets by segment are as follows: | ||||||||||||||||||||||||
31-Dec | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
Unum US | $ | 18,384.30 | $ | 19,391.20 | ||||||||||||||||||||
Unum UK | 3,654.10 | 3,975.80 | ||||||||||||||||||||||
Colonial Life | 3,482.90 | 3,434.90 | ||||||||||||||||||||||
Closed Block | 31,564.20 | 33,069.20 | ||||||||||||||||||||||
Corporate | 2,318.10 | 2,365.00 | ||||||||||||||||||||||
Total | $ | 59,403.60 | $ | 62,236.10 | ||||||||||||||||||||
Statutory_Financial_Informatio1
Statutory Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Statutory Financial Information [Abstract] | ' | |||||||||||
Statutory Accounting Practices Disclosure [Table Text Block] | ' | |||||||||||
The operating results and capital and surplus of our traditional U.S. life insurance subsidiaries and our captive reinsurers, prepared in accordance with prescribed or permitted accounting practices of the NAIC or states of domicile, are presented separately below. Results for 2012 and prior include those for UPIL as filed with insurance regulators in Bermuda. | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Combined Net Income | ||||||||||||
Traditional U.S. Life Insurance Subsidiaries | $ | 584.5 | $ | 624.5 | $ | 642.9 | ||||||
Captive Reinsurers | $ | 13.3 | $ | 40.8 | $ | 64.6 | ||||||
Combined Net Gain from Operations | ||||||||||||
Traditional U.S. Life Insurance Subsidiaries | $ | 617.5 | $ | 649.8 | $ | 664 | ||||||
Captive Reinsurers | $ | 13.6 | $ | 37.4 | $ | 55.4 | ||||||
Statutory Capital and Surplus [Table Text Block] | ' | |||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Combined Capital and Surplus | ||||||||||||
Traditional U.S. Life Insurance Subsidiaries | $ | 3,450.50 | $ | 3,426.50 | ||||||||
Captive Reinsurers | $ | 1,679.40 | $ | 1,765.30 | ||||||||
Unaudited_Quarterly_Results_Ta
Unaudited Quarterly Results (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
The following is a summary of our unaudited quarterly results of operations for 2013 and 2012: | ||||||||||||||||
2013 | ||||||||||||||||
4th | 3rd | 2nd | 1st | |||||||||||||
(in millions of dollars, except share data) | ||||||||||||||||
Premium Income | $ | 1,890.70 | $ | 1,897.30 | $ | 1,905.80 | $ | 1,930.90 | ||||||||
Net Investment Income | 629.4 | 615.5 | 626.1 | 621.1 | ||||||||||||
Net Realized Investment Gain (Loss) | 9.3 | (26.1 | ) | 13.3 | 10.3 | |||||||||||
Total Revenue | 2,586.20 | 2,540.90 | 2,601.90 | 2,624.80 | ||||||||||||
Income Before Income Tax | 305.8 | 284.1 | 311.5 | 303.8 | ||||||||||||
Net Income | 221.2 | 205.7 | 218.6 | 212.6 | ||||||||||||
Net Income Per Common Share | ||||||||||||||||
Basic | 0.85 | 0.78 | 0.82 | 0.79 | ||||||||||||
Assuming Dilution | 0.84 | 0.78 | 0.82 | 0.79 | ||||||||||||
2012 | ||||||||||||||||
4th | 3rd | 2nd | 1st | |||||||||||||
(in millions of dollars, except share data) | ||||||||||||||||
Premium Income | $ | 1,937.20 | $ | 1,929.40 | $ | 1,927.60 | $ | 1,921.90 | ||||||||
Net Investment Income | 643 | 619.2 | 633.5 | 619.5 | ||||||||||||
Net Realized Investment Gain (Loss) | 24.6 | 21.3 | (2.1 | ) | 12.4 | |||||||||||
Total Revenue | 2,658.20 | 2,628.00 | 2,617.90 | 2,611.30 | ||||||||||||
Income Before Income Tax | 322.7 | 320.4 | 296.4 | 310 | ||||||||||||
Net Income | 233.9 | 230.2 | 216.4 | 213.9 | ||||||||||||
Net Income Per Common Share | ||||||||||||||||
Basic | 0.86 | 0.83 | 0.76 | 0.74 | ||||||||||||
Assuming Dilution | 0.85 | 0.83 | 0.76 | 0.73 | ||||||||||||
Schedule_I_Summary_of_Investme1
Schedule I Summary of Investments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Schedule I - Summary of Investments [Abstract] | ' | |||||||||||||
Investment Holdings, Schedule of Investments [Table Text Block] | ' | |||||||||||||
Type of Investment | Cost or Amortized Cost (1) | Fair Value | Amount shown on the balance sheet | |||||||||||
(in millions of dollars) | ||||||||||||||
Fixed Maturity Securities: | ||||||||||||||
Bonds | ||||||||||||||
United States Government and Government Agencies and Authorities | $ | 1,028.60 | $ | 1,196.10 | $ | 1,196.10 | ||||||||
States, Municipalities, and Political Subdivisions | 1,706.00 | 1,783.20 | 1,783.20 | |||||||||||
Foreign Governments | 1,226.40 | 1,373.20 | 1,373.20 | |||||||||||
Public Utilities | 9,328.90 | 10,403.00 | 10,403.00 | |||||||||||
Mortgage/Asset-Backed Securities | 1,858.70 | 2,039.30 | 2,039.30 | |||||||||||
All Other Corporate Bonds | 23,108.00 | 25,511.90 | 25,511.90 | |||||||||||
Redeemable Preferred Stocks | 33 | 37.7 | 37.7 | |||||||||||
Total | 38,289.60 | $ | 42,344.40 | 42,344.40 | ||||||||||
Mortgage Loans | 1,815.10 | 1,815.10 | ||||||||||||
Policy Loans | 3,276.00 | 3,276.00 | ||||||||||||
Other Long-term Investments | ||||||||||||||
Derivatives | — | 10.8 | -2 | |||||||||||
Equity Securities | 11.3 | 16.4 | ||||||||||||
Miscellaneous Long-term Investments | 530.7 | 538.8 | -3 | |||||||||||
Short-term Investments | 913.4 | 913.4 | ||||||||||||
Total Investments | $ | 44,836.10 | $ | 48,914.90 | ||||||||||
Condensed_Financial_Informatio
Condensed Financial Information of Registrant (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Schedule II - Condensed Financial Information of Registrant Balance Sheet [Abstract] | ' | |||||||||||
Condensed Financial Information of Parent Company Only Balance Sheets | ' | |||||||||||
BALANCE SHEETS | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Assets | ||||||||||||
Fixed Maturity Securities - at fair value (amortized cost: $143.9; $217.7) | $ | 145.3 | $ | 224.6 | ||||||||
Other Long-term Investments | 57.2 | 73 | ||||||||||
Short-term Investments | 164 | 433.5 | ||||||||||
Investment in Subsidiaries | 10,082.80 | 10,079.10 | ||||||||||
Deferred Income Tax | 68.1 | 234.1 | ||||||||||
Other Assets | 558.8 | 489.1 | ||||||||||
Total Assets | $ | 11,076.20 | $ | 11,533.40 | ||||||||
Liabilities and Stockholders' Equity | ||||||||||||
Liabilities | ||||||||||||
Short-term Debt | $ | 0.3 | $ | 6.6 | ||||||||
Long-term Debt | 1,875.20 | 1,896.20 | ||||||||||
Pension and Postretirement Benefits | 295.3 | 801.6 | ||||||||||
Other Liabilities | 246.3 | 216.4 | ||||||||||
Total Liabilities | 2,417.10 | 2,920.80 | ||||||||||
Stockholders' Equity | ||||||||||||
Common Stock | 36.1 | 36 | ||||||||||
Additional Paid-in Capital | 2,634.10 | 2,607.70 | ||||||||||
Accumulated Other Comprehensive Income | 255 | 628 | ||||||||||
Retained Earnings | 8,083.20 | 7,371.60 | ||||||||||
Treasury Stock | (2,349.3 | ) | (2,030.7 | ) | ||||||||
Total Stockholders' Equity | 8,659.10 | 8,612.60 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 11,076.20 | $ | 11,533.40 | ||||||||
See notes to condensed financial information. | ||||||||||||
Condensed Financial Information of Parent Company Only Statement of Earnings | ' | |||||||||||
STATEMENTS OF INCOME | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Cash Dividends from Subsidiaries | $ | 636.6 | $ | 670.8 | $ | 800 | ||||||
Other Income | 56.9 | 55 | 65 | |||||||||
Total Revenue | 693.5 | 725.8 | 865 | |||||||||
Interest and Debt Expense | 120.9 | 114.2 | 112.1 | |||||||||
Other Expenses | 48.9 | 65.5 | 57.7 | |||||||||
Total Expenses | 169.8 | 179.7 | 169.8 | |||||||||
Income Before Income Tax of Parent Company | 523.7 | 546.1 | 695.2 | |||||||||
Income Tax Benefit | (14.7 | ) | (25.7 | ) | (13.9 | ) | ||||||
Income of Parent Company | 538.4 | 571.8 | 709.1 | |||||||||
Equity in Undistributed Earnings (Loss) of Subsidiaries | 319.7 | 322.6 | (424.9 | ) | ||||||||
Net Income | 858.1 | 894.4 | 284.2 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (373.0 | ) | 166.2 | 110.4 | ||||||||
Comprehensive Income | $ | 485.1 | $ | 1,060.60 | $ | 394.6 | ||||||
See notes to condensed financial information. | ||||||||||||
Condensed Financial Information of Parent Company Only Statements of Cash Flows | ' | |||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31 | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions of dollars) | ||||||||||||
Cash Provided by Operating Activities | $ | 612.5 | $ | 677.3 | $ | 827.8 | ||||||
Cash Flows from Investing Activities | ||||||||||||
Proceeds from Sales of Fixed Maturity Securities | — | — | 133.9 | |||||||||
Proceeds from Maturities of Fixed Maturity Securities | 38.5 | 47.7 | 44.5 | |||||||||
Proceeds from Sales and Maturities of Other Investments | 9.4 | 1 | — | |||||||||
Purchase of Fixed Maturity Securities | (139.8 | ) | (99.1 | ) | — | |||||||
Purchase of Other Investments | — | (13.7 | ) | (3.0 | ) | |||||||
Net Sales of Short-term Investments | 269.5 | 40.4 | 192.8 | |||||||||
Cash Distributions to Subsidiaries | (225.1 | ) | (175.2 | ) | (166.1 | ) | ||||||
Acquisition of Property and Equipment | (78.8 | ) | (80.4 | ) | (81.1 | ) | ||||||
Other, Net | (0.9 | ) | 0.1 | 0.2 | ||||||||
Cash Provided (Used) by Investing Activities | (127.2 | ) | (279.2 | ) | 121.2 | |||||||
Cash Flows from Financing Activities | ||||||||||||
Net Short-term Debt Borrowings (Repayments) | (6.3 | ) | 4.1 | (222.6 | ) | |||||||
Issuance of Long-term Debt | — | 246.4 | — | |||||||||
Issuance of Common Stock | 11.4 | 4.9 | 14.8 | |||||||||
Repurchase of Common Stock | (317.2 | ) | (496.7 | ) | (619.9 | ) | ||||||
Dividends Paid to Stockholders | (146.5 | ) | (133.8 | ) | (121.0 | ) | ||||||
Other, Net | (0.3 | ) | 1.6 | — | ||||||||
Cash Used by Financing Activities | (458.9 | ) | (373.5 | ) | (948.7 | ) | ||||||
Increase in Cash | $ | 26.4 | $ | 24.6 | $ | 0.3 | ||||||
See notes to condensed financial information. | ||||||||||||
Schedule of Debt Instruments Parent Company Only | ' | |||||||||||
Long-term and short-term debt consists of the following: | ||||||||||||
31-Dec | ||||||||||||
2013 | 2012 | |||||||||||
(in millions of dollars) | ||||||||||||
Long-term Debt | ||||||||||||
Notes @ 5.75% due 2042, callable at or above par | $ | 248.6 | $ | 248.6 | ||||||||
Notes @ 7.375% due 2032, callable at or above par | 39.5 | 39.5 | ||||||||||
Notes @ 6.75% due 2028, callable at or above par | 165.8 | 165.8 | ||||||||||
Notes @ 7.25% due 2028, callable at or above par | 200 | 200 | ||||||||||
Notes @ 5.625% due 2020, callable at or above par | 399.7 | 399.6 | ||||||||||
Notes @ 7.125% due 2016, callable at or above par | 350 | 350 | ||||||||||
Notes @ 7.0% due 2018, non-callable | 200 | 200 | ||||||||||
Medium-term Notes @ 7.0% to 7.2% due 2023 to 2028, non-callable | 50.8 | 50.8 | ||||||||||
Junior Subordinated Debt Securities @ 7.405% due 2038 | 226.5 | 226.5 | ||||||||||
Fair Value Hedges Adjustment | (5.7 | ) | 15.4 | |||||||||
Total | 1,875.20 | 1,896.20 | ||||||||||
Short-term Debt | ||||||||||||
Securities Lending Agreements | 0.3 | 6.6 | ||||||||||
Total | $ | 1,875.50 | $ | 1,902.80 | ||||||||
Schedule_III_Supplmentary_Insu
Schedule III Supplmentary Insurance Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Schedule III - Supplementary Insurance Info [Abstract] | ' | |||||||||||||||||||||||
Supplementary Information for Insurance Companies | ' | |||||||||||||||||||||||
Segment | Deferred Acquisition Costs | Reserves for Future Policy Contract Benefits | Unearned Premiums | Policy and Contract Benefits | ||||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Unum US | $ | 1,051.50 | $ | 11,788.40 | $ | 47.6 | $ | 889.1 | ||||||||||||||||
Unum UK | 34.3 | 2,594.30 | 139.3 | 160 | ||||||||||||||||||||
Colonial Life | 743.4 | 1,815.60 | 30 | 193.7 | ||||||||||||||||||||
Closed Block | — | 26,900.80 | 196.9 | 268.2 | ||||||||||||||||||||
Total | $ | 1,829.20 | $ | 43,099.10 | $ | 413.8 | $ | 1,511.00 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unum US | $ | 1,024.30 | $ | 12,449.30 | $ | 46.1 | $ | 890.3 | ||||||||||||||||
Unum UK | 38.8 | 2,487.10 | 142.9 | 155.7 | ||||||||||||||||||||
Colonial Life | 692.4 | 1,691.30 | 29.9 | 149.8 | ||||||||||||||||||||
Closed Block | — | 28,066.70 | 207.8 | 288.8 | ||||||||||||||||||||
Total | $ | 1,755.50 | $ | 44,694.40 | $ | 426.7 | $ | 1,484.60 | ||||||||||||||||
SCHEDULE III--SUPPLEMENTARY INSURANCE INFORMATION | ||||||||||||||||||||||||
Unum Group and Subsidiaries | ||||||||||||||||||||||||
(continued from preceding page) | ||||||||||||||||||||||||
Segment | Premium Income | Net Investment Income (1) | Benefits and Change in Reserves for Future Benefits (2) | Amortization of Deferred Acquisition Costs | All Other Expenses (3) | Premiums Written (4) | ||||||||||||||||||
(in millions of dollars) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Unum US | $ | 4,517.10 | $ | 929.6 | $ | 3,222.40 | $ | 230 | $ | 1,254.00 | $ | 3,068.00 | ||||||||||||
Unum UK | 556.6 | 148.5 | 413.3 | 14.7 | 145.2 | 448.1 | ||||||||||||||||||
Colonial Life | 1,232.20 | 145.4 | 667 | 174.2 | 271.8 | 1,011.80 | ||||||||||||||||||
Closed Block | 1,318.80 | 1,272.30 | 2,293.00 | — | 282.6 | 1,307.00 | ||||||||||||||||||
Corporate | — | (3.7 | ) | — | — | 180.4 | — | |||||||||||||||||
Total | $ | 7,624.70 | $ | 2,492.10 | $ | 6,595.70 | $ | 418.9 | $ | 2,134.00 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unum US | $ | 4,456.50 | $ | 952.3 | $ | 3,238.60 | $ | 196.5 | $ | 1,251.20 | $ | 3,045.00 | ||||||||||||
Unum UK | 694.6 | 170.8 | 541.4 | 15.7 | 177.1 | 466.3 | ||||||||||||||||||
Colonial Life | 1,194.50 | 138.6 | 627.3 | 166.5 | 265.3 | 986.3 | ||||||||||||||||||
Closed Block | 1,370.50 | 1,230.50 | 2,314.90 | — | 290.7 | 1,358.60 | ||||||||||||||||||
Corporate | — | 23 | — | — | 180.7 | — | ||||||||||||||||||
Total | $ | 7,716.10 | $ | 2,515.20 | $ | 6,722.20 | $ | 378.7 | $ | 2,165.00 | ||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||
Unum US | $ | 4,296.00 | $ | 951.4 | $ | 3,113.50 | $ | 188.1 | $ | 1,250.50 | $ | 2,965.80 | ||||||||||||
Unum UK | 687.6 | 189.9 | 493.8 | 15.3 | 178 | 480 | ||||||||||||||||||
Colonial Life | 1,135.30 | 132.4 | 589.4 | 151.2 | 257.5 | 944.9 | ||||||||||||||||||
Closed Block | 1,395.30 | 1,189.70 | 3,012.80 | 11.1 | 496.4 | 1,385.10 | ||||||||||||||||||
Corporate | — | 56.2 | — | — | 187.1 | — | ||||||||||||||||||
Total | $ | 7,514.20 | $ | 2,519.60 | $ | 7,209.50 | $ | 365.7 | $ | 2,369.50 | ||||||||||||||
Schedule_IV_Reinsurance_Tables
Schedule IV Reinsurance (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Schedule IV - Reinsurance [Abstract] | ' | ||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies | ' | ||||||||||||||||||
SCHEDULE IV--REINSURANCE | |||||||||||||||||||
Unum Group and Subsidiaries | |||||||||||||||||||
Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage Amount Assumed to Net | |||||||||||||||
(in millions of dollars) | |||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||
Life Insurance in Force | $ | 781,495.90 | $ | 25,904.70 | $ | 1,026.20 | $ | 756,617.40 | 0.1 | % | |||||||||
Premium Income: | |||||||||||||||||||
Life Insurance | $ | 2,018.70 | $ | 253.6 | $ | 10 | $ | 1,775.10 | 0.6 | % | |||||||||
Accident, Health, and Other Insurance | 5,758.60 | 102.2 | 193.2 | 5,849.60 | 3.3 | % | |||||||||||||
Total | $ | 7,777.30 | $ | 355.8 | $ | 203.2 | $ | 7,624.70 | 2.7 | % | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||||
Life Insurance in Force | $ | 832,587.50 | $ | 28,658.70 | $ | 1,073.80 | $ | 805,002.60 | 0.1 | % | |||||||||
Premium Income: | |||||||||||||||||||
Life Insurance | $ | 1,979.10 | $ | 141.4 | $ | 10.3 | $ | 1,848.00 | 0.6 | % | |||||||||
Accident, Health, and Other Insurance | 5,756.90 | 89.4 | 200.6 | 5,868.10 | 3.4 | % | |||||||||||||
Total | $ | 7,736.00 | $ | 230.8 | $ | 210.9 | $ | 7,716.10 | 2.7 | % | |||||||||
Year Ended December 31, 2011 | |||||||||||||||||||
Life Insurance in Force | $ | 782,935.60 | $ | 28,341.10 | $ | 1,141.60 | $ | 755,736.10 | 0.2 | % | |||||||||
Premium Income: | |||||||||||||||||||
Life Insurance | $ | 1,868.80 | $ | 146.6 | $ | 10.9 | $ | 1,733.10 | 0.6 | % | |||||||||
Accident, Health, and Other Insurance | 5,652.70 | 77.3 | 205.7 | 5,781.10 | 3.6 | % | |||||||||||||
Total | $ | 7,521.50 | $ | 223.9 | $ | 216.6 | $ | 7,514.20 | 2.9 | % | |||||||||
Schedule_V_Valuation_and_Quali1
Schedule V Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Schedule V - Valuation and Qualifying Accts [Abstract] | ' | |||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||||||||
Description | Balance at Beginning of Period | Additions Charged to Costs and Expenses | Additions Charged to Other Accounts | Deductions (1) | Balance at End of Period | |||||||||||||||
(in millions of dollars) | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Real estate reserve (deducted from other long-term investments) | $ | 0.3 | $ | 1.5 | $ | — | $ | — | $ | 1.8 | ||||||||||
Allowance for doubtful accounts (deducted from accounts and premiums receivable) | $ | 6.2 | $ | 0.7 | $ | — | $ | 1.3 | $ | 5.6 | ||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Real estate reserve (deducted from other long-term investments) | $ | 0.3 | $ | — | $ | — | $ | — | $ | 0.3 | ||||||||||
Allowance for doubtful accounts (deducted from accounts and premiums receivable) | $ | 5.7 | $ | 0.9 | $ | — | $ | 0.4 | $ | 6.2 | ||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Real estate reserve (deducted from other long-term investments) | $ | 0.3 | $ | — | $ | — | $ | — | $ | 0.3 | ||||||||||
Allowance for doubtful accounts (deducted from accounts and premiums receivable) | $ | 7.2 | $ | 1.3 | $ | — | $ | 2.8 | $ | 5.7 | ||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Integer | ||||
Number of Operating Segments | 3 | ' | ' | |
Policy Loans | $3,276 | [1] | $3,133.80 | ' |
Accumulated Depreciation for Property and Equipment | 760.8 | 705 | ' | |
Value of Business Acquired | 19 | 23.5 | ' | |
Accumulated Amortization of Value of Business Acquired | 138.2 | 131.5 | ' | |
Amortization of Value of Business Acquired | 4.5 | 7.5 | 7.4 | |
Deferred Gain on Reinsurance | 53.6 | 67.4 | ' | |
Premium tax expense | 137 | 136 | 134.9 | |
Assets, Participation Fund Account (PFA) | $339.20 | $380.40 | ' | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Carrying_Amount_and_Fair_Value
Carrying Amount and Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Assets | ' | ' | |
Fixed Maturity Securities | $42,344.40 | $44,973 | |
Mortgage Loans | 1,815.10 | [1] | 1,712.70 |
Policy Loans | 3,276 | [1] | 3,133.80 |
Other Long-term Investments | ' | ' | |
Equity Securities | 16.4 | 14.6 | |
Policyholders' Funds | ' | ' | |
Long-term Debt | 2,612 | 2,755.40 | |
Other Liabilities | ' | ' | |
Unfunded commitment to fund Investment Partnerships | 27.2 | ' | |
Carrying Amount | ' | ' | |
Assets | ' | ' | |
Fixed Maturity Securities | 42,344.40 | 44,973 | |
Mortgage Loans | 1,815.10 | 1,712.70 | |
Policy Loans | 3,276 | 3,133.80 | |
Other Long-term Investments | ' | ' | |
Derivative Assets | 10.8 | [2] | 81.6 |
Equity Securities | 16.4 | 14.6 | |
Miscellaneous Long-Term Investments | 475.2 | 455.1 | |
Policyholders' Funds | ' | ' | |
Deferred Annuity Products | 631.5 | 640.1 | |
Supplementary Contracts without Life Contingencies | 563.1 | 535.5 | |
Long-term Debt | 2,612 | 2,755.40 | |
Other Liabilities | ' | ' | |
Derivatives | 135.6 | 170.5 | |
Embedded Derivative in Modified Coinsurance Arrangement | 53.2 | 83.9 | |
Unfunded commitment to fund Investment Partnerships | 27.2 | 83.7 | |
Fair Value | ' | ' | |
Assets | ' | ' | |
Fixed Maturity Securities | 42,344.40 | 44,973 | |
Mortgage Loans | 1,980.20 | 1,937.10 | |
Policy Loans | 3,339.60 | 3,215.30 | |
Other Long-term Investments | ' | ' | |
Derivative Assets | 10.8 | 81.6 | |
Equity Securities | 16.4 | 14.6 | |
Miscellaneous Long-Term Investments | 475.2 | 455.1 | |
Policyholders' Funds | ' | ' | |
Deferred Annuity Products | 631.5 | 640.1 | |
Supplementary Contracts without Life Contingencies | 563.1 | 535.5 | |
Long-term Debt | 2,824.40 | 2,968.80 | |
Other Liabilities | ' | ' | |
Derivatives | 135.6 | 170.5 | |
Embedded Derivative in Modified Coinsurance Arrangement | 53.2 | 83.9 | |
Unfunded commitment to fund Investment Partnerships | $27.20 | $83.70 | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. | ||
[2] | (2)Derivatives are carried at fair value. |
Fair_Value_Measurements_by_Inp
Fair Value Measurements by Input Level (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | $42,344.40 | $44,973 |
Other Long-term Investments | ' | ' |
Equity Securities | 16.4 | 14.6 |
Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 2,523.30 | 2,218.40 |
Other Long-term Investments | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 37,480.60 | 40,766.30 |
Other Long-term Investments | ' | ' |
Equity Securities | 11.8 | 10.3 |
Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 2,340.50 | 1,988.30 |
Other Long-term Investments | ' | ' |
Equity Securities | 4.6 | 4.3 |
Interest Rate Swaps | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 9.2 | 76.5 |
Other Liabilities | ' | ' |
Derivative Liabilities | 35 | 31.7 |
Interest Rate Swaps | Fair Value, Inputs, Level 1 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 0 | 0 |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Interest Rate Swaps | Fair Value, Inputs, Level 2 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 9.2 | 76.5 |
Other Liabilities | ' | ' |
Derivative Liabilities | 35 | 31.7 |
Interest Rate Swaps | Fair Value, Inputs, Level 3 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 0 | 0 |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Foreign Exchange Contracts | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 1.6 | 5.1 |
Other Liabilities | ' | ' |
Derivative Liabilities | 98.7 | 138.8 |
Foreign Exchange Contracts | Fair Value, Inputs, Level 1 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 0 | 0 |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Foreign Exchange Contracts | Fair Value, Inputs, Level 2 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 1.6 | 5.1 |
Other Liabilities | ' | ' |
Derivative Liabilities | 98.7 | 138.8 |
Foreign Exchange Contracts | Fair Value, Inputs, Level 3 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 0 | 0 |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Derivative Assets | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 10.8 | 81.6 |
Derivative Assets | Fair Value, Inputs, Level 1 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Assets | Fair Value, Inputs, Level 2 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 10.8 | 81.6 |
Derivative Assets | Fair Value, Inputs, Level 3 | ' | ' |
Other Long-term Investments | ' | ' |
Derivative Assets | 0 | 0 |
Credit Default Swaps | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 1.9 | ' |
Credit Default Swaps | Fair Value, Inputs, Level 1 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | ' |
Credit Default Swaps | Fair Value, Inputs, Level 2 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 1.9 | ' |
Credit Default Swaps | Fair Value, Inputs, Level 3 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | ' |
Embedded Derivative in Modified Coinsurance Arrangement | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 53.2 | 83.9 |
Embedded Derivative in Modified Coinsurance Arrangement | Fair Value, Inputs, Level 1 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Embedded Derivative in Modified Coinsurance Arrangement | Fair Value, Inputs, Level 2 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Embedded Derivative in Modified Coinsurance Arrangement | Fair Value, Inputs, Level 3 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 53.2 | 83.9 |
Derivative Liabilities | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 188.8 | 254.4 |
Derivative Liabilities | Fair Value, Inputs, Level 1 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 0 | 0 |
Derivative Liabilities | Fair Value, Inputs, Level 2 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 135.6 | 170.5 |
Derivative Liabilities | Fair Value, Inputs, Level 3 | ' | ' |
Other Liabilities | ' | ' |
Derivative Liabilities | 53.2 | 83.9 |
United States Government and Government Agencies and Authorities | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,196.10 | 1,348.80 |
United States Government and Government Agencies and Authorities | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 144.5 | 104.1 |
United States Government and Government Agencies and Authorities | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,051.60 | 1,244.70 |
United States Government and Government Agencies and Authorities | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 0 | 0 |
States, Municipalities, and Political Subdivisions | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,783.20 | 1,806.80 |
States, Municipalities, and Political Subdivisions | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 0 | 53 |
States, Municipalities, and Political Subdivisions | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,608.10 | 1,625.10 |
States, Municipalities, and Political Subdivisions | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 175.1 | 128.7 |
Foreign Government Debt Securities | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,373.20 | 1,507 |
Foreign Government Debt Securities | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Foreign Government Debt Securities | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,294.70 | 1,424.90 |
Foreign Government Debt Securities | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 78.5 | 82.1 |
Public Utilities | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 10,403 | 11,144.20 |
Public Utilities | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 396.8 | 84.2 |
Public Utilities | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 9,802.70 | 10,485.60 |
Public Utilities | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 203.5 | 574.4 |
Mortgage/Asset-backed Securities | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 2,039.30 | 2,216.50 |
Mortgage/Asset-backed Securities | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Mortgage/Asset-backed Securities | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 2,038.80 | 2,216 |
Mortgage/Asset-backed Securities | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 0.5 | 0.5 |
All Other Corporate Bonds | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 25,511.90 | 26,910.40 |
All Other Corporate Bonds | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,982 | 1,977.10 |
All Other Corporate Bonds | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 21,670.80 | 23,755.50 |
All Other Corporate Bonds | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 1,859.10 | 1,177.80 |
Redeemable Preferred Stocks | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 37.7 | 39.3 |
Redeemable Preferred Stocks | Fair Value, Inputs, Level 1 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Redeemable Preferred Stocks | Fair Value, Inputs, Level 2 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | 13.9 | 14.5 |
Redeemable Preferred Stocks | Fair Value, Inputs, Level 3 | ' | ' |
Fixed Maturity Securities | ' | ' |
Fixed Maturity Securities | $23.80 | $24.80 |
Transfers_of_Assets_between_Le
Transfers of Assets between Level 1 and Level 2 (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Transfers Between Level 1 and Level 2 [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $1,607.10 | $1,115.70 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 1,191.70 | 3,730.50 |
United States Government and Government Agencies and Authorities | ' | ' |
Transfers Between Level 1 and Level 2 [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 62.2 | 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 224.7 |
States, Municipalities, and Political Subdivisions | ' | ' |
Transfers Between Level 1 and Level 2 [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 53 | 43.8 |
Public Utility, Bonds [Member] | ' | ' |
Transfers Between Level 1 and Level 2 [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 345.9 | 47.1 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 53.4 | 653.1 |
All Other Corporate Bonds | ' | ' |
Transfers Between Level 1 and Level 2 [Line Items] | ' | ' |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 1,199 | 1,068.60 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $1,085.30 | $2,808.90 |
Changes_in_Assets_and_Liabilit
Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
States, Municipalities, and Political Subdivisions | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | ($128.70) | ($68.10) |
Investment Gain (Loss) included in Earnings | 0 | 0 |
Investment Gain (Loss) included in OCI | -13.1 | -0.3 |
Purchases | 0 | 18.4 |
Sales | -1 | -0.7 |
Level 3 Transfers Into | 60.5 | 43.2 |
Level 3 Transfers Out of | 0 | 0 |
End of Period | -175.1 | -128.7 |
Foreign Governments | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -82.1 | 0 |
Investment Gain (Loss) included in Earnings | 0 | 0 |
Investment Gain (Loss) included in OCI | -3.6 | 5 |
Purchases | 0 | 15.4 |
Sales | 0 | 0 |
Level 3 Transfers Into | 0 | 61.7 |
Level 3 Transfers Out of | 0 | 0 |
End of Period | -78.5 | -82.1 |
Public Utilities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -574.4 | -338.9 |
Investment Gain (Loss) included in Earnings | 0 | 0 |
Investment Gain (Loss) included in OCI | -10.8 | 22.3 |
Purchases | 0 | 47.9 |
Sales | -3.1 | -4.2 |
Level 3 Transfers Into | 151.8 | 481.4 |
Level 3 Transfers Out of | -508.8 | -311.9 |
End of Period | -203.5 | -574.4 |
Mortgage/Asset-backed Securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -0.5 | -31.7 |
Investment Gain (Loss) included in Earnings | 0 | 0 |
Investment Gain (Loss) included in OCI | 0.1 | 0 |
Purchases | 0 | 0 |
Sales | -0.1 | -0.1 |
Level 3 Transfers Into | 0 | 0 |
Level 3 Transfers Out of | 0 | -31.1 |
End of Period | -0.5 | -0.5 |
All Other Corporate Bonds | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -1,177.80 | -665.5 |
Investment Gain (Loss) included in Earnings | 1.1 | 1.2 |
Investment Gain (Loss) included in OCI | -147.1 | 40.8 |
Purchases | 186.7 | 151.6 |
Sales | -122 | -67.5 |
Level 3 Transfers Into | 1,462 | 599.8 |
Level 3 Transfers Out of | -699.4 | -213.6 |
End of Period | -1,859.10 | -1,177.80 |
Redeemable Preferred Stocks | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -24.8 | -37.2 |
Investment Gain (Loss) included in Earnings | 0 | -1 |
Investment Gain (Loss) included in OCI | -1 | 2.9 |
Purchases | 0 | 0 |
Sales | 0 | -14.3 |
Level 3 Transfers Into | 0 | 0 |
Level 3 Transfers Out of | 0 | 0 |
End of Period | -23.8 | -24.8 |
Fixed Maturity Securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -1,988.30 | -1,141.40 |
Investment Gain (Loss) included in Earnings | 1.1 | 0.2 |
Investment Gain (Loss) included in OCI | -175.5 | 70.7 |
Purchases | 186.7 | 233.3 |
Sales | -126.2 | -86.8 |
Level 3 Transfers Into | 1,674.30 | 1,186.10 |
Level 3 Transfers Out of | -1,208.20 | -556.6 |
End of Period | -2,340.50 | -1,988.30 |
Equity Securites | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -4.3 | -11.2 |
Investment Gain (Loss) included in Earnings | 0 | -0.1 |
Investment Gain (Loss) included in OCI | 0.3 | 0 |
Purchases | 0 | 0 |
Sales | 0 | -0.1 |
Level 3 Transfers Into | 0 | 0 |
Level 3 Transfers Out of | 0 | -6.7 |
End of Period | -4.6 | -4.3 |
Embedded Derivative in Modified Coinsurance Arrangement | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning of Period | -83.9 | -135.7 |
Investment Gain (Loss) included in Earnings | 30.7 | 51.8 |
Investment Gain (Loss) included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Level 3 Transfers Into | 0 | 0 |
Level 3 Transfers Out of | 0 | 0 |
End of Period | ($53.20) | ($83.90) |
Quantitative_Information_Regar
Quantitative Information Regarding Significant Unobservable Inputs (Details) (Fair Value, Inputs, Level 3, USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Embedded Derivative in Modified Coinsurance Arrangement | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | -53.2 | -83.9 | ||
States, Municipalities, and Political Subdivisions | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | 142.7 | 42.7 | ||
States, Municipalities, and Political Subdivisions | Minimum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | 0.25% | [1] | 0.25% | [1] |
Volatility of Credit | ' | 0.15% | [2] | |
Lack of Marketability | ' | 0.25% | [3] | |
States, Municipalities, and Political Subdivisions | Maximum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | 1.25% | [1] | 0.25% | [1] |
Volatility of Credit | ' | 0.15% | [2] | |
Lack of Marketability | ' | 0.25% | [3] | |
States, Municipalities, and Political Subdivisions | Weighted Average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | 0.65% | [1] | 0.25% | [1] |
Volatility of Credit | ' | 0.15% | [2] | |
Lack of Marketability | ' | 0.25% | [3] | |
Public Utilities | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | 64.3 | 17.4 | ||
Public Utilities | Minimum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | ' | 0.20% | [1] | |
Volatility of Credit | 0.75% | [2] | ' | |
Public Utilities | Maximum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | ' | 0.20% | [1] | |
Volatility of Credit | 1.25% | [2] | ' | |
Public Utilities | Weighted Average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | ' | 0.20% | [1] | |
Volatility of Credit | 0.92% | [2] | ' | |
Mortgage/Asset-backed Securities | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | 0.5 | 0.5 | ||
Mortgage/Asset-backed Securities | Minimum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Discount for Size | 4.93% | [4] | 5.74% | [4] |
Mortgage/Asset-backed Securities | Maximum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Discount for Size | 5.03% | [4] | 5.84% | [4] |
Mortgage/Asset-backed Securities | Weighted Average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Discount for Size | 5.01% | [4] | 5.81% | [4] |
All Other Corporate Bonds - Private | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | 307 | 391.8 | ||
All Other Corporate Bonds - Private | Market Convention | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Significant Assumptions to Calculating Fair Value of Level 3 Instrument | 'Priced at Par | [5] | 'Priced at Par | [5] |
All Other Corporate Bonds - Private | Minimum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | -0.70% | [1] | 1.48% | [1] |
Volatility of Credit | 0.07% | [2] | -0.25% | [2] |
Discount for Size | 0.50% | [4] | 0.10% | [4] |
Change in Benchmark Reference | 3.36% | [6] | 0.04% | [6] |
Lack of Marketability | 0.20% | [3] | 0.10% | [3] |
All Other Corporate Bonds - Private | Maximum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | -0.40% | [1] | 1.48% | [1] |
Volatility of Credit | 4.00% | [2] | 7.72% | [2] |
Discount for Size | 0.50% | [4] | 0.50% | [4] |
Change in Benchmark Reference | 3.36% | [6] | 2.89% | [6] |
Lack of Marketability | 1.00% | [3] | 1.00% | [3] |
All Other Corporate Bonds - Private | Weighted Average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | -0.60% | [1] | 1.48% | [1] |
Volatility of Credit | 0.84% | [2] | 1.51% | [2] |
Discount for Size | 0.50% | [4] | 0.24% | [4] |
Change in Benchmark Reference | 3.36% | [6] | 0.28% | [6] |
Lack of Marketability | 0.55% | [3] | 0.46% | [3] |
Corporate Bond Securities - Public | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | 514.4 | 165 | ||
Corporate Bond Securities - Public | Market Convention | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Significant Assumptions to Calculating Fair Value of Level 3 Instrument | ' | 'Priced at Par | [5] | |
Corporate Bond Securities - Public | Minimum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | -0.23% | [1] | -0.59% | [1] |
Volatility of Credit | -0.88% | [2] | -0.30% | [2] |
Discount for Size | ' | 0.25% | [4] | |
Change in Benchmark Reference | -0.32% | [6] | 0.25% | [6] |
Lack of Marketability | 0.20% | [3] | 0.20% | [3] |
Corporate Bond Securities - Public | Maximum | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | 1.00% | [1] | 1.00% | [1] |
Volatility of Credit | 0.46% | [2] | -0.30% | [2] |
Discount for Size | ' | 0.25% | [4] | |
Change in Benchmark Reference | 0.25% | [6] | 0.25% | [6] |
Lack of Marketability | 0.20% | [3] | 0.30% | [3] |
Corporate Bond Securities - Public | Weighted Average | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Comparability Adjustments | 0.41% | [1] | 0.27% | [1] |
Volatility of Credit | -0.26% | [2] | -0.30% | [2] |
Discount for Size | ' | 0.25% | [4] | |
Change in Benchmark Reference | 0.04% | [6] | 0.25% | [6] |
Lack of Marketability | 0.20% | [3] | 0.24% | [3] |
Equity Securites | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Quantitative unobservable inputs Level 3 fair value - internally derived | 4.2 | 4 | ||
Equity Securites | Market Convention | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Significant Assumptions to Calculating Fair Value of Level 3 Instrument | 'Priced at Cost or Owner's Equity | [5] | 'Priced at Cost or Owner's Equity | [5] |
Embedded Derivative in Modified Coinsurance Arrangement | Projected Cash Flows | ' | ' | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' | ||
Significant Assumptions to Calculating Fair Value of Level 3 Instrument | 'Actuarial Assumptions | [7] | 'Actuarial Assumptions | [7] |
[1] | Represents basis point adjustments for changes in benchmark spreads associated with various industry sectors | |||
[2] | Represents basis point adjustments for credit-specific factors | |||
[3] | Represents basis point adjustments to apply a discount due to the illiquidity of an investment | |||
[4] | Represents basis point adjustments based on issue/issuer size relative to the benchmark | |||
[5] | Represents a decision to price based on par value, cost, or owner's equity when limited data is available | |||
[6] | Represents basis point adjustments for changes in benchmark spreads associated with various ratings categories | |||
[7] | Represents various actuarial assumptions required to derive the liability cash flows including incidence, termination, and lapse rates |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Carrying amount of policy loans | $3,276 | [1] | $3,133.80 | ' |
Long-term Debt | 2,612 | 2,755.40 | ' | |
Gain (Loss) on Embedded Derivative | 30.7 | 51.8 | -39.4 | |
Other Than Fair Value Inputs Level 1 | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Percentage of Total Fair Value of Fixed Maturities Securities | 94.00% | ' | ' | |
Fair Value, Inputs, Level 1 | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Long-term Debt | 1,329.20 | 1,212 | ' | |
Fair Value, Inputs, Level 1 | Pricing Service | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Percentage of Total Fair Value of Fixed Maturities Securities | 6.00% | ' | ' | |
Fair Value, Inputs, Level 2 | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Long-term Debt | 1,495.20 | 1,756.80 | ' | |
Fair Value, Inputs, Level 2 | Pricing Service | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Percentage of Total Fair Value of Fixed Maturities Securities | 76.00% | ' | ' | |
Fair Value, Inputs, Level 2 | Other Observable Market Data | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Percentage of Total Fair Value of Fixed Maturities Securities | 4.10% | ' | ' | |
Fair Value Inputs Level 2 Or Level 3 | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Percentage of Total Fair Value of Fixed Maturities Securities | 13.90% | ' | ' | |
Ceded Policy Loans | ' | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |
Carrying amount of policy loans | $3,043.70 | $2,912.70 | ' | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Amortized_Cost_and_Fair_Values
Amortized Cost and Fair Values of Securities by Security Type (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | $38,289.60 | [1] | $37,751.50 |
Gross Unrealized Gain | 4,358.70 | 7,277.50 | |
Gross Unrealized Loss | 303.9 | 56 | |
Fixed Maturity Securities | 42,344.40 | 44,973 | |
United States Government and Government Agencies and Authorities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,028.60 | [1] | 1,020.90 |
Gross Unrealized Gain | 173.1 | 329 | |
Gross Unrealized Loss | 5.6 | 1.1 | |
Fixed Maturity Securities | 1,196.10 | 1,348.80 | |
States, Municipalities, and Political Subdivisions | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,706 | [1] | 1,498.40 |
Gross Unrealized Gain | 117.2 | 316.2 | |
Gross Unrealized Loss | 40 | 7.8 | |
Fixed Maturity Securities | 1,783.20 | 1,806.80 | |
Foreign Government Debt Securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,226.40 | [1] | 1,280.40 |
Gross Unrealized Gain | 149.6 | 226.6 | |
Gross Unrealized Loss | 2.8 | 0 | |
Fixed Maturity Securities | 1,373.20 | 1,507 | |
Public Utilities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 9,328.90 | [1] | 9,294.30 |
Gross Unrealized Gain | 1,126.90 | 1,865 | |
Gross Unrealized Loss | 52.8 | 15.1 | |
Fixed Maturity Securities | 10,403 | 11,144.20 | |
Mortgage/Asset-backed Securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,858.70 | [1] | 1,927.90 |
Gross Unrealized Gain | 184.6 | 289.1 | |
Gross Unrealized Loss | 4 | 0.5 | |
Fixed Maturity Securities | 2,039.30 | 2,216.50 | |
All Other Corporate Bonds | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 23,108 | [1] | 22,696.60 |
Gross Unrealized Gain | 2,602.60 | 4,245.30 | |
Gross Unrealized Loss | 198.7 | 31.5 | |
Fixed Maturity Securities | 25,511.90 | 26,910.40 | |
Redeemable Preferred Stocks | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 33 | [1] | 33 |
Gross Unrealized Gain | 4.7 | 6.3 | |
Gross Unrealized Loss | 0 | 0 | |
Fixed Maturity Securities | $37.70 | $39.30 | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Length_of_Time_Fixed_Maturity_
Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $5,164.70 | $586.80 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 264.1 | 11.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 311 | 596.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 39.8 | 44.2 |
United States Government and Government Agencies and Authorities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 41.1 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 3.1 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5.2 | 6.5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 2.5 | 1.1 |
States, Municipalities, and Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 412.5 | 30.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 33.5 | 0.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 37.2 | 42.1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 6.5 | 6.9 |
Foreign Government Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 87.2 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 2.8 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' |
Public Utilities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 870.6 | 110.3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 47.1 | 3.9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 58.7 | 147.6 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 5.7 | 11.2 |
Mortgage/Asset-backed Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 341 | 4.4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 3.6 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2.5 | 3.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0.4 | 0.5 |
All Other Corporate Bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,412.30 | 441.3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | 174 | 7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 207.4 | 396.8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | $24.70 | $24.50 |
Distribution_of_the_Maturity_D
Distribution of the Maturity Dates for Fixed Maturity Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Available-for-Sale Securities, Total Amortized Cost | ' | ' |
1 year or less | $903.90 | $956.40 |
Over 1 year through 5 years | 7,098.20 | 5,922.80 |
Over 5 years through 10 years | 9,492.60 | 9,752.30 |
Over 10 years | 18,936.20 | 19,192.10 |
Available-for-sale Securities, Debt Maturities, Gross Subtotal | 36,430.90 | 35,823.60 |
Mortgage/Asset-Backed Securities | 1,858.70 | 1,927.90 |
Total Fixed Maturity Securities | 38,289.60 | 37,751.50 |
Fair Value Maturity Distribution [Abstract] | ' | ' |
Total Fixed Maturity Securities | 42,344.40 | 44,973 |
Fair Value of Fixed Maturity Securities in Unrealized Gain Position | ' | ' |
Available-for-Sale Securities, Unrealized Gain Position, Gross Gain | ' | ' |
1 year or less | 20.6 | 21.2 |
Over 1 year through 5 years | 727.1 | 628.1 |
Over 5 years through 10 years | 940.2 | 1,606.40 |
Over 10 years | 2,486.20 | 4,732.70 |
Available-For-Sale Securities, Debt Maturities Unrealized Gain Position, Gross Gain, Gross Subtotal | 4,174.10 | 6,988.40 |
Mortgage/Asset-Backed Securities | 184.6 | 289.1 |
Total Fixed Maturity Securities | 4,358.70 | 7,277.50 |
Fair Value Maturity Distribution [Abstract] | ' | ' |
1 year or less | 915.5 | 934.1 |
Over 1 year through 5 years | 7,678.50 | 6,449.80 |
Over 5 years through 10 years | 8,137.40 | 10,997 |
Over 10 years | 18,441.50 | 23,200.20 |
Available-for-sale Securities, Debt Maturities, Fair Value, Gross Subtotal | 35,172.90 | 41,581.10 |
Mortgage/Asset-Backed Securities | 1,695.80 | 2,208.30 |
Total Fixed Maturity Securities | 36,868.70 | 43,789.40 |
Fair Value of Fixed Maturity Securities in Unrealized Loss Position | ' | ' |
Fair Value Maturity Distribution [Abstract] | ' | ' |
1 year or less | 9 | 43 |
Over 1 year through 5 years | 146.2 | 96.1 |
Over 5 years through 10 years | 2,199.60 | 354.1 |
Over 10 years | 2,777.40 | 682.2 |
Available-for-sale Securities, Debt Maturities, Fair Value, Gross Subtotal | 5,132.20 | 1,175.40 |
Mortgage/Asset-Backed Securities | 343.5 | 8.2 |
Total Fixed Maturity Securities | 5,475.70 | 1,183.60 |
Available-for-Sale Securities, Unrealized Loss Position, Gross Loss | ' | ' |
1 year or less | 0 | 0.5 |
Over 1 year through 5 years | 0.6 | 5 |
Over 5 years through 10 years | 95.8 | 7.6 |
Over 10 years | 203.5 | 42.4 |
Available-For-Sale Securities, Debt Maturities Unrealized Gain Position, Gross Loss, Gross Subtotal | 299.9 | 55.5 |
Mortgage/Asset-Backed Securities | 4 | 0.5 |
Total Fixed Maturity Securities | $303.90 | $56 |
Mortgage_Loans_by_Property_Typ
Mortgage Loans by Property Type (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $1,815.10 | [1] | $1,712.70 |
Percent of Total | 100.00% | 100.00% | |
Apartment | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 61.1 | 47.2 | |
Percent of Total | 3.30% | 2.70% | |
Industrial | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 567.8 | 545.7 | |
Percent of Total | 31.30% | 31.90% | |
Office | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 776.5 | 721.2 | |
Percent of Total | 42.80% | 42.10% | |
Retail | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $409.70 | $398.60 | |
Percent of Total | 22.60% | 23.30% | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Mortgage_Loans_by_Geographic_R
Mortgage Loans by Geographic Region (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $1,815.10 | [1] | $1,712.70 |
Percent of Total | 100.00% | 100.00% | |
New England | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 100.9 | 114.3 | |
Percent of Total | 5.60% | 6.70% | |
Mid-Atlantic | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 191.5 | 160 | |
Percent of Total | 10.50% | 9.30% | |
East North Central | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 244.3 | 224.7 | |
Percent of Total | 13.50% | 13.10% | |
West North Central | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 162.3 | 160.8 | |
Percent of Total | 8.90% | 9.40% | |
South Atlantic | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 447.7 | 440.9 | |
Percent of Total | 24.70% | 25.70% | |
East South Central | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 67.7 | 79.6 | |
Percent of Total | 3.70% | 4.70% | |
West South Central | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 190.9 | 159.5 | |
Percent of Total | 10.50% | 9.30% | |
Mountain | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 101.9 | 90.5 | |
Percent of Total | 5.60% | 5.30% | |
Pacific | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $307.90 | $282.40 | |
Percent of Total | 17.00% | 16.50% | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Mortgage_Loans_Sorted_by_Appli
Mortgage Loans, Sorted by Applicable Credit Quality Indicators, Internal rating (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $1,815.10 | [1] | $1,712.70 |
B Credit Rating [Member] | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 13.1 | 13.1 | |
Ba Credit Rating [Member] | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 13.5 | 34.2 | |
Baa Credit Rating [Member] | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 1,094.60 | 994.5 | |
A Credit Rating [Member] | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 683.1 | 659.4 | |
AA Credit Rating [Member] | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $10.80 | $11.50 | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Mortgage_Loans_Sorted_by_Appli1
Mortgage Loans, Sorted by Applicable Credit Quality Indicators, Loan to Value Ratio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $1,815.10 | [1] | $1,712.70 |
Loan to Value Ratio Below or Equal to 65 Percent | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 777.4 | 624.7 | |
Loan To Value Ratio Above 65 To 75 Percent | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 867.5 | 858.8 | |
Loan To Value Ratio Above 75 To 85 Percent | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | 107.6 | 142.5 | |
Loan To Value Ratio Above 85 Percent | ' | ' | |
Mortgage Loans on Real Estate [Line Items] | ' | ' | |
Mortgage Loans | $62.60 | $86.70 | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. |
Activity_in_Allowance_for_Cred
Activity in Allowance for Credit Losses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Balance at Beginning of Year | $1.50 | $1.50 | $1.50 |
Provisions | 0 | 1.8 | 0 |
Charge-offs, Net of Recoveries | 0 | -1.8 | 0 |
Balance at End of Period | $1.50 | $1.50 | $1.50 |
Impaired_Mortgage_Loans_Detail
Impaired Mortgage Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Recorded Investment | ' | $17.40 |
Unpaid Principal Balance | ' | 18.9 |
Related Allowance | ' | 1.5 |
Impaired Fin Receivables with Allowance [Member] | ' | ' |
Recorded Investment | 13.1 | 13.1 |
Unpaid Principal Balance | 14.6 | 14.6 |
Related Allowance | 1.5 | 1.5 |
Impaired Fin Receivables with No Related Allowance [Member] | ' | ' |
Recorded Investment | ' | 4.3 |
Unpaid Principal Balance | ' | 4.3 |
Related Allowance | ' | $0 |
Investments_Mortgage_Loan_Rest
Investments Mortgage Loan Restructuring (Detail) (Commercial Real Estate Portfolio Segment [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $4.30 | $17.30 | $19.90 |
Number of Trouble Debt Modifications Entered Into During Period | 1 | 3 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 0 | 0 | 3.2 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $0 | $0 | $0.20 |
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | 1 |
Investments_Offsetting_for_Der
Investments Offsetting for Derivatives and Securities Lending Balances (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Assets [Abstract] | ' | ' |
Gross Derivative Asset | $10.80 | $81.60 |
Derivative Liabilities Offsetting Derivative Assets in Balance Sheet | 0 | 0 |
Net Derivative Assets Reported in Balance Sheet | 10.8 | 81.6 |
Securities Received as Collateral on Derivative Assets | -9.5 | -72.9 |
Cash collateral from counterparties | -1.1 | 0 |
Derivative Assets Net of Collateral | 0.2 | 8.7 |
Offsetting Securities Borrowed [Abstract] | ' | ' |
Gross Securities Borrowed | 201.6 | 452.8 |
Liabilities Offsetting Securities Borrowed in Balance Sheet | 0 | 0 |
Net Securities Borrowed Reported in Balance Sheet | 201.6 | 452.8 |
Securities Received as Collateral on Securities Borrowed | -125.1 | 0 |
Cash Received as Collateral on Securities Borrowed | -76.5 | -452.8 |
Securities Borrowed Net of Collateral | 0 | 0 |
Offsetting Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed [Abstract] | ' | ' |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Gross | 212.4 | 534.4 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Liability | 0 | 0 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed | 212.4 | 534.4 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Securities | -134.6 | -72.9 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Collateral, Obligation to Return Cash | -77.6 | -452.8 |
Derivative Asset, Securities Purchased under Agreements to Resell, Securities Borrowed, Amount Offset Against Collateral | 0.2 | 8.7 |
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 135.6 | 170.5 |
Derivative Liability, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 135.6 | 170.5 |
Derivative, Collateral, Right to Reclaim Securities | -98.6 | -129.8 |
Derivative, Collateral, Right to Reclaim Cash | 0 | -1.8 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 37 | 38.9 |
Offsetting Securities Loaned [Abstract] | ' | ' |
Securities Loaned, Gross | 76.5 | 455.8 |
Securities Loaned, Asset | 0 | 0 |
Securities Loaned, Collateral, Right to Reclaim Securities | -76.5 | -452.8 |
Securities Loaned, Collateral, Right to Reclaim Cash | 0 | 0 |
Securities Loaned, Amount Offset Against Collateral | 0 | 3 |
Offsetting Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned [Abstract] | ' | ' |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Gross | 212.1 | 626.3 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Asset | 0 | 0 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned | 212.1 | 626.3 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Securities | -175.1 | -582.6 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Collateral, Right to Reclaim Cash | 0 | -1.8 |
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Amount Offset Against Collateral | $37 | $41.90 |
Investments_Investment_Income_
Investments Investment Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | $2,552.10 | $2,574.30 | $2,578.30 |
Less Investment Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 29.5 | 26.9 | 26.9 |
Less Investment Income on PFA Assets | ' | ' | ' | ' | ' | ' | ' | ' | 15.7 | 16.1 | 17.4 |
Less Amortization of Tax Credit Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | 14.8 | 16.1 | 14.4 |
Net Investment Income | 629.4 | 615.5 | 626.1 | 621.1 | 643 | 619.2 | 633.5 | 619.5 | 2,492.10 | 2,515.20 | 2,519.60 |
Fixed Income Securities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 2,371.60 | 2,404 | 2,425.20 |
Derivative [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 35.2 | 28.9 | 22.9 |
Mortgage Receivable [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 109.2 | 107.1 | 100.1 |
Policy Loans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 15.7 | 14.8 | 14.1 |
Other Long-term Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 15.2 | 13.1 |
Short-term Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Income, Interest and Dividend | ' | ' | ' | ' | ' | ' | ' | ' | $2.40 | $4.30 | $2.90 |
Realized_Investment_Gains_and_
Realized Investment Gains and Losses Reported in Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fixed Maturity Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Gains on Sales | ' | ' | ' | ' | ' | ' | ' | ' | $15.80 | $29.30 | $74 |
Gross Losses on Sales | ' | ' | ' | ' | ' | ' | ' | ' | -45.7 | -20.4 | -24 |
Other-Than-Temporary Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | 0 | -19.9 |
Mortgage Loans and Other Invested Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Gains on Sales | ' | ' | ' | ' | ' | ' | ' | ' | 15.6 | 5 | 7.1 |
Other Investments Gross Realized Losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4.3 | -0.5 |
Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -1.9 | -0.6 |
Gain (Loss) on Embedded Derivative | ' | ' | ' | ' | ' | ' | ' | ' | 30.7 | 51.8 | -39.4 |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | 0 | 0 |
Foreign Currency Transactions | ' | ' | ' | ' | ' | ' | ' | ' | -4.9 | -3.3 | -1.6 |
Net Realized Investment Gain (Loss) | $9.30 | ($26.10) | $13.30 | $10.30 | $24.60 | $21.30 | ($2.10) | $12.40 | $6.80 | $56.20 | ($4.90) |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Investments [Line Items] | ' | ' | ' |
Fair value of fixed maturity securities | $42,344,400,000 | $44,973,000,000 | ' |
Fair value of fixed maturity securities, gross unrealized gain | 4,358,700,000 | 7,277,500,000 | ' |
Fair Value of fixed maturity securities, gross unrealized loss | 303,900,000 | 56,000,000 | ' |
Fixed Maturity Securities Other Than Temporary Impairments in Accumulated Other Comprehensive Income Loss | 0 | 0 | 1 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | ' | ' | 8,500,000 |
Commitment to fund private placement fixed maturity securities | 58,000,000 | ' | ' |
Carrying amount of variable interest entity investments | 470,800,000 | ' | ' |
Unfunded commitment to fund Investment Partnerships | 27,200,000 | ' | ' |
Commitment to fund partnership Equity Investments | 158,400,000 | ' | ' |
Other Long-term Investments | 566,000,000 | 625,000,000 | ' |
Commitments to Fund Special Purpose Entities | 0 | ' | ' |
Amount Funded to Special Purpose Entity Partnerships | 'nor did we fund any amounts to the partnerships | 'nor did we fund any amounts to the partnership | 'nor did we fund any amounts to the partnership |
Mortgage Loan policy is not to exceed a loan-to-value ratio, percent | 75.00% | ' | ' |
Loan to Value Ratio Update Frequency | '3 years | ' | ' |
Mortgage Loan Inspection Frequency | '2 years | ' | ' |
Mortage Loan Policy Debt Service coverage ratio lower range | 125.00% | ' | ' |
Mortgage Loans issuance, term years | 25 | ' | ' |
Number of Changes to Accounting Policy for Estimating Credit Losses on Mortgage Loans | 0 | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 14,900,000 | 19,100,000 | 21,300,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 800,000 | 800,000 | 800,000 |
Foreclosed Real Estate Expense | 0 | 0 | 0 |
Financing Receivable, Recorder Investment, Nonaccrual status | 0 | 1 | ' |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,300,000 | ' | ' |
Committments to Fund Commercial Mortgage Loans | 83,900,000 | ' | ' |
Repurchase agreements - Typical Days outstanding | '30 | ' | ' |
Minimum percent of the fair value of securities loaned or securities purchased under repurchase agreements be maintained as collateral | 102.00% | ' | ' |
Securities Loaned | 201,600,000 | 452,800,000 | ' |
Outstanding Repurchase Agreements | 0 | 0 | ' |
Off Balance Sheet Amount | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Cash Collateral for Borrowed Securities | 76,500,000 | 455,800,000 | ' |
Securities Received as Collateral | 132,900,000 | 14,500,000 | ' |
Nonperforming Financing Receivable [Member] | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Amount of days past due-DelinquentMortgageLoan | '90 days | '90 days | ' |
Special Purpose Entity | Bonds | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Fair value of fixed maturity securities | 136,200,000 | ' | ' |
Special Purpose Entity | Partnership Interest | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Other Long-term Investments | 4,400,000 | ' | ' |
Partnership Interests In Tax Credit Investments | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Carrying amount of variable interest entity investments | 309,500,000 | ' | ' |
Equity Method Investments | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Carrying amount of variable interest entity investments | 161,300,000 | ' | ' |
External Credit Rating, Investment Grade | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Fair value of fixed maturity securities | 39,145,100,000 | ' | ' |
Fair value of fixed maturity securities, gross unrealized gain | 4,205,000,000 | ' | ' |
Fair Value of fixed maturity securities, gross unrealized loss | 247,800,000 | ' | ' |
Fixed maturity securities in unrealized loss position, percent of total | 81.50% | ' | ' |
Number of fixed maturity securities that were in an unrealized loss position | 245 | ' | ' |
Number of fixed maturity securities in an unrealized loss position continuously for over one year | 16 | ' | ' |
External Credit Rating, Non Investment Grade | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' |
Fair value of fixed maturity securities | 3,199,300,000 | ' | ' |
Fair value of fixed maturity securities, gross unrealized gain | 153,700,000 | ' | ' |
Fair Value of fixed maturity securities, gross unrealized loss | $56,100,000 | ' | ' |
Fixed maturity securities in unrealized loss position, percent of total | 18.50% | ' | ' |
Number of fixed maturity securities that were in an unrealized loss position | 53 | ' | ' |
Number of fixed maturity securities in an unrealized loss position continuously for over one year | 8 | ' | ' |
Notional_Amounts_for_Each_Cate
Notional Amounts for Each Category of Derivative Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | $1,432.80 | $1,413 | $1,681.90 |
Additions | 291 | 336 | 46.9 |
Terminations | 246.4 | 316.2 | 315.8 |
Balance at ending of period | 1,477.40 | 1,432.80 | 1,413 |
Credit Default Swaps | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at ending of period | 97 | 0 | ' |
Swaps | Receive Variable/Pay Fixed | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | 174 | 174 | 174 |
Additions | 0 | 0 | 0 |
Terminations | 24 | 0 | 0 |
Balance at ending of period | 150 | 174 | 174 |
Swaps | Receive Fixed/Pay Fixed | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | 508.8 | 554 | 617.9 |
Additions | 160 | 0 | 0 |
Terminations | 38.4 | 45.2 | 63.9 |
Balance at ending of period | 630.4 | 508.8 | 554 |
Swaps | Receive Fixed/Pay Variable | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | 750 | 685 | 890 |
Additions | 0 | 250 | 0 |
Terminations | 150 | 185 | 205 |
Balance at ending of period | 600 | 750 | 685 |
Swaps | Credit Default Swaps | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | 0 | 0 | 0 |
Additions | 97 | 0 | 0 |
Terminations | 0 | 0 | 0 |
Balance at ending of period | 97 | 0 | 0 |
Forwards | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | 0 | 0 | 0 |
Additions | 24 | 86 | 46.9 |
Terminations | 24 | 86 | 46.9 |
Balance at ending of period | 0 | 0 | 0 |
Options Held | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Balance at beginning of period | 0 | 0 | 0 |
Additions | 10 | 0 | 0 |
Terminations | 10 | 0 | 0 |
Balance at ending of period | $0 | $0 | $0 |
Location_and_Fair_Values_of_De
Location and Fair Values of Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Asset Derivatives Fair Value | $10.80 | $81.60 |
Liability Derivatives Fair Value | 135.6 | 170.5 |
Designated as Hedging Instrument | Other Long-term Investments | ' | ' |
Derivative [Line Items] | ' | ' |
Asset Derivatives Fair Value | 10.8 | 81.6 |
Designated as Hedging Instrument | Other Liability | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives Fair Value | 133.7 | 170.5 |
Designated as Hedging Instrument | Interest Rate Swaps | Other Long-term Investments | ' | ' |
Derivative [Line Items] | ' | ' |
Asset Derivatives Fair Value | 9.2 | 76.5 |
Designated as Hedging Instrument | Interest Rate Swaps | Other Liability | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives Fair Value | 35 | 31.7 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Other Long-term Investments | ' | ' |
Derivative [Line Items] | ' | ' |
Asset Derivatives Fair Value | 1.6 | 5.1 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Other Liability | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives Fair Value | 98.7 | 138.8 |
Not Designated as Hedging Instrument | Other Liability | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives Fair Value | 55.1 | ' |
Not Designated as Hedging Instrument | Credit Default Swaps | Other Liability | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives Fair Value | 1.9 | ' |
Not Designated as Hedging Instrument | Embedded Derivative in Modified Coinsurance Arrangement | Other Liability | ' | ' |
Derivative [Line Items] | ' | ' |
Liability Derivatives Fair Value | $53.20 | $83.90 |
Location_of_Gains_and_Losses_o
Location of Gains and Losses on Derivative Financial Instruments Designated as Cash Flow Hedging Instruments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $15.30 | $81.40 | $72.70 |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 23 | 20.1 | 45.7 |
Interest Rate Swaps | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | -7.2 | 77.9 | 50.3 |
Interest Rate Swaps | Net Investment Income | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 43.1 | 40 | 34.8 |
Interest Rate Swaps | Net Realized Investments Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 1.3 | 4.1 | 3.5 |
Interest Rate Swaps | Interest and Debt Expenses | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1.7 | -1.7 | -1.6 |
Options Held | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | -0.1 | 0 | 0 |
Foreign Exchange Contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 22.6 | 3.5 | 22.4 |
Foreign Exchange Contracts | Net Investment Income | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -5.9 | -5.3 | -1.1 |
Foreign Exchange Contracts | Net Realized Investments Gain (Loss) | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($13.80) | ($17) | $10.10 |
Location_of_and_Gain_Loss_on_D
Location of and Gain (Loss) on Derivative Financial Instruments Not Designated as Hedging Instruments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Realized Investment Gain (Loss) | ' | ' | ' |
Gain (Loss) on Embedded Derivative | $30.70 | $51.80 | ($39.40) |
Net Realized Investments Gain (Loss) | ' | ' | ' |
Net Realized Investment Gain (Loss) | ' | ' | ' |
Credit Default Swap Loss | -1.9 | 0 | 0 |
Gain (Loss) on Embedded Derivative | 30.7 | 51.8 | -39.4 |
Gains (Losses) on Derivatives Not Designated as Hedging Instruments | $28.80 | $51.80 | ($39.40) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Derivative [Line Items] | ' | ' | ' | ' |
Credit Exposure on Derivatives | $5.50 | ' | ' | ' |
Cash collateral from counterparties | -1.1 | 0 | ' | ' |
Carrying value of fixed maturity securities posted as collateral to our counterparties | 95.6 | 108.6 | ' | ' |
Cash Collateral to counterparties | 0 | -1.8 | ' | ' |
Aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position | 135.6 | 170.5 | ' | ' |
Derivative, Notional Amount | 1,477.40 | 1,432.80 | 1,413 | 1,681.90 |
Additions | 291 | 336 | 46.9 | ' |
Material Ineffectiveness on Cash Flow Hedges | 0 | 0 | 0 | ' |
Gain from Components Excluded from Assessment of Cash Flow Hedge Effectiveness | 0 | 0 | 0 | ' |
Approximate amount of net deferred gains on derivative instruments expected to be amortized during the next twelve months | 46.7 | ' | ' | ' |
Material Ineffectiveness on Fair Value Hedges | 0 | 0 | 0 | ' |
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net | 0 | 0 | 0 | ' |
Discontinued Hedge Accounting Due to Instrument No Longer Qualifying as FV Hedge | 0 | ' | ' | ' |
Interest Rate Swaps | Cash Flow Hedge | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | 630.4 | 508.8 | ' | ' |
Foreign Currency Swap | Cash Flow Hedge | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Additions | 150 | ' | ' | ' |
Receive Variable/Pay Fixed | Cash Flow Hedge | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | ' | 150 | ' | ' |
Receive Variable/Pay Fixed | Interest Rate Swaps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | 150 | 174 | ' | ' |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -11.5 | -1.2 | 8.1 | ' |
Receive Fixed/Pay Variable | Interest Rate Swaps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | 600 | 600 | ' | ' |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 21.1 | -6.6 | -23.2 | ' |
Receive Fixed/Pay Variable | Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | 600 | ' | ' | ' |
Credit Default Swaps | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative, Notional Amount | $97 | $0 | ' | ' |
Liability_for_Unpaid_Claims_Re
Liability for Unpaid Claims Recon (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Balance at January 1 | $24,567.10 | $24,586.50 | $24,339.40 |
Less Reinsurance Recoverable | 2,006 | 2,042.60 | 2,028.20 |
Net Balance at January 1 | 22,561.10 | 22,543.90 | 22,311.20 |
Incurred Related to | ' | ' | ' |
Current Year | 4,751.90 | 4,946.20 | 4,684.40 |
Total Incurred | 5,978.40 | 6,119.20 | 6,145.50 |
Paid Related to | ' | ' | ' |
Current Year | 1,657.30 | 1,715.40 | 1,588.60 |
Prior Years | 4,419.40 | 4,386.60 | 4,324.20 |
Total Paid | 6,076.70 | 6,102 | 5,912.80 |
Net Balance at December 31 | 22,462.80 | 22,561.10 | 22,543.90 |
Plus Reinsurance Recoverable | 2,072.80 | 2,006 | 2,042.60 |
Balance at December 31 | 24,535.60 | 24,567.10 | 24,586.50 |
Interest and Debt Expense | ' | ' | ' |
Incurred Related to | ' | ' | ' |
Prior Years | 1,230 | 1,247.60 | 1,262.90 |
Other Expense | ' | ' | ' |
Incurred Related to | ' | ' | ' |
Prior Years | -44.7 | -175.7 | 209.1 |
Foreign Currency Gain (Loss) [Member] | ' | ' | ' |
Incurred Related to | ' | ' | ' |
Prior Years | $41.20 | $101.10 | ($10.90) |
Schedule_of_Other_Comprehensiv
Schedule of Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income | ' | ' | ' |
Balance, Beginning of Period | $628 | ' | ' |
Other Comprehensive Income (Loss) Before Reclassifications, Net of Tax | -382.6 | ' | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss, Net of Tax | 9.6 | ' | ' |
Total Other Comprehensive Income (Loss) | -373 | 166.2 | 110.4 |
Balance, End of Period | 255 | 628 | ' |
Net Unrealized Gain on Securities | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' |
Balance, Beginning of Period | 873.5 | ' | ' |
Other Comprehensive Income (Loss) Before Reclassifications, Net of Tax | -746.4 | ' | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss, Net of Tax | 8.6 | ' | ' |
Total Other Comprehensive Income (Loss) | -737.8 | ' | ' |
Balance, End of Period | 135.7 | ' | ' |
Net Gain on Cash Flow Hedges | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' |
Balance, Beginning of Period | 401.6 | ' | ' |
Other Comprehensive Income (Loss) Before Reclassifications, Net of Tax | 9.7 | ' | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss, Net of Tax | -15 | ' | ' |
Total Other Comprehensive Income (Loss) | -5.3 | ' | ' |
Balance, End of Period | 396.3 | ' | ' |
Foreign Currency Translation Adjustment | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' |
Balance, Beginning of Period | -72.6 | ' | ' |
Other Comprehensive Income (Loss) Before Reclassifications, Net of Tax | 25.5 | ' | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss, Net of Tax | 0 | ' | ' |
Total Other Comprehensive Income (Loss) | 25.5 | ' | ' |
Balance, End of Period | -47.1 | ' | ' |
Unrecognized Pension and Postretirement Benefit Costs | ' | ' | ' |
Accumulated Other Comprehensive Income | ' | ' | ' |
Balance, Beginning of Period | -574.5 | ' | ' |
Other Comprehensive Income (Loss) Before Reclassifications, Net of Tax | 328.6 | ' | ' |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss, Net of Tax | 16 | ' | ' |
Total Other Comprehensive Income (Loss) | 344.6 | ' | ' |
Balance, End of Period | ($229.90) | ' | ' |
Reconciliation_of_Policy_and_C
Reconciliation of Policy and Contract Benefits and Reserves for Future Policy and Contract Benefits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Reconciliation of Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Policy and Contract Benefits | $1,511 | $1,484.60 | $1,494 | ' |
Reserves for Future Policy and Contract Benefits | 43,099.10 | 44,694.40 | 43,051.90 | ' |
Total | 44,610.10 | 46,179 | 44,545.90 | ' |
Life Reserves for Future Policy and Contract Benefits | 7,740.50 | 7,571.10 | 7,454.20 | ' |
Accident and Health Active Life Reserves | 8,225.50 | 7,763.30 | 7,259.60 | ' |
Unrealized Adjustment to Reserves for Future Policy and Contract Benefits | 4,108.50 | 6,277.50 | 5,245.60 | ' |
Liability for Claims and Claims Adjustment Expense | $24,535.60 | $24,567.10 | $24,586.50 | $24,339.40 |
Schedule_of_Net_Unrealized_Gai
Schedule of Net Unrealized Gain on Securities (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | ($2,101.20) | $918.80 | $1,519.80 |
Fixed Maturity Securities | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | 7,221.50 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -3,166.70 | ' | ' |
Balance, End of Period, Net of Tax | 4,054.80 | ' | ' |
Other Investments | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | 92.8 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -37.3 | ' | ' |
Balance, End of Period, Net of Tax | 55.5 | ' | ' |
Deferred Acquisition Costs | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | -67 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 25.4 | ' | ' |
Balance, End of Period, Net of Tax | -41.6 | ' | ' |
Reserve for Future Policy and Contract Benefits | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | -6,277.50 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 2,169 | ' | ' |
Balance, End of Period, Net of Tax | -4,108.50 | ' | ' |
Reinsurance Recoverable | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | 351.5 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -87.7 | ' | ' |
Balance, End of Period, Net of Tax | 263.8 | ' | ' |
Deferred Income Tax Charges | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | -447.8 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 359.5 | ' | ' |
Balance, End of Period, Net of Tax | -88.3 | ' | ' |
Net Unrealized Gain on Securities | ' | ' | ' |
Change in Components of Net Unrealized Gain on Securities | ' | ' | ' |
Balance, Beginning of Period, Net of Tax | 873.5 | ' | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | -737.8 | ' | ' |
Balance, End of Period, Net of Tax | $135.70 | ' | ' |
Liability_for_Unpaid_Claims_Ad
Liability for Unpaid Claims - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | $95.50 | ' | ' |
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | 85 | ' | ' |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 196 |
Unum U.S. | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | 75.4 | 0 | 0 |
Unum U.S. | Group Life | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | 49.1 | ' | ' |
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | 85 | 0 | 0 |
Unum U.S. | VoluntaryLife [Domain] | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | 26.3 | ' | ' |
Colonial Life | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | 20.1 | 0 | 0 |
Colonial Life | Colonial_Voluntary_Life [Domain] | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | 20.1 | ' | ' |
Closed Block | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | ' | 196 |
Long-term Care | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 769.6 |
Individual Disability - Closed Block | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Reserve Increase Due to Unlocking | 0 | 0 | 183.5 |
Claim Reserve Prior Year [Member] | Unum U.S. | Group Life | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | 78 | ' | ' |
Claim Reserve Prior Year [Member] | Long-term Care | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Reserve Increase Due to Unlocking | ' | 215 | ' |
Claim Reserve Prior Year [Member] | Individual Disability - Closed Block | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Reserve Increase Due to Unlocking | ' | 176 | ' |
Claim Reserve Total [Member] | Long-term Care | ' | ' | ' |
Liability for Unpaid Claims and CAE Narrative Information [Line Items] | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | ' | 573.6 | ' |
Reserve Increase Due to Unlocking | ' | ' | $248.10 |
Schedule_of_Reclassifications_
Schedule of Reclassifications from Accumulated Other Comprehensive Income to Income (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $347.10 | $355.10 | $49.10 |
Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Reclassification on Derivatives from Other Comrpehensive Income to Net Income, before Tax | 23 | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | 15 | ' | ' |
Reclassification Out of Accumulated Other Comprehensive Income | Net Unrealized Gain on Securities | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Reclassification on Sale of Securities from Other Comprehensive Income to Net Income, before Tax | -13.4 | ' | ' |
Reclassification on Sale of Securities from Other Comprehensive Income to Net Income, Net of Tax | -8.6 | ' | ' |
Reclassification Out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Benefit Costs | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Reclassification of Gain (Loss) on Pension and Other Postretirement Benefit Plans from Other Comprehensive Income to Net Income, before Tax | -24.9 | ' | ' |
Reclassification of Gain (Loss) on Pension and Other Postretirement Benefit Plans from Other Comprehensive Income to Net Income, Net of Tax | -16 | ' | ' |
Net Realized Investments Gain Loss | Reclassification Out of Accumulated Other Comprehensive Income | Net Unrealized Gain on Securities | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Loss on Sales of Securities and Other Invested Assets | -12.6 | ' | ' |
Other than Temporary Impairment Losses | -0.8 | ' | ' |
Net Realized Investments Gain Loss | Interest Rate Swaps | Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | 1.3 | ' | ' |
Net Realized Investments Gain Loss | Foreign Exchange Contracts | Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | -13.8 | ' | ' |
Net Investment Income | Interest Rate Swaps | Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | 43.1 | ' | ' |
Net Investment Income | Foreign Exchange Contracts | Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | -5.9 | ' | ' |
Interest and Debt Expense | Interest Rate Swaps | Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Cash Flow Hedge Gain (Loss) Reclassified to Earnings | -1.7 | ' | ' |
Other Expense | Reclassification Out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Benefit Costs | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Amortization of Net Actuarial Loss | -32.9 | ' | ' |
Amortization of Prior Service Credit | 5 | ' | ' |
Curtailment Gain | 3 | ' | ' |
Income Tax Expense | Net Gain on Cash Flow Hedges | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | 8 | ' | ' |
Income Tax Expense | Reclassification Out of Accumulated Other Comprehensive Income | Net Unrealized Gain on Securities | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | -4.8 | ' | ' |
Income Tax Expense | Reclassification Out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Benefit Costs | ' | ' | ' |
Reclassifications from Accumulated Other Comprehensive Income to Income [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | ($8.90) | ' | ' |
Income_Tax_BenefitDetail
Income Tax (Benefit)(Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Abstract] | ' | ' | ' |
Net Income | $347.10 | $355.10 | $49.10 |
Additional Paid in Capital [Abstract] | ' | ' | ' |
Stock-Based Compensation | -0.8 | 3.5 | -3.3 |
Other Comprehensive Income (Loss), Tax [Abstract] | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -1,102.80 | 467.7 | 798.3 |
Change in Adjustment to Reserves for Future Policy and Contract Benefits Net of Reinsurance and Other tax expense benefit | -743.3 | 325.6 | 701.5 |
Change in Net Gain on Cash Flow Hedges | -1.3 | -4.3 | 25.2 |
Change in Unrecognized Pension and Postretirement Benefit Costs | 185.2 | -68 | -67.4 |
Total | $170.70 | $428.40 | $100.40 |
Reconciliation_of_income_tax_c
Reconciliation of income tax computed at US Federal tax rates (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax [Abstract] | ' | ' | ' |
Statutory Income Tax | 35.00% | 35.00% | 35.00% |
Prior Year Taxes | -0.10% | -0.90% | -11.00% |
Foreign Items | -1.90% | -2.00% | -0.30% |
Tax Credits | -3.40% | -2.70% | -5.90% |
Other Items, Net | -0.80% | -1.00% | -3.10% |
Effective Tax | 28.80% | 28.40% | 14.70% |
Schedule_of_deferred_income_ta
Schedule of deferred income tax assets and liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Acquisition Cost | $70 | $39.30 |
Deferred Tax Liabilities, Property, Plant and Equipment | 80.3 | 74.1 |
Deferred Tax Liabilities, Investments | 1,274.30 | 2,342.80 |
Other | 54.4 | 63.2 |
Gross Deferred Tax Liability | 1,479 | 2,519.40 |
Invested Assets | 1,180.10 | 1,934.20 |
Employee Benefits | 151.2 | 315.2 |
Other | 3.4 | 0.6 |
Gross Deferred Tax Asset | 1,334.70 | 2,250 |
Total Net Deferred Tax Liability | $144.30 | $269.40 |
Schedule_of_Income_subject_to_
Schedule of Income subject to domestic and foreign taxation (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Before Tax United States - Federal | ' | ' | ' | ' | ' | ' | ' | ' | $1,072 | $1,128.40 | $160.50 |
Income Before Tax Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 133.2 | 121.1 | 172.8 |
Income Before Income Tax | 305.8 | 284.1 | 311.5 | 303.8 | 322.7 | 320.4 | 296.4 | 310 | 1,205.20 | 1,249.50 | 333.3 |
Current Tax Expense United States - Federal | ' | ' | ' | ' | ' | ' | ' | ' | 277.9 | 164.4 | 218.4 |
Current Tax Expense Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 18.7 | 42.2 | 12.1 |
Current Tax Expense Total | ' | ' | ' | ' | ' | ' | ' | ' | 296.6 | 206.6 | 230.5 |
Deferred Tax Expense (Benefit) United States - Federal | ' | ' | ' | ' | ' | ' | ' | ' | 47.3 | 173.5 | -203.4 |
Deferred Tax Expense (Benefit) Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | -25 | 22 |
Income Tax (Benefit) - Deferred | ' | ' | ' | ' | ' | ' | ' | ' | 50.5 | 148.5 | -181.4 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $347.10 | $355.10 | $49.10 |
Unrecognized_tax_benefits_Deta
Unrecognized tax benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Balance at Beginning of Year | $17.50 | $86.90 | $138.90 |
Tax Positions Related to Prior Years - Additions | 5.7 | 13.3 | 4.4 |
Tax Positions Related to Prior Years - Subtractions | 0 | -0.6 | -11.8 |
Settlements with Tax Authorities | -4.8 | -23.5 | -44.6 |
Lapses of Statute of Limitations | 0 | -61.1 | 0 |
Tax Positions Taken During Current Year | 0 | 2.5 | 0 |
Balance at End of Year | 18.4 | 17.5 | 86.9 |
Less Tax Attributable to Temporary Items Included Above | -10.2 | -15 | -86.9 |
Total Unrecognized Tax Benefits that if Recognized Would Affect the Effective Tax Rate | $8.20 | $2.50 | $0 |
Income_Tax_Additional_Informat
Income Tax Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income Tax Reconciliation, Change in Enacted Tax Rate | ' | $6,300,000 | $9,300,000 | $6,800,000 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | ' | 3.00% | 2.00% | ' |
Excess of Financial Reporting Carrying Amount Over the Tax Basis of Investments in Foreign Subsidiaries, Provision Not Practicable | ' | 999,600,000 | ' | ' |
Liability for unrecognized tax benefits | ' | 10,200,000 | 15,000,000 | 86,900,000 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | ' | 1,100,000 | 10,400,000 | 13,100,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | 800,000 | 1,900,000 | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | -1,400,000 | -11,000,000 | -41,300,000 |
Other_Income_From_Tax_Settlement_Pretax | ' | 4,000,000 | ' | 17,500,000 |
Other_Income_From_Tax_Settlement_Aftertax | ' | 2,600,000 | ' | 11,400,000 |
Proceeds from Income Tax Refunds | 17,500,000 | ' | 60,400,000 | ' |
Impact_of_Reinstatement_of_Exemption_of_Active_Finance_Income | ' | 900,000 | ' | ' |
Operating Loss Carryforwards | ' | 0 | 0 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | 4,100,000 |
Income Taxes Paid, Net | ' | 398,100,000 | 185,000,000 | 303,500,000 |
Minimum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | 0 | ' | ' |
Maximum | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | ' | $8,000,000 | ' | ' |
Debt_Schedule_Detail
Debt Schedule (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $2,612 | $2,755.40 |
Debt, Long-term and Short-term, Combined Amount | 2,688.50 | 3,211.20 |
Securities Pledged as Collateral | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt | 76.5 | 455.8 |
Tailwind Holdings LLC [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Periodic Payment, Principal | 10 | 10 |
Fair Value Hedge Adjustment LT Debt [Domain] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | -5.7 | 15.4 |
Junior Subordinated Debt Securities Due 2038 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.41% | ' |
Long-term Debt | 226.5 | 226.5 |
Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 50.8 | 50.8 |
Notes Payable Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Long-term Debt | 200 | 200 |
Notes Payable Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.85% | ' |
Long-term Debt | 296.8 | 296.7 |
Notes Payable Due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | ' |
Long-term Debt | 350 | 350 |
Notes Payable Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | ' |
Long-term Debt | 399.7 | 399.6 |
Notes 7 Point 25 Percent due 2028 callable at or above par | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ' |
Long-term Debt | 200 | 200 |
Notes at 6 Point 75 Percent due 2028 callable at or above par | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ' |
Long-term Debt | 165.8 | 165.8 |
Notes Payable Due 2032 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | ' |
Long-term Debt | 39.5 | 39.5 |
Notes Due 2042 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ' |
Long-term Debt | 248.6 | 248.6 |
Senior Secured Notes variable due 2036 callable at or above par [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 0 | 62.5 |
Senior Secured Notes variable due 2037 callable at or above par [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $440 | $500 |
Maximum | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | ' |
Minimum | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Debt_Additional_Information_Do
Debt - Additional Information Domain (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 1998 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Integer | Northwind Holdings LLC [Member] | Northwind Holdings LLC [Member] | Northwind Holdings LLC [Member] | Northwind Holdings LLC [Member] | Northwind Holdings LLC [Member] | Tailwind Holdings LLC [Member] | Tailwind Holdings LLC [Member] | Tailwind Holdings LLC [Member] | Notes 5 Point 750 Due 2042 Callable At or Above Par [Member] | Notes 5 Point 750 Due 2042 Callable At or Above Par [Member] | Notes 6 Point 85 Percent due 2015 callable at or above par [Member] | Junior Subordinated Debt Securities 7 Point 405 Percent due 2038 [Member] | Junior Subordinated Debt Securities 7 Point 405 Percent due 2038 [Member] | Notes 7 Point 625 Percent due 2011 callable at or above par, current portion [Member] | Notes 7 Point 625 Percent due 2011 callable at or above par, current portion [Member] | Notes 7 Point 625 Percent due 2011 callable at or above par, current portion [Member] | Receive Fixed/Pay Variable | Receive Fixed/Pay Variable | Receive Fixed/Pay Variable | Receive Fixed/Pay Variable | ||||
Medium-term Notes 7 Point 0 Percent to 7 Point 2 Percent due 2023 to 2028 noncallable [Member] | Medium-term Notes 7 Point 0 Percent to 7 Point 2 Percent due 2023 to 2028 noncallable [Member] | Swap [Member] | Swap [Member] | Swap [Member] | Swap [Member] | |||||||||||||||||||
Debt Narrative Detail Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | $296.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,772.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Senior Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 800 | ' | ' | 130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | 0.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt service coverage account (DSCA) | ' | ' | ' | ' | 7.4 | 7.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | 60 | 60 | 74.4 | ' | 10 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | 116.2 | 70 | 84.4 | ' | ' | ' | ' | ' | ' | 62.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Medium-term Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225.1 | 225.1 | ' | ' | ' | ' | ' |
Percentage_ownership_of_Unum_to_PFT | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Liquidation value per capital security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.85% | 7.41% | 7.41% | 7.63% | ' | 7.63% | ' | ' | ' | ' |
Derivative, Notional Amount | 1,477.40 | 1,432.80 | 1,413 | 1,681.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | 750 | 685 | 890 |
Interest Paid | 144.6 | 139.6 | 145.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LineofCreditFacilityTermPeriod | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Maximum Borrowing Capacity If Requested | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans Change in Projected Benefit Obligation Amount (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits, U.S. Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | $1,718.70 | $1,967.90 | $1,579.80 |
Service Cost | 59.4 | 48.8 | 42.7 |
Interest Cost | 86.3 | 84.4 | 77.6 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | -225.9 | 291.4 | ' |
Defined Benefit Plan, Benefits Paid | -42.2 | -36.5 | ' |
DefinedBenefitPlanAmendments-BenefitObligationImpact | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | -126.8 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 1,718.70 | 1,822.30 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 1,590.70 | 1,353.60 | 1,170.80 |
Defined Benefit Plan, Actual Return on Plan Assets | 224.6 | 161.8 | ' |
Defined Benefit Plan, Contributions by Employer | 54.7 | 57.5 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Funded Status of Plan | 128 | 614.3 | ' |
Pension Benefits, Non U.S. Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 208.7 | 197.4 | 170.4 |
Service Cost | 4.3 | 4.2 | 4.8 |
Interest Cost | 8.6 | 8.5 | 8.8 |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 2.6 | 9.4 | ' |
Defined Benefit Plan, Benefits Paid | -4.1 | -3.9 | ' |
DefinedBenefitPlanAmendments-BenefitObligationImpact | 0 | 0 | ' |
Defined Benefit Plan, Curtailments | -3.7 | 0 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 3.6 | 8.8 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 197.7 | 187.3 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 225.7 | 205.6 | 188 |
Defined Benefit Plan, Actual Return on Plan Assets | 15.6 | 8.6 | ' |
Defined Benefit Plan, Contributions by Employer | 4 | 4.1 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 4.6 | 8.8 | ' |
Defined Benefit Plan, Funded Status of Plan | -17 | -8.2 | ' |
Other Postretirement Benefit Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 165.3 | 198.8 | 190.9 |
Service Cost | 0.7 | 1.6 | 1.9 |
Interest Cost | 8 | 9.6 | 10 |
Defined Benefit Plan, Contributions by Plan Participants | 3.9 | 3.5 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | -30.2 | 19.1 | ' |
Defined Benefit Plan, Benefits Paid | -15.9 | -16.7 | ' |
DefinedBenefitPlanAmendments-BenefitObligationImpact | 0 | -5 | ' |
Defined Benefit Plan, Curtailments | 0 | -4.2 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 11.4 | 11.5 | 11.7 |
Defined Benefit Plan, Actual Return on Plan Assets | 0.2 | 0.3 | ' |
Defined Benefit Plan, Contributions by Employer | 11.7 | 12.7 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Funded Status of Plan | $153.90 | $187.30 | ' |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans Net Periodic Benefit Cost (Detail) | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service Cost | $59.40 | $48.80 | $42.70 | $4.30 | ' | $4.20 | $4.80 | $0.70 | $1.60 | $1.90 |
Interest Cost | 86.3 | 84.4 | 77.6 | 8.6 | ' | 8.5 | 8.8 | 8 | 9.6 | 10 |
Expected Return on Plan Assets | -105.5 | -88.8 | -87.6 | -12.5 | ' | -11.1 | -12.2 | -0.6 | -0.7 | -0.7 |
Amortization of Net Actuarial Loss | 31.7 | 45.9 | 31.9 | 1.2 | ' | 0.5 | 0 | 0 | 0 | 0 |
Amortization of Prior Service Cost (Credit) | -0.1 | -0.4 | -0.5 | 0 | ' | 0 | 0 | -4.9 | -2.6 | -2.6 |
Recognized Net Gain (Loss) Due to Curtailments | 0.7 | 0 | 0 | -3.7 | -2.3 | 0 | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $72.50 | $89.90 | $64.10 | ($2.10) | ' | $2.10 | $1.40 | $3.20 | $7.90 | $8.60 |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans Amounts Recognized in Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 |
In Millions, unless otherwise specified | ||||
Pension Benefits, U.S. Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | $5.20 | $4.60 | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 136.2 | 609.7 | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | -13.4 | 0 | ' | ' |
Defined Benefit Plan, Funded Status of Plan | 128 | 614.3 | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -342.1 | -845.4 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | -0.6 | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -342.1 | -846 | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 119.7 | 296.1 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -222.4 | -549.9 | -437.6 | ' |
Pension Benefits, Non U.S. Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0 | 0 | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 0 | 0 | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | -17 | -8.2 | ' | ' |
Defined Benefit Plan, Funded Status of Plan | -17 | -8.2 | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -36.9 | -37.9 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | -0.2 | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -36.9 | -38.1 | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 10.9 | 11.1 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | -26 | -27 | -17.2 | ' |
Other Postretirement Benefit Plans | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 14.6 | 15.6 | ' | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | 139.3 | 171.7 | ' | ' |
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | ' | ' |
Defined Benefit Plan, Funded Status of Plan | 153.9 | 187.3 | ' | ' |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 10.3 | -19.3 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 2.4 | 7.3 | ' | -4.4 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 12.7 | -12 | ' | ' |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 5.8 | 14.4 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $18.50 | $2.40 | $10.70 | ' |
Employee_Benefit_Plans_Amounts1
Employee Benefit Plans Amounts Recognized in Other Comprehensive Income (Details) | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Net Actuarial Gain (Loss) | Net Actuarial Gain (Loss) | Net Actuarial Gain (Loss) | Net Actuarial Gain (Loss) | Net Actuarial Gain (Loss) | Net Actuarial Gain (Loss) | Prior Service Credit (Cost) | Prior Service Credit (Cost) | Prior Service Credit (Cost) | Prior Service Credit (Cost) | Prior Service Credit (Cost) | Prior Service Credit (Cost) | |
USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ($222.40) | ($549.90) | ($437.60) | ($26) | ' | ($27) | ($17.20) | $18.50 | $2.40 | $10.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Amortization of Net Gains (Losses) | 31.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.9 | 1.2 | 0.5 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Curtailments | 126.8 | 0 | ' | 3.7 | ' | 0 | ' | 0 | 4.2 | ' | 126.8 | 0 | 0 | 0 | 0 | 4.2 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 344.8 | -218.2 | -0.2 | -13.4 | 29.6 | -19.4 | ' | ' | ' | ' | ' | ' |
Amortization of Prior Service Cost (Credit) | -0.1 | -0.4 | -0.5 | 0 | ' | 0 | 0 | -4.9 | -2.6 | -2.6 | ' | ' | ' | ' | ' | ' | -0.1 | -0.4 | 0 | 0 | -4.9 | -2.6 |
Recognized Net Gain (Loss) Due to Curtailments | 0.7 | 0 | 0 | -3.7 | -2.3 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | 0.7 | 0 | -3.7 | 0 | 0 | 0 |
Defined Benefit Plan, Plan Amendments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 3.9 | 0 | 0 | 5 |
Change in Unrecognized Pension and Postretirement Benefit Costs, Tax Expense | ($176.40) | $60.40 | ' | ($0.20) | ' | $3.10 | ' | ($8.60) | $4.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_US_Pens
Employee Benefit Plans US Pension Assets, Fair Value Inputs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | $16.40 | $14.60 |
Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | 28.4 | 13.1 |
Defined Benefit Plan, Fair Value of Plan Assets | 1,586.40 | 1,351 |
Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 11.8 | 10.3 |
Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 884.4 | 840.7 |
Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 4.6 | 4.3 |
Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 103.7 | 84.8 |
Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Cash Equivalents, at Carrying Value | 28.4 | 13.1 |
Defined Benefit Plan, Fair Value of Plan Assets | 598.3 | 425.5 |
U.S. Mid Cap [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 139.6 | 111.6 |
U.S. Mid Cap [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 139.6 | 111.6 |
U.S. Mid Cap [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
U.S. Mid Cap [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
U.S. Small Cap [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 231.9 | 204 |
U.S. Small Cap [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 120.1 |
U.S. Small Cap [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
U.S. Small Cap [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 231.9 | 83.9 |
International Securities [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 266.2 | 209.3 |
International Securities [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 131.7 | 102.9 |
International Securities [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
International Securities [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 134.5 | 106.4 |
Emerging Markets [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 76.3 | 73.9 |
Emerging Markets [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 76.3 | 73.9 |
Emerging Markets [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Emerging Markets [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
United States Government and Government Agencies and Authorities | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 113.1 | 146.6 |
United States Government and Government Agencies and Authorities | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 7.4 | 8.6 |
United States Government and Government Agencies and Authorities | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 0 | 0 |
United States Government and Government Agencies and Authorities | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 105.7 | 138 |
Corporate Debt Securities [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 270.4 | 225.8 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 172.6 | 141.7 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 97.8 | 84.1 |
States, Municipalities, and Political Subdivisions | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 12.9 | 12.7 |
States, Municipalities, and Political Subdivisions | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 12.9 | 12.7 |
States, Municipalities, and Political Subdivisions | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 0 | 0 |
States, Municipalities, and Political Subdivisions | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Fixed Interest and Index-linked Securities | 0 | 0 |
PrivateEquityDirectInvestment [Domain] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 7.2 | ' |
PrivateEquityDirectInvestment [Domain] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | ' |
PrivateEquityDirectInvestment [Domain] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 7.2 | ' |
PrivateEquityDirectInvestment [Domain] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | ' |
Private Equity Funds | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 29.6 | 28.7 |
Private Equity Funds | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | 0 |
Private Equity Funds | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 29.6 | 28.7 |
Private Equity Funds | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | 0 |
Hedge Funds [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 66.9 | 56.1 |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | 0 |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 66.9 | 56.1 |
Hedge Funds [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Alternative Investments, Fair Value Disclosure | 0 | 0 |
U.S. Large Cap [Member] | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 343.9 | 269.2 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 2 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 343.9 | 269.2 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 3 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
U.S. Large Cap [Member] | Fair Value, Inputs, Level 1 | Pension Benefits, U.S. Plans | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Equity Securities | $0 | $0 |
Employee_Benefit_Plans_US_Chan
Employee Benefit Plans US Changes in Assets measured at fair value using significant unobservable inputs (Details) (Fair Value, Inputs, Level 3, Pension Benefits, U.S. Plans, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $103.70 | $84.80 | $68 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 7.5 | 4.3 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 1.1 | 1 | ' |
Purchases | 15.4 | 17.8 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -5.1 | -6.3 | ' |
Level 3 Transfers Into | 0 | 0 | ' |
Level 3 Transfers Out of | 0 | 0 | ' |
PrivateEquityDirectInvestment [Domain] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7.2 | 0 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0.3 | ' | ' |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | ' | ' |
Purchases | 8.4 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -1.5 | ' | ' |
Level 3 Transfers Into | 0 | ' | ' |
Level 3 Transfers Out of | 0 | ' | ' |
Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 66.9 | 56.1 | 44.3 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 6.3 | 3.8 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 0 | 0 | ' |
Purchases | 4.9 | 11.8 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -0.4 | -3.8 | ' |
Level 3 Transfers Into | 0 | 0 | ' |
Level 3 Transfers Out of | 0 | 0 | ' |
Private Equity Funds | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 29.6 | 28.7 | 23.7 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0.9 | 0.5 | ' |
Defined Benefit Plan, Actual Return on Plan Assets Sold During Period | 1.1 | 1 | ' |
Purchases | 2.1 | 6 | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -3.2 | -2.5 | ' |
Level 3 Transfers Into | 0 | 0 | ' |
Level 3 Transfers Out of | $0 | $0 | ' |
Employee_Benefit_Plans_UK_Pens
Employee Benefit Plans UK Pension Assets, Fair Value Measurement by Input Level (Details) (Pension Benefits UK Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Diversified Growth Assets | $172 | $154.70 |
Fixed Interest and Index-linked Securities | 53 | 43.5 |
Cash Equivalents, at Carrying Value | 0.7 | 7.4 |
Defined Benefit Plan, Fair Value of Plan Assets | 225.7 | 205.6 |
Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Diversified Growth Assets | 172 | 154.7 |
Fixed Interest and Index-linked Securities | 0.4 | 0.9 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 172.4 | 155.6 |
Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Diversified Growth Assets | 0 | 0 |
Fixed Interest and Index-linked Securities | 0 | 0 |
Cash Equivalents, at Carrying Value | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Diversified Growth Assets | 0 | 0 |
Fixed Interest and Index-linked Securities | 52.6 | 42.6 |
Cash Equivalents, at Carrying Value | 0.7 | 7.4 |
Defined Benefit Plan, Fair Value of Plan Assets | $53.30 | $50 |
Employee_Benefit_Plans_OPEB_Pl
Employee Benefit Plans OPEB Plan Assets, Fair Value Measurements by Input Level (Details) (Other Postretirement Benefit Plans, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Life Settlement Contracts, Fair Value Method, Face Value | $11.40 | $11.50 |
Fair Value, Inputs, Level 2 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Life Settlement Contracts, Fair Value Method, Face Value | 0 | 0 |
Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Life Settlement Contracts, Fair Value Method, Face Value | 11.4 | 11.5 |
Fair Value, Inputs, Level 1 | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Life Settlement Contracts, Fair Value Method, Face Value | $0 | $0 |
Employee_Benefit_Plans_OPEB_Ch
Employee Benefit Plans OPEB Changes in Assets Measured at Fair Value Using Signficant Unobservable Inputs (Details) (Defined Benefit Postretirement Life Insurance [Member], Fair Value, Inputs, Level 3, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Postretirement Life Insurance [Member] | Fair Value, Inputs, Level 3 | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $11.40 | $11.50 | $11.70 |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0.2 | 0.3 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 15.6 | 16.2 | ' |
Defined Benefit Plan, Benefits Paid | ($15.90) | ($16.70) | ' |
Employee_Benefit_Plans_Measure
Employee Benefit Plans Measurement Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | ||
Pension Benefits, U.S. Plans | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Discount Rate Pre-Remeasurement | 4.50% | [1] | ' |
Discount Rate Post-Remesurement | 5.00% | [1] | ' |
Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.30% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | ' | 5.40% | |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% | 4.00% | |
Pension Benefits, Non U.S. Plans | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Discount Rate Pre-Remeasurement | 4.50% | [2] | ' |
Discount Rate Post-Remesurement | 4.60% | [2] | ' |
Expected Return Pre-Remeasurement | 6.20% | [2] | ' |
Expected Return Post-Remeasurement | 6.35% | [2] | ' |
Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.40% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.90% | 3.75% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | ' | 4.90% | |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | ' | 5.80% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.75% | 3.85% | |
Other Postretirement Benefit Plans | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | |
Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.00% | 4.20% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 0.00% | 0.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.20% | 5.20% | |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.75% | 5.75% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% | |
[1] | *In conjunction with the remeasurement due to the amendment of the plans, a discount rate of 4.50% was used for the period January 1, 2013 through the date of remeasurement, and a discount rate of 5.00% was used for the period subsequent to the date of remeasurement through December 31, 2013. | ||
[2] | **In conjunction with the remeasurement due to the amendment of the plan, a discount rate of 4.50% and expected return on plan assets of 6.20% were used for the period January 1, 2013 through the date of remeasurement, and a discount rate of 4.60% and expected return on plan assets of 6.35% were used for the period subsequent to the date of remeasurement through December 31, 2013. |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans Expected Benefit Payments (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits, U.S. Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
Benefit Payments in Year One | $45.10 |
Benefit Payments in Year Two | 49.3 |
Benefit Payments in Year Three | 54.6 |
Benefit Payments in Year Four | 59.4 |
Benefit Payments in Year Five | 64.7 |
Benefit Payments in Five Fiscal Years Thereafter | 421.9 |
Pension Benefits, Non U.S. Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
Benefit Payments in Year One | 5.4 |
Benefit Payments in Year Two | 5.8 |
Benefit Payments in Year Three | 6.1 |
Benefit Payments in Year Four | 6.4 |
Benefit Payments in Year Five | 6.7 |
Benefit Payments in Five Fiscal Years Thereafter | 38.9 |
Other Postretirement Benefit Plans | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
Benefit Payments in Year One | 16.4 |
Prescription Drug Subsidy Receipts, Year One | 1.8 |
Net OPEB Payments in Year One | 14.6 |
Benefit Payments in Year Two | 16.4 |
Prescription Drug Subsidy Receipts, Year Two | 1.9 |
Net OPEB Payments in Year Two | 14.5 |
Benefit Payments in Year Three | 16.2 |
Prescription Drug Subsidy Receipts, Year Three | 2.1 |
Net OPEB Payments in Year Three | 14.1 |
Benefit Payments in Year Four | 15.9 |
Prescription Drug Subsidy Receipts, Year Four | 2.2 |
Net OPEB Payments in Year Four | 13.7 |
Benefit Payments in Year Five | 15.6 |
Prescription Drug Subsidy Receipts, Year Five | 2.4 |
Net OPEB Payments in Year Five | 13.2 |
Benefit Payments in Five Fiscal Years Thereafter | 70.3 |
Prescription Drug Subsidy Receipts, Five Fiscal Years Thereafter | 14.2 |
Net OPEB Payments in Five Fiscal Years Thereafter | $56.10 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, Non U.S. Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Other Postretirement Benefit Plans | Equity Securites | Equity Securites | Fixed Maturity Securities | Alternative Investments | Other Investments | Minimum | Maximum | After Pension Amendment [Member] | After Pension Amendment [Member] | Prior to Pension Amendments [Member] | Prior to Pension Amendments [Member] | After Pension Amendment [Member] | After Pension Amendment [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Rate | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Private Equity Funds | Private Equity Funds | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | Pension Benefits, U.S. Plans | Pension Benefits, Non U.S. Plans | ||
Rate | Rate | Rate | Pension Benefits, U.S. Plans | Pension Benefits, U.S. Plans | GBP (£) | ||||||||||||||||||||||||
Integer | Rate | ||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assumptions Used Calculating Benefit Obligation, Discount Rate | ' | 5.30% | 4.50% | ' | 4.40% | ' | 4.40% | 4.40% | 4.50% | 4.50% | ' | ' | 5.00% | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | 5.00% | 4.60% |
Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | ' | 7.50% | 7.50% | ' | ' | ' | ' | ' | 5.80% | 5.80% | ' | ' | 5.75% | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | ' | 6.35% |
Incremental Effect on Balance Sheet, Liability or Equity Line Item Change Due to Additional Minimum Pension Liability (AML) Adjustment, Period Increase (Decrease) | ' | ($327,400,000) | ' | ' | ' | ' | ($2,300,000) | £ (1,500,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Curtailments (Tax Impact) | ' | -114,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized Net Gain (Loss) Due to Curtailments | ' | -700,000 | 0 | 0 | ' | ' | 3,700,000 | 2,300,000 | 0 | ' | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Inflation Rate on Pensionable Earnings | ' | ' | ' | ' | 2.50% | ' | 2.50% | 2.50% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Curtailments | ' | 126,800,000 | 0 | ' | ' | ' | 3,700,000 | ' | 0 | ' | ' | ' | 0 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Amendments - Benefit Obligation Impact | ' | 0 | 0 | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | 0 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Remaining Life Expectancy of Plan Participants | ' | ' | ' | ' | ' | ' | '11 years | '11 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Plan Asset Allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 75.00% | 30.00% | 10.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Private equity funds, number of years to maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 8 | ' | ' | ' | ' | ' | ' |
Level 3 Transfers Into | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Level 3 Transfers Out of | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.58% | 5.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Health Care Cost Trend Rate Assumed for Next Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ultimate Health Care Cost Trend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of One Percentage Point Increase on Service and Interest Cost Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of One Percentage Point Decrease on Service and Interest Cost Components | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | ' | 0 | 600,000 | ' | 0 | ' | 0 | ' | 200,000 | ' | ' | ' | -2,400,000 | -7,300,000 | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Prescription Drug Subsidy Receipts Received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 1,300,000 | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | -5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount that will be recognized from AOCI to Income, after tax | -3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Discussion of Pension and Other Postretirement Benefits | ' | 'We had no regulatory contribution requirements for our U.S. qualified defined benefit plan in 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension Contributions | ' | 50,000,000 | ' | ' | ' | ' | 4,000,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension Plan Contributions, Percent of Pensionable Earnings | ' | ' | ' | ' | 30.00% | 24.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | ' | ' | ' | ' | 2,300,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer Matching Contribution, Percent of Employees' Gross Pay | ' | 3.00% | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' |
Employer Matching Contribution on amts over 3% | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer Matching Contribution % for $0.50 | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer Discretionary Contribution Percentage of earnings | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | 6.00% | ' | ' | ' | ' |
Employer Matching Contribution for Every Pound on the First One Percent of Employee Contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Employee Contribution Percentage Received 2-for-1 Employer Match | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' |
Cost Recognized | ' | $18,800,000 | $18,900,000 | $18,800,000 | ' | ' | $2,900,000 | £ 1,900,000 | $2,900,000 | £ 1,800,000 | $2,600,000 | £ 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | $221.20 | $205.70 | $218.60 | $212.60 | $233.90 | $230.20 | $216.40 | $213.90 | $858.10 | $894.40 | $284.20 |
Denominator (000s) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Common Shares - Basic | ' | ' | ' | ' | ' | ' | ' | ' | 264,725,800 | 281,355,900 | 302,399,800 |
Dilution for Assumed Exercises of Stock Options and Nonvested Stock Awards | ' | ' | ' | ' | ' | ' | ' | ' | 1,223,400 | 400,900 | 1,171,200 |
Weighted Average Common Shares - Assuming Dilution | ' | ' | ' | ' | ' | ' | ' | ' | 265,949,200 | 281,756,800 | 303,571,000 |
Net Income Per Common Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Basic | $0.85 | $0.78 | $0.82 | $0.79 | $0.86 | $0.83 | $0.76 | $0.74 | $3.24 | $3.18 | $0.94 |
Earnings Per Share, Diluted | $0.84 | $0.78 | $0.82 | $0.79 | $0.85 | $0.83 | $0.76 | $0.73 | $3.23 | $3.17 | $0.94 |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $858.10 | $894.40 | $284.20 |
Stockholders_Equity_and_Earnin2
Stockholders' Equity and Earnings Per Common Share Authorized share repurchase programs (Details) (USD $) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 |
Repurchase Program Authorized in December 2013 [Member] | Repurchase Program Authorized in July 2012 [Member] | Repurchase Program Authorized in July 2012 [Member] | Repurchase Program Authorized in February 2011 [Member] | Repurchase Program Authorized in February 2011 [Member] | Repurchase Program Authorized in May 2010 [Member] | Repurchase Program Authorized in May 2010 [Member] | |
Authorized common stock repurchase programs [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | $750 | ' | $750 | ' | $1,000 | ' | $500 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $730 | $0 | ' | $0 | ' | $0 | ' |
Stockholders_Equity_and_Earnin3
Stockholders' Equity and Earnings Per Common Share Share Repurchases (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share Repurchase Table [Line Items] | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | 11.2 | 23.6 | 25.4 |
Stock Repurchased During Period, Value | ' | ' | $318.60 | $500.60 | $619.90 |
shares repurchased on the open market [Member] | ' | ' | ' | ' | ' |
Share Repurchase Table [Line Items] | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | 11.2 | 23.6 | 17.7 |
Treasury Stock Acquired in Open Market Value | ' | ' | 318.6 | 500.6 | 419.9 |
Accelerated share repurchase program [Member] | ' | ' | ' | ' | ' |
Share Repurchase Table [Line Items] | ' | ' | ' | ' | ' |
Stock Repurchased and Retired During Period, Shares | ' | ' | 0 | 0 | 7.7 |
Stock Repurchased and Retired During Period, Value | ' | ' | $0 | $0 | $200 |
Stock Repurchased During Period, Shares | 0.6 | 7.1 | ' | ' | ' |
Stockholders_Equity_and_Earnin4
Stockholders' Equity and Earnings Per Common Share - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' |
Oustanding Stock Options, grant price range, lower limit | ' | ' | 11.37 | ' | ' |
Oustanding Stock Options, grant price range, upper limit | ' | ' | 26.29 | ' | ' |
Outstanding Nonvested stock awards, grant prices range, lower limit | ' | ' | 19.38 | ' | ' |
Outstanding Nonvested stock awards, grant prices range, upper limit | ' | ' | 32.35 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | ' | ' | 23.97 | ' | ' |
Antidilutive common shares not included in the computation of dilutive earnings per share | ' | ' | 100,000 | 2,500,000 | 2,100,000 |
Shares Repurchased Cost Commissions | ' | ' | 0.2 | 0.6 | $0.30 |
Stock Repurchased During Period, Shares | ' | ' | 11,200,000 | 23,600,000 | 25,400,000 |
Preferred stock, authorized | ' | ' | 25,000,000 | ' | ' |
Preferred stock, par value | ' | ' | 0.1 | ' | ' |
Preferred stock, issued | ' | ' | 0 | ' | ' |
Accelerated share repurchase program [Member] | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | 600,000 | 7,100,000 | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | ' | ' | ' | ' | $200 |
Stock Repurchased and Retired During Period, Shares | ' | ' | 0 | 0 | 7,700,000 |
StockBased_Compensation_Nonves
Stock-Based Compensation - Nonvested Stock Awards Classified in Equity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $23.97 | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Outstanding Beginning Balance | 1,403 | ' | ' |
Shares Granted | 731 | ' | ' |
Shares Vested | -790 | ' | ' |
Shares Forfeited | -22 | ' | ' |
Shares Outstanding Ending Balance | 1,322 | 1,403 | ' |
Weighted Average Grant Date Fair Value at Beginning of Period | $23.57 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $24.68 | $22.96 | $26.13 |
Weighted Average Grant Date Fair Value of Shares Vested | $23.12 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Forfeited | $24.22 | ' | ' |
Weighted Average Grant Date Fair Value at End of Period | $24.35 | $23.57 | ' |
Cash Settled Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares Outstanding Beginning Balance | 207 | ' | ' |
Shares Granted | 60 | ' | ' |
Shares Vested | -102 | ' | ' |
Shares Outstanding Ending Balance | 165 | 207 | ' |
Weighted Average Grant Date Fair Value at Beginning of Period | $23.72 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $24.22 | $23.23 | $26.22 |
Weighted Average Grant Date Fair Value of Shares Vested | $23.29 | ' | ' |
Weighted Average Grant Date Fair Value at End of Period | $24.09 | $23.72 | ' |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation - Cash Settled Awards Classified as Liability (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Cash Settled Awards Classified as Liabilities [Roll Forward] | ' | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $23.97 | ' | ' |
Cash Settled Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Cash Settled Awards Classified as Liabilities [Roll Forward] | ' | ' | ' |
Shares Outstanding Beginning Balance | 207 | ' | ' |
Shares Granted | 60 | ' | ' |
Shares Vested | -102 | ' | ' |
Shares Outstanding Ending Balance | 165 | 207 | ' |
Weighted Average Grant Date Fair Value at Beginning of Period | $23.72 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $24.22 | $23.23 | $26.22 |
Weighted Average Grant Date Fair Value of Shares Vested | $23.29 | ' | ' |
Weighted Average Grant Date Fair Value at End of Period | $24.09 | $23.72 | ' |
StockBased_Compensation_Expens
Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $23.60 | $24.20 | $23.50 |
Allocated Share-based Compensation Expense, Net of Tax | 15.6 | 15.6 | 15.3 |
Performance Share Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 1.1 | 0 | 0 |
Restricted Stock Units and Cash-Settled Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 21 | 20.9 | 19.6 |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 1 | 2.7 | 2.7 |
Other Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $0.50 | $0.60 | $1.20 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $23.97 | ' | ' |
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | $11.40 | $4.90 | $14.80 |
Performance Share Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '3 years | ' | ' |
Approximate Shares Granted | 100,000 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $25.26 | ' | ' |
Nonvested Awards, Total Compensation Cost Not yet Recognized | 2.1 | ' | ' |
Period for Recognition of Unrecognized Compensation Costs for Nonvested Awards | '2 years | ' | ' |
Percentage of Shares Expected to Vest for Unrecognized Compensation Cost and Compensation Expense | 100.00% | ' | ' |
Expected Volatility Rate | 35.00% | ' | ' |
Expected Life | '3 years | ' | ' |
Expected Dividend Rate | 2.17% | ' | ' |
Risk Free Interest Rate | 0.38% | ' | ' |
Performance Share Units | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of Stock-based Awards Possible to be Earned | 0.00% | ' | ' |
Performance Share Units | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of Stock-based Awards Possible to be Earned | 180.00% | ' | ' |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Approximate Shares Granted | 731,000 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $24.68 | $22.96 | $26.13 |
Nonvested Awards, Total Compensation Cost Not yet Recognized | 10.6 | ' | ' |
Period for Recognition of Unrecognized Compensation Costs for Nonvested Awards | '292 days | ' | ' |
Fair Value of Awards Vested During the Period | 18.3 | 19.5 | 19.2 |
Restricted Stock Units (RSUs) | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '1 year | ' | ' |
Restricted Stock Units (RSUs) | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '3 years | ' | ' |
Cash Settled Awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Approximate Shares Granted | 60,000 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $24.22 | $23.23 | $26.22 |
Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | ' | ' |
Fair Value of Awards Vested During the Period | 2.4 | 1.5 | 0.7 |
Cash Used to Settle Awards | 2.5 | 1.5 | 0.9 |
Cash Settled Awards | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '1 year | ' | ' |
Cash Settled Awards | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '3 years | ' | ' |
Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Period for Recognition of Unrecognized Compensation Costs for Nonvested Awards | '252 days | ' | ' |
Expected Volatility Rate | 52.00% | 52.00% | 53.00% |
Expected Life | '6 years | '6 years | '5 years 6 months |
Expected Dividend Rate | 2.14% | 1.80% | 1.41% |
Risk Free Interest Rate | 1.12% | 1.13% | 2.37% |
Intrinsic Value of Options Exercised | 4.4 | 0.6 | 3.9 |
Fair Value of Options that Vested During the Period | 2.4 | 2.3 | 2.7 |
Unrecognized Compensation Cost on Stock Options | $0.60 | ' | ' |
Weighted Average Grant Date Fair Value of Shares Granted | $9.77 | $9.78 | $11.73 |
Stock Options | Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '1 year | ' | ' |
Stock Options | Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Vesting Period | '3 years | ' | ' |
Stock Incentive Plan 2012 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 20,000,000 | ' | ' |
Number of Shares for Each Full Value Award | 1.76 | ' | ' |
Total Duration of the Stock Incentive Plan | '8 years | ' | ' |
Award Vesting Period | '3 years | ' | ' |
Number of Shares Available for Grant | 18,310,000 | ' | ' |
Stock Incentive Plan 2007 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 35,000,000 | ' | ' |
Number of Shares for Each Full Value Award | 2.7 | ' | ' |
Total Duration of the Stock Incentive Plan | '8 years | ' | ' |
Award Vesting Period | '3 years | ' | ' |
Stock_option_activity_Detail
Stock option activity (Detail) (Stock Options, USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Stock Options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares Outstanding at Beginning of Period | 1,691 |
Shares Granted | 103 |
Shares Exercised | -399 |
Shares Outstanding at End of Period | 1,395 |
Shares Exercisable | 1,041 |
Weighted Average Exercise Price of Shares Outstanding at Beginning of Period | $20.98 |
Weighted Average Exercise Price of Shares Granted | $24.25 |
Weighted Average Exercise Price of Shares Exercised | $21.15 |
Weighted Average Exercise Price of Shares Outstanding at End of Period | $21.17 |
Weighted Average Exercise Price of Exercisable Shares | $20.15 |
Weighted Average Remaining Contractual Term of Outstanding Options | '4 years 59 days |
Weighted Average Remaining Contractual Term of Exercisable Option | '3 years 166 days |
Options Outstanding, Intrinsic Value | $19.40 |
Options, Exercisable, Intrinsic Value | $15.50 |
Reinsurance_Premium_Income_Dat
Reinsurance - Premium Income Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | $7,777.30 | $7,736 | $7,521.50 |
Reinsurance Assumed | ' | ' | ' | ' | ' | ' | ' | ' | 203.2 | 210.9 | 216.6 |
Reinsurance Ceded | ' | ' | ' | ' | ' | ' | ' | ' | -355.8 | -230.8 | -223.9 |
Premium Income | 1,890.70 | 1,897.30 | 1,905.80 | 1,930.90 | 1,937.20 | 1,929.40 | 1,927.60 | 1,921.90 | 7,624.70 | 7,716.10 | 7,514.20 |
Ceded Benefits and Change in Reserves for Future Benefits | ' | ' | ' | ' | ' | ' | ' | ' | $728.70 | $591.70 | $609.20 |
Reinsurance_Additional_Informa
Reinsurance - Additional Information (Detail) (GBP £) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Number of companies that make up reinsurance recoverable | 86 |
Number of companies that make up majority of reinsurance recoverable | 13 |
Percent of reinsurance recoverable made up by majority of companies | 91.00% |
Remaining companies rated A- or better by AM best | 8.00% |
Percent of recoverable held with companies less than A- | 1.00% |
Reinsurance Agreement [Member] | Minimum | ' |
Quota Share Reinsurance Percentage | 50.00% |
Quota Share Coverage Amount | £ 0.5 |
Reinsurance Agreement [Member] | Maximum | ' |
Quota Share Reinsurance Percentage | 100.00% |
Reconciliation_of_Total_Operat
Reconciliation of Total Operating Revenue and Operating Income by Segment to Revenue and Net Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $10,347 | $10,459.20 | $10,282.90 |
Realized Investment Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | 6.8 | 56.2 | -4.9 |
Revenues | 2,586.20 | 2,540.90 | 2,601.90 | 2,624.80 | 2,658.20 | 2,628 | 2,617.90 | 2,611.30 | 10,353.80 | 10,515.40 | 10,278 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,241.80 | 1,239.70 | 1,323.20 |
Realized Investment Gains (Losses) | ' | ' | ' | ' | ' | ' | ' | ' | 6.8 | 56.2 | -4.9 |
Non-operating Retirement-related Loss | ' | ' | ' | ' | ' | ' | ' | ' | -32.9 | -46.4 | -31.9 |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -95.5 | ' | ' |
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | 85 | ' | ' |
Impairment of Deferred Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -196 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 305.8 | 284.1 | 311.5 | 303.8 | 322.7 | 320.4 | 296.4 | 310 | 1,205.20 | 1,249.50 | 333.3 |
Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -75.4 | 0 | 0 |
Colonial Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -20.1 | 0 | 0 |
Long-term Care | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Deferred Acquisition Costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -769.6 |
Individual Disability - Closed Block | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reserve Increase Due to Unlocking | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -183.5 |
Group Life | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unclaimed Death Benefit Reserve Increase (Decrease) Before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -49.1 | ' | ' |
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | ' | ' | ' | ' | ' | ' | ' | ' | $85 | $0 | $0 |
Premium_Income_by_Major_Line_o
Premium Income by Major Line of Business within Each Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | $1,890.70 | $1,897.30 | $1,905.80 | $1,930.90 | $1,937.20 | $1,929.40 | $1,927.60 | $1,921.90 | $7,624.70 | $7,716.10 | $7,514.20 |
Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 4,517.10 | 4,456.50 | 4,296 |
Unum U.K. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 556.6 | 694.6 | 687.6 |
Colonial Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,232.20 | 1,194.50 | 1,135.30 |
Closed Block | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,318.80 | 1,370.50 | 1,395.30 |
Group Long term Disability [Member] | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,553.90 | 1,578.80 | 1,580.20 |
Group Long term Disability [Member] | Unum U.K. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 389.9 | 409.7 | 419.6 |
Group Short term Disability [Member] | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 519.6 | 476.7 | 455.2 |
Group Life | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,213.90 | 1,182.10 | 1,106.70 |
Group Life | Unum U.K. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 106.4 | 221.3 | 203.6 |
Accidental Death Dismemberment [Member] | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 121.6 | 115.3 | 109.2 |
Individual Disability Recently Issued [Member] | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 465.3 | 477.6 | 464.7 |
Voluntary Benefits [Member] | Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 642.8 | 626 | 580 |
Supplemental and Voluntary Insurance [Member] | Unum U.K. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 60.3 | 63.6 | 64.4 |
Accident and Health Insurance Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 5,849.60 | 5,868.10 | 5,781.10 |
Accident and Health Insurance Segment | Colonial Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 738.7 | 724.5 | 695.3 |
Life Insurance Product Line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,775.10 | 1,848 | 1,733.10 |
Life Insurance Product Line | Colonial Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 221.1 | 209.7 | 190.7 |
Cancer and Critical Illness Colonial [Member] | Colonial Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 272.4 | 260.3 | 249.3 |
Individual Disability Insurance [Member] | Closed Block | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 687.5 | 736.4 | 787 |
Long-term Care | Closed Block | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 630.6 | 631.9 | 608.1 |
Other Insurance Product Line | Closed Block | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | $2.20 | $0.20 |
Selected_Operating_Statement_D
Selected Operating Statement Data by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | $1,890.70 | $1,897.30 | $1,905.80 | $1,930.90 | $1,937.20 | $1,929.40 | $1,927.60 | $1,921.90 | $7,624.70 | $7,716.10 | $7,514.20 |
Net Investment Income | 629.4 | 615.5 | 626.1 | 621.1 | 643 | 619.2 | 633.5 | 619.5 | 2,492.10 | 2,515.20 | 2,519.60 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 230.2 | 227.9 | 249.1 |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10,347 | 10,459.20 | 10,282.90 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,241.80 | 1,239.70 | 1,323.20 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 149.4 | 145.4 | 143.3 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 509.8 | 468.5 | 455 |
Unum U.S. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 4,517.10 | 4,456.50 | 4,296 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 929.6 | 952.3 | 951.4 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 128.3 | 124.6 | 121.6 |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,575 | 5,533.40 | 5,369 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 859 | 847.1 | 816.9 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 1.1 | 1 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 292.5 | 255.6 | 245.9 |
Unum U.K. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 556.6 | 694.6 | 687.6 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 148.5 | 170.8 | 189.9 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | 0.3 |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 705.2 | 865.5 | 877.8 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 132 | 131.3 | 190.7 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22.5 | 27.2 | 26.8 |
Colonial Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,232.20 | 1,194.50 | 1,135.30 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 145.4 | 138.6 | 132.4 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | 0.3 | 0.5 |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,377.80 | 1,333.40 | 1,268.20 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 284.9 | 274.3 | 270.1 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 188.7 | 181 | 164.6 |
Closed Block | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,318.80 | 1,370.50 | 1,395.30 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | 1,272.30 | 1,230.50 | 1,189.70 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 93.9 | 100.1 | 106.1 |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,685 | 2,701.10 | 2,691.10 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 109.4 | 95.5 | 123.9 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 8.4 | 10.4 | 10.5 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 3.9 | 16.9 |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Investment Income | ' | ' | ' | ' | ' | ' | ' | ' | -3.7 | 23 | 56.2 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 2.8 | 20.6 |
Operating Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 25.8 | 76.8 |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -143.5 | -108.5 | -78.4 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 140.9 | 133.9 | 131.8 |
Depreciation, Depletion and Amortization | ' | ' | ' | ' | ' | ' | ' | ' | $0.90 | $0.80 | $0.80 |
Segment_Information_Deferred_A
Segment Information Deferred Acquisition Costs by Segment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' |
Deferred Acquisition Costs at Beginning of Period | $1,755.50 | $1,677.10 | $1,816.10 |
Deferral of Acquisition Costs | 466.8 | 467.3 | 442.5 |
Deferred Policy Acquisition Cost, Amortization Expense | -418.9 | -378.7 | -365.7 |
Impairment of Deferred Acquisition Costs | 0 | 0 | -196 |
Adjustment Related to Unrealized Investment Gain (Loss) | 25.4 | -12 | -19.6 |
Deferred Policy Acquisition Costs Foreign Currency Translation Adjustment And Other | -0.4 | -1.8 | -0.2 |
Deferred Acquisition Costs at End of Period | 1,829.20 | 1,755.50 | 1,677.10 |
Unum U.S. | ' | ' | ' |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' |
Deferred Acquisition Costs at Beginning of Period | 1,024.30 | 971.8 | 943.7 |
Deferral of Acquisition Costs | 252 | 249.2 | 220.3 |
Deferred Policy Acquisition Cost, Amortization Expense | -230 | -196.5 | -188.1 |
Impairment of Deferred Acquisition Costs | ' | ' | 0 |
Adjustment Related to Unrealized Investment Gain (Loss) | 5.2 | -0.2 | -4.1 |
Deferred Policy Acquisition Costs Foreign Currency Translation Adjustment And Other | 0 | 0 | 0 |
Deferred Acquisition Costs at End of Period | 1,051.50 | 1,024.30 | 971.8 |
Unum U.K. | ' | ' | ' |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' |
Deferred Acquisition Costs at Beginning of Period | 38.8 | 40.9 | 41 |
Deferral of Acquisition Costs | 9.8 | 11.8 | 15.4 |
Deferred Policy Acquisition Cost, Amortization Expense | -14.7 | -15.7 | -15.3 |
Impairment of Deferred Acquisition Costs | ' | ' | 0 |
Adjustment Related to Unrealized Investment Gain (Loss) | 0 | 0 | 0 |
Deferred Policy Acquisition Costs Foreign Currency Translation Adjustment And Other | -0.4 | -1.8 | -0.2 |
Deferred Acquisition Costs at End of Period | 34.3 | 38.8 | 40.9 |
Colonial Life | ' | ' | ' |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' |
Deferred Acquisition Costs at Beginning of Period | 692.4 | 664.4 | 628 |
Deferral of Acquisition Costs | 205 | 206.3 | 203.1 |
Deferred Policy Acquisition Cost, Amortization Expense | -174.2 | -166.5 | -151.2 |
Impairment of Deferred Acquisition Costs | ' | ' | 0 |
Adjustment Related to Unrealized Investment Gain (Loss) | 20.2 | -11.8 | -15.5 |
Deferred Policy Acquisition Costs Foreign Currency Translation Adjustment And Other | 0 | 0 | 0 |
Deferred Acquisition Costs at End of Period | 743.4 | 692.4 | 664.4 |
Closed Block | ' | ' | ' |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ' | ' | ' |
Deferred Acquisition Costs at Beginning of Period | 0 | 0 | 203.4 |
Deferral of Acquisition Costs | 0 | 0 | 3.7 |
Deferred Policy Acquisition Cost, Amortization Expense | 0 | 0 | -11.1 |
Impairment of Deferred Acquisition Costs | ' | ' | -196 |
Adjustment Related to Unrealized Investment Gain (Loss) | 0 | 0 | 0 |
Deferred Policy Acquisition Costs Foreign Currency Translation Adjustment And Other | 0 | 0 | 0 |
Deferred Acquisition Costs at End of Period | $0 | $0 | $0 |
Assets_by_Segment_Detail
Assets by Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Assets | $59,403.60 | $62,236.10 |
Unum U.S. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 18,384.30 | 19,391.20 |
Unum U.K. | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 3,654.10 | 3,975.80 |
Colonial Life | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 3,482.90 | 3,434.90 |
Closed Block | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | 31,564.20 | 33,069.20 |
Corporate | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Assets | $2,318.10 | $2,365 |
Segment_Information_Segments_A
Segment Information Segments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Integer | ||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' |
Number of Operating Segments | 3 | ' |
Goodwill | $200.90 | $201.70 |
Unum U.S. | ' | ' |
Supplementary Insurance Information, by Segment [Line Items] | ' | ' |
Goodwill | $189 | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | $213.90 | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 40.7 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 27.9 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 22.4 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 17.7 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 16.6 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 88.6 | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | 44.1 | 41.6 | 36.1 |
Commitment to fund partnership Equity Investments | 158.4 | ' | ' |
Commitment to fund private placement fixed maturity securities | 58 | ' | ' |
Committments to Fund Commercial Mortgage Loans | 83.9 | ' | ' |
Interest on undrawn retained asset account funds | ' | ' | 18.00% |
Loss Contingency, Damages Awarded, Value | 12.1 | ' | ' |
Loss Contingency, Prejudgment Interest Awarded | $1.30 | ' | ' |
Combined_Statutory_Capital_and
Combined Statutory Capital and Surplus (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
United States Traditional Insurance Subsidiaries [Member] | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Statutory Combined Capital and Surplus | $3,450.50 | $3,426.50 |
CaptiveReinsurers [Domain] | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Statutory Combined Capital and Surplus | $1,679.40 | $1,765.30 |
Statutory_Financial_Informatio2
Statutory Financial Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
United States Traditional Insurance Subsidiaries [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory Net Income | $584.50 | $624.50 | $642.90 |
Statutory Combined Net Gain from Operations | 617.5 | 649.8 | 664 |
CaptiveReinsurers [Domain] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory Net Income | 13.3 | 40.8 | 64.6 |
Statutory Combined Net Gain from Operations | $13.60 | $37.40 | $55.40 |
Statutory_Financial_Informatio3
Statutory Financial Information - Additional Details (Detail) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
UnumProvidentInternationalLimited [Domain] | UnumLimited [Domain] | United States Traditional Insurance Subsidiaries [Member] | United States Traditional Insurance Subsidiaries [Member] | United States Traditional Insurance Subsidiaries [Member] | |
USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | |
Statutory Accounting Practices [Line Items] | ' | ' | ' | ' | ' |
CapitalandSurplusIncreaseFromRedomestication | $176 | ' | ' | ' | ' |
Statutory Net Income | ' | 94.6 | 584.5 | 624.5 | 642.9 |
Statutory Combined Capital and Surplus | ' | 438.1 | 3,450.50 | 3,426.50 | ' |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments | ' | 187.8 | 591 | ' | ' |
Cash and Securities Segregated under Federal and Other Regulations | ' | ' | $280.50 | $277.50 | ' |
Schedule_of_Unaudited_Quarterl
Schedule of Unaudited Quarterly Results (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Premium Income | $1,890.70 | $1,897.30 | $1,905.80 | $1,930.90 | $1,937.20 | $1,929.40 | $1,927.60 | $1,921.90 | $7,624.70 | $7,716.10 | $7,514.20 |
Net Investment Income | 629.4 | 615.5 | 626.1 | 621.1 | 643 | 619.2 | 633.5 | 619.5 | 2,492.10 | 2,515.20 | 2,519.60 |
Net Realized Investment Gain (Loss) | 9.3 | -26.1 | 13.3 | 10.3 | 24.6 | 21.3 | -2.1 | 12.4 | 6.8 | 56.2 | -4.9 |
Total Revenue | 2,586.20 | 2,540.90 | 2,601.90 | 2,624.80 | 2,658.20 | 2,628 | 2,617.90 | 2,611.30 | 10,353.80 | 10,515.40 | 10,278 |
Income Before Income Tax | 305.8 | 284.1 | 311.5 | 303.8 | 322.7 | 320.4 | 296.4 | 310 | 1,205.20 | 1,249.50 | 333.3 |
Net Income | $221.20 | $205.70 | $218.60 | $212.60 | $233.90 | $230.20 | $216.40 | $213.90 | $858.10 | $894.40 | $284.20 |
Earnings Per Share, Basic | $0.85 | $0.78 | $0.82 | $0.79 | $0.86 | $0.83 | $0.76 | $0.74 | $3.24 | $3.18 | $0.94 |
Earnings Per Share, Diluted | $0.84 | $0.78 | $0.82 | $0.79 | $0.85 | $0.83 | $0.76 | $0.73 | $3.23 | $3.17 | $0.94 |
Unaudited_Quarterly_Results_Ad
Unaudited Quarterly Results - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Unaudited Quarterly Results - Additional Information [Abstract] | ' |
Unclaimed Death Benefit Reserve Increase Before Taxes | $95.50 |
Unclaimed Death Benefit Reserve Increase After Tax | 62.1 |
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | 85 |
Waiver of Premium Benefit Reserve Decrease After Tax | $55.20 |
Schedule_I_Summary_of_Investme2
Schedule I Summary of Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | |||
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | $38,289.60 | [1] | $37,751.50 |
Fixed Maturity Securities | 42,344.40 | 44,973 | |
Mortgage Loans | 1,815.10 | [1] | 1,712.70 |
Policy Loans | 3,276 | [1] | 3,133.80 |
Short-term Investments | 913.4 | [1] | ' |
Investment Owned, at Cost | 44,836.10 | [1] | ' |
Investments | 48,914.90 | 51,904.80 | |
Other Long-term Investments | ' | ' | |
Available-for-sale Equity Securities, Amortized Cost Basis | 11.3 | [1] | ' |
Equity Securities | 16.4 | 14.6 | |
Other Investments and Securities, at Cost | 530.7 | [1] | ' |
United States Government and Government Agencies and Authorities | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,028.60 | [1] | 1,020.90 |
Fixed Maturity Securities | 1,196.10 | 1,348.80 | |
States, Municipalities, and Political Subdivisions | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,706 | [1] | 1,498.40 |
Fixed Maturity Securities | 1,783.20 | 1,806.80 | |
Foreign Government Debt Securities | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,226.40 | [1] | 1,280.40 |
Fixed Maturity Securities | 1,373.20 | 1,507 | |
Public Utility, Bonds [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 9,328.90 | [1] | 9,294.30 |
Fixed Maturity Securities | 10,403 | 11,144.20 | |
Mortgage/Asset-backed Securities | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 1,858.70 | [1] | 1,927.90 |
Fixed Maturity Securities | 2,039.30 | 2,216.50 | |
All Other Corporate Bonds | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 23,108 | [1] | 22,696.60 |
Fixed Maturity Securities | 25,511.90 | 26,910.40 | |
Redeemable Preferred Stocks | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Available-for-sale Securities, Amortized Cost Basis | 33 | [1] | 33 |
Fixed Maturity Securities | 37.7 | 39.3 | |
Measurement at Cost [Member] | ' | ' | |
Other Long-term Investments | ' | ' | |
Derivative Assets | 0 | [1] | ' |
Carrying Amount | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 42,344.40 | ' | |
Mortgage Loans | 1,815.10 | 1,712.70 | |
Policy Loans | 3,276 | 3,133.80 | |
Short-term Investments | 913.4 | ' | |
Other Long-term Investments | ' | ' | |
Derivative Assets | 10.8 | [2] | 81.6 |
Equity Securities | 16.4 | 14.6 | |
Other Long-term Investments | 538.8 | [3] | ' |
Carrying Amount | United States Government and Government Agencies and Authorities | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 1,196.10 | ' | |
Carrying Amount | States, Municipalities, and Political Subdivisions | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 1,783.20 | ' | |
Carrying Amount | Foreign Government Debt Securities | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 1,373.20 | ' | |
Carrying Amount | Public Utility, Bonds [Member] | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 10,403 | ' | |
Carrying Amount | Mortgage/Asset-backed Securities | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 2,039.30 | ' | |
Carrying Amount | All Other Corporate Bonds | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | 25,511.90 | ' | |
Carrying Amount | Redeemable Preferred Stocks | ' | ' | |
Schedule of Investments [Line Items] | ' | ' | |
Fixed Maturity Securities | $37.70 | ' | |
[1] | (1)The amortized cost for fixed maturity securities and mortgage loans represents original cost reduced by repayments, write-downs from other-than-temporary declines in fair value, amortization of premiums, and/or accretion of discounts. | ||
[2] | (2)Derivatives are carried at fair value. | ||
[3] | (3)The difference between amortized cost and carrying value primarily results from changes in the partnership owner's equity since acquisition. |
Parent_Company_Balance_Sheet_D
Parent Company Balance Sheet (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Assets [Abstract] | ' | ' | ' |
Fixed Maturity Securities | $42,344.40 | $44,973 | ' |
Other Long-term Investments | 566 | 625 | ' |
Short-term Investments | 913.4 | 1,460.30 | ' |
Other Assets | 647.8 | 625.4 | ' |
Total Assets | 59,403.60 | 62,236.10 | ' |
Liabilities | ' | ' | ' |
Short-term Debt | 76.5 | 455.8 | ' |
Long-term Debt | 2,612 | 2,755.40 | ' |
Other Liabilities | 1,229.40 | 1,838.10 | ' |
Total Liabilities | 50,744.50 | 53,623.50 | ' |
Stockholders' Equity | ' | ' | ' |
Common Stock | 36.1 | 36 | ' |
Additional Paid-in Capital | 2,634.10 | 2,607.70 | ' |
Accumulated Other Comprehensive Income | 255 | 628 | ' |
Retained Earnings | 8,083.20 | 7,371.60 | ' |
Treasury Stock | -2,349.30 | -2,030.70 | ' |
Total Stockholders' Equity | 8,659.10 | 8,612.60 | 8,169.70 |
Total Liabilities and Stockholders' Equity | 59,403.60 | 62,236.10 | ' |
Parent Company | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Fixed Maturity Securities | 145.3 | 224.6 | ' |
Other Long-term Investments | 57.2 | 73 | ' |
Short-term Investments | 164 | 433.5 | ' |
Investments in Subsidiaries | 10,082.80 | 10,079.10 | ' |
Deferred Income Tax | 68.1 | 234.1 | ' |
Other Assets | 558.8 | 489.1 | ' |
Total Assets | 11,076.20 | 11,533.40 | ' |
Liabilities | ' | ' | ' |
Short-term Debt | 0.3 | 6.6 | ' |
Long-term Debt | 1,875.20 | 1,896.20 | ' |
Pension and Postretirement Benefits | 295.3 | 801.6 | ' |
Other Liabilities | 246.3 | 216.4 | ' |
Total Liabilities | 2,417.10 | 2,920.80 | ' |
Stockholders' Equity | ' | ' | ' |
Common Stock | 36.1 | 36 | ' |
Additional Paid-in Capital | 2,634.10 | 2,607.70 | ' |
Accumulated Other Comprehensive Income | 255 | 628 | ' |
Retained Earnings | 8,083.20 | 7,371.60 | ' |
Treasury Stock | -2,349.30 | -2,030.70 | ' |
Total Stockholders' Equity | 8,659.10 | 8,612.60 | ' |
Total Liabilities and Stockholders' Equity | $11,076.20 | $11,533.40 | ' |
Parent_Company_Balance_Sheet_P
Parent Company Balance Sheet (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fixed Maturity Securities, Amortized Cost | $38,289.60 | $37,751.50 |
Parent Company | ' | ' |
Fixed Maturity Securities, Amortized Cost | $143.90 | $217.70 |
Parent_Company_Statement_of_In
Parent Company Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | $230.20 | $227.90 | $249.10 |
Total Revenue | 2,586.20 | 2,540.90 | 2,601.90 | 2,624.80 | 2,658.20 | 2,628 | 2,617.90 | 2,611.30 | 10,353.80 | 10,515.40 | 10,278 |
Income Before Income Tax | 305.8 | 284.1 | 311.5 | 303.8 | 322.7 | 320.4 | 296.4 | 310 | 1,205.20 | 1,249.50 | 333.3 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 347.1 | 355.1 | 49.1 |
Net Income | 221.2 | 205.7 | 218.6 | 212.6 | 233.9 | 230.2 | 216.4 | 213.9 | 858.1 | 894.4 | 284.2 |
Total Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -373 | 166.2 | 110.4 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | 485.1 | 1,060.60 | 394.6 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Dividends from Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 636.6 | 670.8 | 800 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | 56.9 | 55 | 65 |
Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 693.5 | 725.8 | 865 |
Interest and Debt Expense | ' | ' | ' | ' | ' | ' | ' | ' | 120.9 | 114.2 | 112.1 |
Other Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 48.9 | 65.5 | 57.7 |
Total Expenses | ' | ' | ' | ' | ' | ' | ' | ' | 169.8 | 179.7 | 169.8 |
Income Before Income Tax | ' | ' | ' | ' | ' | ' | ' | ' | 523.7 | 546.1 | 695.2 |
Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -14.7 | -25.7 | -13.9 |
Income of Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | 538.4 | 571.8 | 709.1 |
Equity in Undistibuted Earnings (Loss) of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 319.7 | 322.6 | -424.9 |
Net Income | ' | ' | ' | ' | ' | ' | ' | ' | 858.1 | 894.4 | 284.2 |
Total Other Comprehensive Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -373 | 166.2 | 110.4 |
Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | $485.10 | $1,060.60 | $394.60 |
Parent_Company_Cash_Flow_State
Parent Company Cash Flow Statement (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | $1,031.50 | $1,379.60 | $1,193.70 |
Cash Flows from Investing Activities | ' | ' | ' |
Proceeds from Sales of Fixed Maturity Securities | 1,040.50 | 595.9 | 1,181.90 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 2,146.40 | 2,160.50 | 1,692.70 |
Proceeds from Sales and Maturities of Other Investments | 243.4 | 182.2 | 131.9 |
Purchase of Fixed Maturity Securities | -3,553.60 | -3,512.80 | -2,760.10 |
Purchase of Other Investments | -363.7 | -353.8 | -304.1 |
Net Sales (Purchases) of Short-term Investments | 552.4 | -80.1 | -254.6 |
Net Purchases of Property and Equipment | -105.5 | -105.4 | -98.2 |
Other, Net | 0.2 | 0.1 | 0.2 |
Net Cash Provided by (Used in) Investing Activities | -39.9 | -1,113.40 | -410.3 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from (Repayments of) Short-term Debt | -379.3 | 143.5 | 87.2 |
Issuance of Long-term Debt | 0 | 246.4 | 0 |
Issuance of Common Stock | 11.4 | 4.9 | 14.8 |
Purchases of Treasury Stock | -317.2 | -496.7 | -619.9 |
Dividends Paid to Stockholders | -146.5 | -133.8 | -121 |
Other, Net | -27 | 0.2 | 2.9 |
Net Cash Used by Financing Activities | -974.8 | -305.5 | -720.4 |
Net Increase (Decrease) in Cash and Bank Deposits | 16.8 | -39.3 | 63 |
Parent Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net Cash Provided by Operating Activities | 612.5 | 677.3 | 827.8 |
Cash Flows from Investing Activities | ' | ' | ' |
Proceeds from Sales of Fixed Maturity Securities | 0 | 0 | 133.9 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 38.5 | 47.7 | 44.5 |
Proceeds from Sales and Maturities of Other Investments | 9.4 | 1 | 0 |
Purchase of Fixed Maturity Securities | -139.8 | -99.1 | 0 |
Purchase of Other Investments | 0 | -13.7 | -3 |
Net Sales (Purchases) of Short-term Investments | 269.5 | 40.4 | 192.8 |
Cash Distributions to Subsidiaries | -225.1 | -175.2 | -166.1 |
Net Purchases of Property and Equipment | -78.8 | -80.4 | -81.1 |
Other, Net | -0.9 | 0.1 | 0.2 |
Net Cash Provided by (Used in) Investing Activities | -127.2 | -279.2 | 121.2 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from (Repayments of) Short-term Debt | -6.3 | 4.1 | -222.6 |
Issuance of Long-term Debt | 0 | 246.4 | 0 |
Issuance of Common Stock | 11.4 | 4.9 | 14.8 |
Purchases of Treasury Stock | -317.2 | -496.7 | -619.9 |
Dividends Paid to Stockholders | -146.5 | -133.8 | -121 |
Other, Net | -0.3 | 1.6 | 0 |
Net Cash Used by Financing Activities | -458.9 | -373.5 | -948.7 |
Net Increase (Decrease) in Cash and Bank Deposits | $26.40 | $24.60 | $0.30 |
Parent_Company_Debt_Schedule_D
Parent Company Debt Schedule (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | $2,612 | $2,755.40 |
Debt, Long-term and Short-term, Combined Amount | 2,688.50 | 3,211.20 |
Notes Due 2042 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ' |
Long-term Debt | 248.6 | 248.6 |
Notes Payable Due 2032 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | ' |
Long-term Debt | 39.5 | 39.5 |
Notes at 6 Point 75 Percent due 2028 callable at or above par | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ' |
Long-term Debt | 165.8 | 165.8 |
Notes 7 Point 25 Percent due 2028 callable at or above par | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ' |
Long-term Debt | 200 | 200 |
Notes Payable Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | ' |
Long-term Debt | 399.7 | 399.6 |
Notes Payable Due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | ' |
Long-term Debt | 350 | 350 |
Notes Payable Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Long-term Debt | 200 | 200 |
Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 50.8 | 50.8 |
Junior Subordinated Debt Securities Due 2038 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.41% | ' |
Long-term Debt | 226.5 | 226.5 |
Parent Company | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 1,875.20 | 1,896.20 |
Debt, Long-term and Short-term, Combined Amount | 1,875.50 | 1,902.80 |
Parent Company | Notes Due 2042 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ' |
Long-term Debt | 248.6 | 248.6 |
Parent Company | Notes Payable Due 2032 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.38% | ' |
Long-term Debt | 39.5 | 39.5 |
Parent Company | Notes at 6 Point 75 Percent due 2028 callable at or above par | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 165.8 | 165.8 |
Parent Company | Notes 7 Point 25 Percent due 2028 callable at or above par | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 200 | 200 |
Parent Company | Notes Payable Due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.63% | ' |
Long-term Debt | 399.7 | 399.6 |
Parent Company | Notes Payable Due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.13% | ' |
Long-term Debt | 350 | 350 |
Parent Company | Notes Payable Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Long-term Debt | 200 | 200 |
Parent Company | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | 50.8 | 50.8 |
Parent Company | Junior Subordinated Debt Securities Due 2038 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.41% | ' |
Long-term Debt | 226.5 | 226.5 |
Parent Company | Fair Value Hedge Adjustment, LT Debt | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt | -5.7 | 15.4 |
Securities Pledged as Collateral | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt | 76.5 | 455.8 |
Securities Pledged as Collateral | Parent Company | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt | $0.30 | $6.60 |
Minimum | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Minimum | Parent Company | Notes Payable Due 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ' |
Minimum | Parent Company | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ' |
Maximum | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | ' |
Maximum | Parent Company | Notes Payable Due 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ' |
Maximum | Parent Company | Medium-term Notes Due 2023 to 2028 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | ' |
Parent_Company_Notes_Additiona
Parent Company Notes - Additional Details (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 1998 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Notes 5 Point 750 Due 2042 Callable At or Above Par [Member] | Notes 5 Point 750 Due 2042 Callable At or Above Par [Member] | Junior Subordinated Debt Securities 7 Point 405 Percent due 2038 [Member] | Junior Subordinated Debt Securities 7 Point 405 Percent due 2038 [Member] | Notes 6 Point 85 Percent due 2015 callable at or above par [Member] | Notes 6 Point 85 Percent due 2015 callable at or above par [Member] | Notes 7 Point 625 Percent due 2011 callable at or above par, current portion [Member] | Notes 7 Point 625 Percent due 2011 callable at or above par, current portion [Member] | Notes 7 Point 625 Percent due 2011 callable at or above par, current portion [Member] | Receive Fixed/Pay Variable | Receive Fixed/Pay Variable | |||||
Subsidiaries [Member] | Medium-term Notes 7 Point 0 Percent to 7 Point 2 Percent due 2023 to 2028 noncallable [Member] | Medium-term Notes 7 Point 0 Percent to 7 Point 2 Percent due 2023 to 2028 noncallable [Member] | Interest Rate Swaps | Interest Rate Swaps | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $350 | ' | ' | ' | $350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 200 | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,772.60 | ' | ' | ' | 1,332.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Unsecured Notes Payable | ' | ' | ' | ' | ' | ' | ' | 250 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 1,477.40 | 1,432.80 | 1,413 | 1,681.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 | 600 |
Junior Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | 300 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.41% | 7.41% | 6.85% | ' | 7.63% | ' | 7.63% | ' | ' |
Liquidation value per capital security | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | $1,000 | ' | ' | ' | ' | ' | ' | ' |
Repayments of Medium-term Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225.1 | 225.1 | ' | ' | ' |
Interest Paid | 144.6 | 139.6 | 145.4 | ' | 116.5 | 109 | 115.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Original Expiration Period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Maximum Borrowing Capacity If Requested | 600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations, Liquidation Proceeds, Monetary Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' | ' | ' |
Long-term Debt and Capital Lease Obligations | $2,612 | $2,755.40 | ' | ' | $1,875.20 | $1,896.20 | ' | ' | ' | ' | ' | ' | $296.90 | ' | ' | ' | ' | ' |
Schedule_III_Supplementary_Ins1
Schedule III Supplementary Insurance Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Unclaimed Death Benefit Reserve Increase Before Taxes | $95.50 | ' | ' | |||
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | 85 | ' | ' | |||
Deferred Acquisition Costs | 1,829.20 | 1,755.50 | ' | |||
Reserves for Future Policy Contract Benefits | 43,099.10 | 44,694.40 | ' | |||
Unearned Premiums | 413.8 | 426.7 | ' | |||
Policy and Contract Benefits | 1,511 | 1,484.60 | ' | |||
Premium Income | 7,624.70 | 7,716.10 | 7,514.20 | |||
Net Investment Income | 2,492.10 | [1] | 2,515.20 | [1] | 2,519.60 | [1] |
Benefits and Change in Reserves for Future Benefits | 6,595.70 | [1] | 6,722.20 | 7,209.50 | [1] | |
Amortization of Deferred Acquisition Costs | 418.9 | 378.7 | 365.7 | |||
All Other Expenses | 2,134 | [2] | 2,165 | [2] | 2,369.50 | [2] |
Impairment of Deferred Acquisition Costs | 0 | 0 | 196 | |||
Unum U.S. | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Unclaimed Death Benefit Reserve Increase Before Taxes | 75.4 | 0 | 0 | |||
Deferred Acquisition Costs | 1,051.50 | 1,024.30 | ' | |||
Reserves for Future Policy Contract Benefits | 11,788.40 | 12,449.30 | ' | |||
Unearned Premiums | 47.6 | 46.1 | ' | |||
Policy and Contract Benefits | 889.1 | 890.3 | ' | |||
Premium Income | 4,517.10 | 4,456.50 | 4,296 | |||
Net Investment Income | 929.6 | [1] | 952.3 | [1] | 951.4 | [1] |
Benefits and Change in Reserves for Future Benefits | 3,222.40 | [1] | 3,238.60 | 3,113.50 | [1] | |
Amortization of Deferred Acquisition Costs | 230 | 196.5 | 188.1 | |||
All Other Expenses | 1,254 | [2] | 1,251.20 | [2] | 1,250.50 | [2] |
Premiums Written | 3,068 | [3] | 3,045 | [3] | 2,965.80 | [3] |
Long-term Care | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Impairment of Deferred Acquisition Costs | 0 | 0 | 769.6 | |||
Unum U.K. | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Costs | 34.3 | 38.8 | ' | |||
Reserves for Future Policy Contract Benefits | 2,594.30 | 2,487.10 | ' | |||
Unearned Premiums | 139.3 | 142.9 | ' | |||
Policy and Contract Benefits | 160 | 155.7 | ' | |||
Premium Income | 556.6 | 694.6 | 687.6 | |||
Net Investment Income | 148.5 | [1] | 170.8 | [1] | 189.9 | [1] |
Benefits and Change in Reserves for Future Benefits | 413.3 | [1] | 541.4 | 493.8 | [1] | |
Amortization of Deferred Acquisition Costs | 14.7 | 15.7 | 15.3 | |||
All Other Expenses | 145.2 | [2] | 177.1 | [2] | 178 | [2] |
Premiums Written | 448.1 | [3] | 466.3 | [3] | 480 | [3] |
Colonial Life | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Unclaimed Death Benefit Reserve Increase Before Taxes | 20.1 | 0 | 0 | |||
Deferred Acquisition Costs | 743.4 | 692.4 | ' | |||
Reserves for Future Policy Contract Benefits | 1,815.60 | 1,691.30 | ' | |||
Unearned Premiums | 30 | 29.9 | ' | |||
Policy and Contract Benefits | 193.7 | 149.8 | ' | |||
Premium Income | 1,232.20 | 1,194.50 | 1,135.30 | |||
Net Investment Income | 145.4 | [1] | 138.6 | [1] | 132.4 | [1] |
Benefits and Change in Reserves for Future Benefits | 667 | [1] | 627.3 | 589.4 | [1] | |
Amortization of Deferred Acquisition Costs | 174.2 | 166.5 | 151.2 | |||
All Other Expenses | 271.8 | [2] | 265.3 | [2] | 257.5 | [2] |
Premiums Written | 1,011.80 | [3] | 986.3 | [3] | 944.9 | [3] |
Closed Block | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Deferred Acquisition Costs | 0 | 0 | ' | |||
Reserves for Future Policy Contract Benefits | 26,900.80 | 28,066.70 | ' | |||
Unearned Premiums | 196.9 | 207.8 | ' | |||
Policy and Contract Benefits | 268.2 | 288.8 | ' | |||
Premium Income | 1,318.80 | 1,370.50 | 1,395.30 | |||
Net Investment Income | 1,272.30 | [1] | 1,230.50 | [1] | 1,189.70 | [1] |
Benefits and Change in Reserves for Future Benefits | 2,293 | [1] | 2,314.90 | 3,012.80 | [1] | |
Amortization of Deferred Acquisition Costs | 0 | 0 | 11.1 | |||
All Other Expenses | 282.6 | [2] | 290.7 | [2] | 496.4 | [2] |
Premiums Written | 1,307 | [3] | 1,358.60 | [3] | 1,385.10 | [3] |
Impairment of Deferred Acquisition Costs | ' | ' | 196 | |||
Corporate | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Premium Income | 0 | 0 | 0 | |||
Net Investment Income | -3.7 | [1] | 23 | [1] | 56.2 | [1] |
Benefits and Change in Reserves for Future Benefits | 0 | [1] | 0 | 0 | [1] | |
Amortization of Deferred Acquisition Costs | 0 | 0 | 0 | |||
All Other Expenses | 180.4 | [2] | 180.7 | [2] | 187.1 | [2] |
Premiums Written | 0 | [3] | 0 | [3] | 0 | [3] |
Individual Disability - Closed Block | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Reserve Increase Due to Unlocking | 0 | 0 | 183.5 | |||
Claim Reserve Total [Member] | Long-term Care | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Reserve Increase Due to Unlocking | ' | ' | 248.1 | |||
Impairment of Deferred Acquisition Costs | ' | 573.6 | ' | |||
Group Life | Unum U.S. | ' | ' | ' | |||
Supplementary Insurance Information, by Segment [Line Items] | ' | ' | ' | |||
Unclaimed Death Benefit Reserve Increase Before Taxes | 49.1 | ' | ' | |||
Waiver of Premium Benefit Reserve Increase (Decrease) Before Tax | $85 | $0 | $0 | |||
[1] | (1)Net investment income is allocated based upon segmentation. Each segment has its own specifically identified assets and receives the investment income generated by those assets. | |||||
[2] | (3)Includes commissions, interest and debt expense, deferral of acquisition costs, compensation expense, non-operating retirement related loss, and other expenses. Where not directly attributable to a segment, expenses are generally allocated based on activity levels, time information, and usage statistics. Included in 2011 in the Closed Block segment is an impairment charge of $196.0 million related to long-term care deferred policy acquisition costs. | |||||
[3] | (4)Excludes life insurance. |
Schedule_IV_Reinsurance_Detail
Schedule IV Reinsurance (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Direct Premiums, Life Insurance in Force | ' | ' | ' | ' | ' | ' | ' | ' | $781,495.90 | $832,587.50 | $782,935.60 |
Ceded Premiums, Life Insurance in Force | ' | ' | ' | ' | ' | ' | ' | ' | 25,904.70 | 28,658.70 | 28,341.10 |
Assumed Premiums, Life Insurance in Force | ' | ' | ' | ' | ' | ' | ' | ' | 1,026.20 | 1,073.80 | 1,141.60 |
Premiums, Net, Life Insurance in Force | ' | ' | ' | ' | ' | ' | ' | ' | 756,617.40 | 805,002.60 | 755,736.10 |
Life Insurance in Force Premiums, Percentage Assumed to Net | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | 0.10% | 0.20% |
Gross Amount | ' | ' | ' | ' | ' | ' | ' | ' | 7,777.30 | 7,736 | 7,521.50 |
Reinsurance Ceded | ' | ' | ' | ' | ' | ' | ' | ' | 355.8 | 230.8 | 223.9 |
Assumed Premiums Earned | ' | ' | ' | ' | ' | ' | ' | ' | 203.2 | 210.9 | 216.6 |
Net Amount | 1,890.70 | 1,897.30 | 1,905.80 | 1,930.90 | 1,937.20 | 1,929.40 | 1,927.60 | 1,921.90 | 7,624.70 | 7,716.10 | 7,514.20 |
Percentage of Amount Assumed to Net | ' | ' | ' | ' | ' | ' | ' | ' | 2.70% | 2.70% | 2.90% |
Life Insurance Product Line | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amount | ' | ' | ' | ' | ' | ' | ' | ' | 2,018.70 | 1,979.10 | 1,868.80 |
Reinsurance Ceded | ' | ' | ' | ' | ' | ' | ' | ' | 253.6 | 141.4 | 146.6 |
Assumed Premiums Earned | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 10.3 | 10.9 |
Net Amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,775.10 | 1,848 | 1,733.10 |
Percentage of Amount Assumed to Net | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | 0.60% | 0.60% |
Accident and Health Insurance Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Amount | ' | ' | ' | ' | ' | ' | ' | ' | 5,758.60 | 5,756.90 | 5,652.70 |
Reinsurance Ceded | ' | ' | ' | ' | ' | ' | ' | ' | 102.2 | 89.4 | 77.3 |
Assumed Premiums Earned | ' | ' | ' | ' | ' | ' | ' | ' | 193.2 | 200.6 | 205.7 |
Net Amount | ' | ' | ' | ' | ' | ' | ' | ' | $5,849.60 | $5,868.10 | $5,781.10 |
Percentage of Amount Assumed to Net | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | 3.40% | 3.60% |
Schedule_V_Valuation_and_Quali2
Schedule V Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Allowance for Loan and Lease Losses, Real Estate [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | $0.30 | $0.30 | $0.30 | |||
Additions Charged to Costs and Expenses | 1.5 | 0 | 0 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 0 | [1] | 0 | [1] | 0 | [1] |
Balance at End of Period | 1.8 | 0.3 | 0.3 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Period | 6.2 | 5.7 | 7.2 | |||
Additions Charged to Costs and Expenses | 0.7 | 0.9 | 1.3 | |||
Additions Charged to Other Accounts | 0 | 0 | 0 | |||
Deductions | 1.3 | [1] | 0.4 | [1] | 2.8 | [1] |
Balance at End of Period | $5.60 | $6.20 | $5.70 | |||
[1] | Deductions include amounts deemed to reduce exposure of probable losses, amounts deemed uncollectible, and amounts related to fluctuations in the foreign currency exchange rate. |