Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 001-09518 |
Entity Incorporation, State or Country Code | OH |
Entity Tax Identification Number | 34-0963169 |
Entity Address, Address Line One | 6300 Wilson Mills Road, |
Entity Address, City or Town | Mayfield Village, |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 44143 |
City Area Code | 440 |
Local Phone Number | 461-5000 |
Entity Information, Former Legal or Registered Name | Not Applicable |
Title of 12(b) Security | Common Shares, $1.00 Par Value |
Trading Symbol | PGR |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 585,164,326 |
Entity Registrant Name | PROGRESSIVE CORP/OH/ |
Entity Central Index Key | 0000080661 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Net premiums earned | $ 10,982.3 | $ 9,648.6 | $ 21,402.5 | $ 19,079.3 |
Investment income | 210.7 | 243.8 | 430.9 | 485 |
Net realized gains (losses) on securities: | ||||
Net realized gains (losses) on security sales | 410.1 | 260 | 553.9 | 575.2 |
Net holding period gains (losses) on securities | 54.2 | 630.8 | 495.7 | (238) |
Net impairment losses recognized in earnings | (2.5) | 0 | (2.5) | 0 |
Total net realized gains (losses) on securities | 461.8 | 890.8 | 1,047.1 | 337.2 |
Fees and other revenues | 176.2 | 129.5 | 341.9 | 283 |
Service revenues | 74.5 | 59 | 128.3 | 110.6 |
Total revenues | 11,905.5 | 10,971.7 | 23,350.7 | 20,295.1 |
Expenses | ||||
Losses and loss adjustment expenses | 8,406.4 | 5,321.4 | 15,516.9 | 11,476.6 |
Policy acquisition costs | 928.8 | 795.5 | 1,803.2 | 1,578.3 |
Other underwriting expenses | 1,440.5 | 1,438.9 | 2,921.6 | 2,848.8 |
Policyholder credit expense | 0 | 1,033.4 | 0 | 1,033.4 |
Investment expenses | 6.3 | 4.5 | 11.9 | 9.8 |
Service expenses | 67.9 | 52.8 | 117.2 | 100.3 |
Interest expense | 56.4 | 56.4 | 112.8 | 104.4 |
Total expenses | 10,906.3 | 8,702.9 | 20,483.6 | 17,151.6 |
Net Income | ||||
Income before income taxes | 999.2 | 2,268.8 | 2,867.1 | 3,143.5 |
Provision for income taxes | 209.1 | 478.4 | 597 | 654 |
Net income | 790.1 | 1,790.4 | 2,270.1 | 2,489.5 |
Other Comprehensive Income (Loss) | ||||
Total net unrealized gains (losses) on fixed-maturity securities | 91.1 | 567.4 | (448.5) | 630.2 |
Net unrealized losses on forecasted transactions | 0.3 | 0.2 | 0.5 | 0.4 |
Foreign currency translation adjustment | (0.5) | 0 | (0.5) | 0 |
Other comprehensive income (loss) | 90.9 | 567.6 | (448.5) | 630.6 |
Comprehensive income | 881 | 2,358 | 1,821.6 | 3,120.1 |
Net income attributable to Progressive | 790.1 | 1,790.4 | 2,270.1 | 2,489.5 |
Computation of Earnings Per Common Share | ||||
Net income attributable to Progressive | 790.1 | 1,790.4 | 2,270.1 | 2,489.5 |
Less: Preferred share dividends | 6.7 | 6.7 | 13.4 | 13.4 |
Net income available to common shareholders | $ 783.4 | $ 1,783.7 | $ 2,256.7 | $ 2,476.1 |
Average common shares outstanding - Basic | 584.6 | 584.8 | 584.7 | 584.8 |
Net effect of dilutive stock-based compensation | 2.2 | 2.4 | 2.1 | 2.3 |
Total average equivalent common shares - Diluted | 586.8 | 587.2 | 586.8 | 587.1 |
Basic: Earnings per common share | $ 1.34 | $ 3.05 | $ 3.86 | $ 4.23 |
Diluted: Earnings per common share | $ 1.34 | $ 3.04 | $ 3.85 | $ 4.22 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Assets | ||||
Fixed maturities (amortized cost: $42,378.0, $33,467.9, and $35,589.1) | $ 43,031 | $ 36,810.9 | $ 34,726.4 | |
Short-term investments (amortized cost: $1,710.6, $4,700.5, and $5,218.5) | 1,710.6 | 5,218.5 | 4,700.5 | |
Total available-for-sale securities | 44,741.6 | 42,029.4 | 39,426.9 | |
Nonredeemable preferred stocks (cost: $1,536.2, $1,205.4, and $1,358.7) | 1,662.3 | 1,447.9 | 1,180.6 | |
Common equities (cost: $1,213.4, $1,128.8, and $1,187.3) | 4,538.9 | 4,053 | 3,170.4 | |
Total equity securities | 6,201.2 | 5,500.9 | 4,351 | |
Total investments | 50,942.8 | 47,530.3 | 43,777.9 | |
Cash and cash equivalents | 99.5 | 76.5 | 108 | |
Restricted Cash and Cash Equivalents | 15.1 | 0 | 1.1 | |
Cash and cash equivalents | 114.6 | 76.5 | 109.1 | |
Accrued investment income | 179.3 | 176.4 | 190.8 | |
Premiums receivable, net of allowance for credit losses of $245.2, $437.9, and $356.2 | 9,436.2 | 8,160.1 | 7,557.4 | |
Reinsurance recoverables | 4,709.1 | 4,019.4 | 3,654.3 | |
Prepaid reinsurance premiums | 620 | 368.1 | 361.3 | |
Deferred acquisition costs | 1,360.6 | 1,237.2 | 1,154.8 | |
Property and equipment, net of accumulated depreciation of $1,396.5, $1,241.7, and $1,291.4 | 1,086.4 | 1,106 | 1,189.8 | |
Goodwill | 452.7 | 452.7 | 452.7 | |
Intangible assets, net of accumulated amortization of $354.6, $297.8, and $326.1 | 146.5 | 171.4 | 199.7 | |
Other assets | 776.1 | 800.2 | 773.6 | |
Total assets | 69,824.3 | 64,098.3 | 59,421.4 | |
Liabilities | ||||
Unearned premiums | 15,555.9 | 13,437.5 | 13,055.6 | |
Loss and loss adjustment expense reserves | 23,895.6 | 20,265.8 | 18,512 | |
Net federal deferred income taxes | 219.4 | 310 | 211.2 | |
Dividends payable on common shares | 58.5 | 2,694.5 | 58.5 | |
Accounts payable, accrued expenses, and other liabilities | 6,021.8 | 4,955.8 | 5,518.8 | |
Debt | [1] | 5,397.5 | 5,396.1 | 5,394.7 |
Total liabilities | 51,148.7 | 47,059.7 | 42,750.8 | |
Shareholders’ Equity | ||||
Serial Preferred Shares, Series B, no par value (cumulative, liquidation preference $1,000 per share) (authorized, issued, and outstanding 0.5) | 493.9 | 493.9 | 493.9 | |
Common shares, $1.00 par value (authorized 900.0; issued 797.6, 797.5, and 797.5, including treasury shares of 212.4, 212.1, and 212.3) | 585.2 | 585.2 | 585.4 | |
Paid-in capital | 1,712.3 | 1,672.9 | 1,614.5 | |
Retained earnings | 15,401 | 13,354.9 | 13,001.8 | |
Accumulated other comprehensive income (loss): | ||||
Net unrealized gains (losses) on fixed-maturity securities | 498.8 | 947.3 | 991 | |
Net unrealized losses on forecasted transactions | (15.1) | (15.6) | (16) | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (0.5) | 0 | 0 | |
Total accumulated other comprehensive income (loss) | 483.2 | 931.7 | 975 | |
Total shareholders’ equity | 18,675.6 | 17,038.6 | 16,670.6 | |
Total liabilities and shareholders’ equity | $ 69,824.3 | $ 64,098.3 | $ 59,421.4 | |
[1] | Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fixed maturities, amortized cost | $ 42,378 | $ 35,589.1 | $ 33,467.9 |
Short-term investments, amortized cost | 1,710.6 | 5,218.5 | 4,700.5 |
Nonredeemable preferred stocks, cost | 1,536.2 | 1,358.7 | 1,205.4 |
Common equities, cost | 1,213.4 | 1,187.3 | 1,128.8 |
Allowance for credit loss, beginning of period | 245.2 | 356.2 | 437.9 |
Property and equipment, accumulated depreciation | 1,396.5 | 1,291.4 | 1,241.7 |
Intangible Assets, Accumulated Amortization | $ 354.6 | $ 326.1 | $ 297.8 |
Common Shares, par value (USD per share) | $ 1 | $ 1 | $ 1 |
Common Shares, authorized (shares) | 900,000,000 | 900,000,000 | 900,000,000 |
Common Shares, issued (shares) | 797,600,000 | 797,500,000 | 797,500,000 |
Common Shares, treasury shares (shares) | 212,400,000 | 212,300,000 | 212,100,000 |
Serial Preferred Stock | |||
Preferred Stock, Shares Authorized (shares) | 20,000,000 | 20,000,000 | 20,000,000 |
Series B Preferred Stock | Serial Preferred Stock | |||
Preferred Stock, No Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized (shares) | 500,000 | 500,000 | 500,000 |
Preferred Stock, Shares Issued (shares) | 500,000 | 500,000 | 500,000 |
Preferred Stock, Shares Outstanding (shares) | 500,000 | 500,000 | 500,000 |
Preferred Stock, Liquidation Preference Per Share (USD per share) | $ 1,000 | $ 1,000 | $ 1,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | Serial Preferred Stock | Preferred Shares, No Par Value | Common Shares, $1.00 Par Value | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) Attributable to Progressive | Series B Preferred StockSerial Preferred Stock | Voting Preference Shares |
Common Stock, Dividends, Per Share, Declared | $ 0.20 | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 26.875 | ||||||||
Balance, Beginning of period at Dec. 31, 2019 | $ 493.9 | $ 584.6 | $ 1,573.4 | $ 10,679.6 | $ 341.7 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 2,489.5 | 2,489.5 | |||||||
Treasury shares purchased | (0.4) | (1) | (27.7) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (116.8) | ||||||||
Cash dividends declared on Serial Preferred Shares, Series B ($0, $0, $0, and $26.875 per share) | (13.4) | ||||||||
Reinvested dividends on restricted stock units | 0.7 | (0.7) | |||||||
Net restricted equity awards issued/vested | 1.2 | (1.2) | |||||||
Amortization of equity-based compensation | 45.2 | ||||||||
Adjustment to carrying amount of redeemable noncontrolling interest | (2.6) | ||||||||
Attributable to noncontrolling interest | 2.7 | ||||||||
Other comprehensive income (loss) | 630.6 | 630.6 | |||||||
Other, net | (8.7) | ||||||||
Balance, End of period at Jun. 30, 2020 | $ 16,670.6 | 493.9 | 585.4 | 1,614.5 | 13,001.8 | 975 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||||||
Preferred Stock, Dividends Per Share, Declared | 0 | ||||||||
Balance, Beginning of period at Mar. 31, 2020 | 493.9 | 585.3 | 1,601.9 | 11,266.2 | 404.2 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 1,790.4 | 1,790.4 | |||||||
Treasury shares purchased | (0.1) | 0 | (2.5) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (58.4) | ||||||||
Cash dividends declared on Serial Preferred Shares, Series B ($0, $0, $0, and $26.875 per share) | 0 | ||||||||
Reinvested dividends on restricted stock units | 0.4 | (0.4) | |||||||
Net restricted equity awards issued/vested | 0.2 | (0.2) | |||||||
Amortization of equity-based compensation | 21.9 | ||||||||
Adjustment to carrying amount of redeemable noncontrolling interest | (9.5) | ||||||||
Attributable to noncontrolling interest | 3.2 | ||||||||
Other comprehensive income (loss) | 567.6 | 567.6 | |||||||
Other, net | 6.5 | ||||||||
Balance, End of period at Jun. 30, 2020 | $ 16,670.6 | 493.9 | 585.4 | 1,614.5 | 13,001.8 | 975 | |||
Preferred Stock, No Par Value | $ 0 | ||||||||
Preferred Stock, Shares Authorized (shares) | 20,000,000 | 500,000 | 5,000,000 | ||||||
Preferred Stock, Shares Issued (shares) | 500,000 | 0 | |||||||
Common Shares, par value (USD per share) | $ 1 | ||||||||
Preferred Stock, No Par Value | $ 0 | ||||||||
Preferred Stock, Shares Authorized (shares) | 20,000,000 | 500,000 | |||||||
Preferred Stock, Shares Issued (shares) | 500,000 | ||||||||
Common Shares, par value (USD per share) | 1 | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.20 | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0 | ||||||||
Balance, Beginning of period at Dec. 31, 2020 | $ 17,038.6 | 493.9 | 585.2 | 1,672.9 | 13,354.9 | 931.7 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 2,270.1 | 2,270.1 | |||||||
Treasury shares purchased | (1.1) | (3) | (91.3) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (116.8) | ||||||||
Cash dividends declared on Serial Preferred Shares, Series B ($0, $0, $0, and $26.875 per share) | 0 | ||||||||
Reinvested dividends on restricted stock units | 0.8 | (0.8) | |||||||
Net restricted equity awards issued/vested | 1.1 | (1.1) | |||||||
Amortization of equity-based compensation | 42.7 | ||||||||
Adjustment to carrying amount of redeemable noncontrolling interest | 0 | ||||||||
Attributable to noncontrolling interest | 0 | ||||||||
Other comprehensive income (loss) | (448.5) | (448.5) | |||||||
Other, net | (15.1) | ||||||||
Balance, End of period at Jun. 30, 2021 | $ 18,675.6 | 493.9 | 585.2 | 1,712.3 | 15,401 | 483.2 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | ||||||||
Preferred Stock, Dividends Per Share, Declared | 0 | ||||||||
Balance, Beginning of period at Mar. 31, 2021 | 493.9 | 585.2 | 1,685.5 | 14,679.6 | 392.3 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 790.1 | 790.1 | |||||||
Treasury shares purchased | (0.2) | (0.3) | (10.1) | ||||||
Cash dividends declared on common shares ($0.10, $0.10, $0.20, and $0.20 per share) | (58.4) | ||||||||
Cash dividends declared on Serial Preferred Shares, Series B ($0, $0, $0, and $26.875 per share) | 0 | ||||||||
Reinvested dividends on restricted stock units | 0.4 | (0.4) | |||||||
Net restricted equity awards issued/vested | 0.2 | (0.2) | |||||||
Amortization of equity-based compensation | 26.9 | ||||||||
Adjustment to carrying amount of redeemable noncontrolling interest | 0 | ||||||||
Attributable to noncontrolling interest | 0 | ||||||||
Other comprehensive income (loss) | 90.9 | 90.9 | |||||||
Other, net | 0.2 | ||||||||
Balance, End of period at Jun. 30, 2021 | $ 18,675.6 | $ 493.9 | $ 585.2 | $ 1,712.3 | $ 15,401 | $ 483.2 | |||
Preferred Stock, No Par Value | $ 0 | ||||||||
Preferred Stock, Shares Authorized (shares) | 20,000,000 | 500,000 | 5,000,000 | ||||||
Preferred Stock, Shares Issued (shares) | 500,000 | 0 | |||||||
Common Shares, par value (USD per share) | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Statement of Cash Flows [Abstract] | |||
Net income | $ 2,270.1 | $ 2,489.5 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 129.4 | 130.3 | |
Amortization of intangible assets | 28.5 | 28.6 | |
Net amortization of fixed-income securities | 62.1 | 42.5 | |
Amortization of equity-based compensation | 42.7 | 45.2 | |
Net realized (gains) losses on securities | (1,047.1) | (337.2) | |
Net (gains) losses on disposition of property and equipment | 0.5 | 1.8 | |
Changes in: | |||
Premiums receivable | (1,183.5) | (50.1) | |
Reinsurance recoverables | (237.3) | (275.4) | |
Prepaid reinsurance premiums | (244.6) | 265.2 | |
Deferred acquisition costs | (123.4) | (98.3) | |
Income taxes | (81) | 590.6 | |
Unearned premiums | 2,051.5 | 666.8 | |
Loss and loss adjustment expense reserves | 2,481 | 406.6 | |
Accounts payable, accrued expenses, and other liabilities | 717.8 | (2) | |
Other, net | 71.7 | (25.5) | |
Net cash provided by operating activities | 4,938.4 | 3,878.6 | |
Purchases: | |||
Fixed maturities | (18,364.5) | (18,193.5) | |
Equity securities | (416.1) | (671.3) | |
Sales: | |||
Fixed maturities | 8,703.2 | 13,749.2 | |
Equity securities | 590.2 | 382.1 | |
Maturities, paydowns, calls, and other: | |||
Fixed maturities | 3,898.2 | 4,106.4 | |
Equity securities | 67.1 | 79 | |
Net (purchases) sales of short-term investments | 3,587 | (2,883.1) | |
Net unsettled security transactions | 316.6 | 266 | |
Purchases of property and equipment | (98.5) | (110.7) | |
Acquisition of Protective Insurance Corporation, net of cash, cash equivalents, and restricted cash acquired1 | (313.2) | 0 | |
Sales of property and equipment | 11.5 | 4.8 | |
Net cash used in investing activities | (2,018.5) | (3,271.1) | |
Cash Flows From Financing Activities | |||
Dividends paid to common shareholders | (2,753) | (1,433.9) | |
Dividends paid to preferred shareholders | (13.4) | (13.4) | |
Acquisition of treasury shares for restricted stock tax liabilities | (30.4) | (29.1) | |
Acquisition of treasury shares acquired in open market | (65) | 0 | |
Payment of acquired company debt | [1] | (20) | 0 |
Acquisition of additional shares of ARX Holding Corp. | 0 | (243) | |
Net proceeds from debt issuances | 0 | 986.3 | |
Proceeds from exercise of equity options | 0 | 7.3 | |
Net cash used in financing activities | (2,881.8) | (725.8) | |
Increase (decrease) in cash, cash equivalents, and restricted cash | 38.1 | (118.3) | |
Cash, cash equivalents, and restricted cash – January 1 | 76.5 | 227.4 | |
Cash, cash equivalents, restricted cash, and restricted cash equivalents – June 30 | $ 114.6 | $ 109.1 | |
[1] | See Note 14 – Acquisition for further discussion. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition — On June 1, 2021, The Progressive Corporation, through an indirect subsidiary, acquired all of the outstanding Class A and Class B common shares of Protective Insurance for $23.30 per common share in cash, or approximately $338 million in aggregate. Through its subsidiaries, Protective Insurance provides liability and workers’ compensation coverage for trucking and public transportation fleets, along with trucking industry independent contractors. As a result of the Protective Insurance acquisition, we will be able to expand our capabilities with the expertise Protective Insurance offers in larger fleet and affinity programs, by providing additional product lines for us to add to our portfolio. Protective Insurance and its subsidiaries would represent about 1% of companywide net premiums written. All assets and liabilities were recorded at fair value at the date of acquisition. If new information is obtained within 12 months from the date of acquisition about facts and circumstances that existed at the acquisition date, we will adjust the amounts previously recorded. We did record a $3.6 million intangible asset related to the Protective Insurance trade name, which will be amortized over 2 years; no other intangible assets were identified. For income tax purposes, the historical tax bases of the acquired assets and assumed liabilities carried over and were not recorded at fair value; therefore, no tax-basis goodwill was created. At the date of acquisition, Protective Insurance had total assets of $1.7 billion, including investment securities of $1.1 billion; cash, cash equivalents, and restricted cash and equivalents of $24.3 million; reinsurance recoverables of $452.4 million, and liabilities of $1.4 billion, consisting of unearned premiums of $66.9 million and loss and loss adjustment expense reserves of $1.1 billion. In addition, Protective Insurance had outstanding borrowings of $20.0 million under a revolving credit facility agreement that was repaid subsequent to acquisition. All of Protective Insurance's contingencies were recognized as of the acquisition date. Acquisition-related costs recognized in 2021 were not material to our results of operations. The pro forma financial information assuming the acquisition had occurred as of the beginning of the calendar year prior to the year of acquisition, as well as the revenues and earnings generated during the year of acquisition, were not material for disclosure purposes. The results of operations and financial condition of Protective Insurance have been included in our consolidated statements of income and consolidated balance sheets from the acquisition date. For the second quarter 2021, our consolidated results included total revenue and net income from Protective Insurance of $46.5 million and $2.3 million, respectively. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — The accompanying consolidated financial statements include the accounts of The Progressive Corporation, our wholly owned insurance and non-insurance subsidiaries and affiliates in which we have a controlling financial interest (Progressive), including, beginning on June 1, 2021, Protective Insurance Corporation and its subsidiaries (Protective Insurance), which Progressive acquired on that date; See Note 14 – Acquisition for further discussion. The consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, were necessary for a fair statement of the results for the interim periods presented. The results of operations for the period ended June 30, 2021, are not necessarily indicative of the results expected for the full year. These consolidated financial statements and the notes thereto should be read in conjunction with Progressive’s audited financial statements and accompanying notes included in Exhibit 13 to our Annual Report on Form 10-K for the year ended December 31, 2020 (2020 Annual Report to Shareholders). We perform analyses to evaluate our premiums receivables for expected credit losses. See the 2020 Annual Report to Shareholders for a discussion on our premium receivables allowance for credit loss policy. The following table summarizes changes in our allowance for credit loss exposure on our premiums receivables: Three Months Six Months Periods Ended June 30, 2021 2020 2021 2020 (millions) Allowance for credit loss, beginning of period $ 265.3 $ 344.7 $ 356.2 $ 283.2 Allowance acquired during period 1 3.5 0 3.5 0 Increase in allowance 2 87.4 196.2 148.3 366.5 Write-offs 3 (111.0) (103.0) (262.8) (211.8) Allowance for credit loss, end of period $ 245.2 $ 437.9 $ 245.2 $ 437.9 1 Represents the amount of the allowance acquired in the Protective Insurance acquisition. 2 Represents the incremental increase in other underwriting expenses. 3 Represents portion of allowance that is reversed when premiums receivables are written off. For the three and six months ended June 30, 2021, the increase in our allowance for credit losses was lower than prior periods reflecting greater collections received on outstanding premiums receivable balances, due in part to changes in consumer spending habits and government stimulus and tax refund checks distributed during the periods. In contrast, during the three and six months ended June 30, 2020, the increase in the allowance in part reflects the greater potential for credit losses at that time due to the financial hardships of policyholders as a result of the economic impacts related to the spread of the novel coronavirus, COVID-19. Other assets on the consolidated balance sheets include certain long-lived assets that are considered “ held for sale. ” The fair value of these held for sale assets, less the estimated costs to sell, was $57.5 million at June 30, 2021, $31.1 million at June 30, 2020, and $56.6 million at December 31, 2020. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The following tables present the composition of our investment portfolio by major security type, consistent with our classification of how we manage, monitor, and measure the portfolio. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income, net of deferred income taxes, in our consolidated balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value of the securities. The changes in the net holding period gains (losses) between periods for the hybrid securities and equity securities are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income. ($ in millions) Cost Gross Gross Net Fair % of June 30, 2021 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 19,339.3 $ 171.3 $ (72.9) $ 0 $ 19,437.7 38.1 % State and local government obligations 2,379.1 64.7 (3.3) 0 2,440.5 4.8 Corporate debt securities 10,327.5 372.1 (9.9) 1.2 10,690.9 21.0 Residential mortgage-backed securities 666.9 4.6 (1.1) 0.9 671.3 1.3 Commercial mortgage-backed securities 5,628.2 91.4 (11.5) 0 5,708.1 11.2 Other asset-backed securities 3,865.9 34.6 (1.5) 0 3,899.0 7.7 Redeemable preferred stocks 171.1 1.7 (1.4) 12.1 183.5 0.4 Total fixed maturities 42,378.0 740.4 (101.6) 14.2 43,031.0 84.5 Short-term investments 1,710.6 0 0 0 1,710.6 3.3 Total available-for-sale securities 44,088.6 740.4 (101.6) 14.2 44,741.6 87.8 Equity securities: Nonredeemable preferred stocks 1,536.2 0 0 126.1 1,662.3 3.3 Common equities 1,213.4 0 0 3,325.5 4,538.9 8.9 Total equity securities 2,749.6 0 0 3,451.6 6,201.2 12.2 Total portfolio 1 $ 46,838.2 $ 740.4 $ (101.6) $ 3,465.8 $ 50,942.8 100.0 % ($ in millions) Cost Gross Gross Net Fair % of June 30, 2020 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 8,814.5 $ 463.4 $ (0.1) $ 0 $ 9,277.8 21.2 % State and local government obligations 3,426.0 148.9 (0.6) 0 3,574.3 8.2 Corporate debt securities 10,493.2 571.4 (3.4) 1.3 11,062.5 25.3 Residential mortgage-backed securities 541.0 5.4 (3.4) 0 543.0 1.2 Commercial mortgage-backed securities 5,728.5 89.1 (55.8) 0 5,761.8 13.2 Other asset-backed securities 4,313.3 45.3 (3.7) 0 4,354.9 9.9 Redeemable preferred stocks 151.4 2.0 (1.4) 0.1 152.1 0.3 Total fixed maturities 33,467.9 1,325.5 (68.4) 1.4 34,726.4 79.3 Short-term investments 4,700.5 0 0 0 4,700.5 10.8 Total available-for-sale securities 38,168.4 1,325.5 (68.4) 1.4 39,426.9 90.1 Equity securities: Nonredeemable preferred stocks 1,205.4 0 0 (24.8) 1,180.6 2.7 Common equities 1,128.8 0 0 2,041.6 3,170.4 7.2 Total equity securities 2,334.2 0 0 2,016.8 4,351.0 9.9 Total portfolio 1 $ 40,502.6 $ 1,325.5 $ (68.4) $ 2,018.2 $ 43,777.9 100.0 % ($ in millions) Cost Gross Gross Net Fair % of December 31, 2020 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 12,437.9 $ 305.8 $ (3.7) $ 0 $ 12,740.0 26.8 % State and local government obligations 3,099.4 123.1 (0.7) 0 3,221.8 6.8 Corporate debt securities 9,579.7 601.7 (0.1) 3.9 10,185.2 21.4 Residential mortgage-backed securities 503.3 7.1 (0.9) 0 509.5 1.1 Commercial mortgage-backed securities 6,042.6 142.5 (10.0) 0 6,175.1 13.0 Other asset-backed securities 3,745.0 40.1 (0.5) 0 3,784.6 7.9 Redeemable preferred stocks 181.2 3.6 (1.4) 11.3 194.7 0.4 Total fixed maturities 35,589.1 1,223.9 (17.3) 15.2 36,810.9 77.4 Short-term investments 5,218.5 0 0 0 5,218.5 11.0 Total available-for-sale securities 40,807.6 1,223.9 (17.3) 15.2 42,029.4 88.4 Equity securities: Nonredeemable preferred stocks 1,358.7 0 0 89.2 1,447.9 3.1 Common equities 1,187.3 0 0 2,865.7 4,053.0 8.5 Total equity securities 2,546.0 0 0 2,954.9 5,500.9 11.6 Total portfolio 1 $ 43,353.6 $ 1,223.9 $ (17.3) $ 2,970.1 $ 47,530.3 100.0 % 1 Our portfolio reflects the effect of net unsettled security transactions; at June 30, 2021, we had $412.1 million in other liabilities, compared to $277.9 million and $95.5 million at June 30, 2020 and December 31, 2020, respectively. The total fair value of the portfolio at June 30, 2021 and 2020, and December 31, 2020, included $3.3 billion, $2.3 billion, and $6.2 billion, respectively, of securities held in a consolidated, non-insurance subsidiary of the holding company, net of unsettled security transactions. During the first six months of 2021, we used a portion of these investments to pay our common share dividends and repurchase common shares. At June 30, 2021, bonds and certificates of deposit in the principal amount of $409.4 million were on deposit to meet state insurance regulatory requirements. We did not hold any securities of any one issuer, excluding U.S. government obligations, with an aggregate cost or fair value exceeding 10% of total shareholders’ equity at June 30, 2021 or 2020, or December 31, 2020. At June 30, 2021, we did not hold any debt securities that were non-income producing during the preceding 12 months and held $12.7 million of foreign government obligations at June 30, 2021, which we classified in our corporate debt portfolio. Short-Term Investments Our short-term investments may include commercial paper and other investments that are expected to mature or are redeemable within one year. We invested in repurchase and reverse repurchase transactions during 2021 and 2020, but did not have any open positions at June 30, 2021 and 2020, or December 31, 2020. To the extent we enter into repurchase or reverse repurchase transactions, consistent with past practice, we would elect not to offset these transactions and would report them on a gross basis on our consolidated balance sheets, despite the option to elect to offset these transactions as long as they were with the same counterparty and subject to an enforceable master netting arrangement. Hybrid Securities Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value: June 30, (millions) 2021 2020 December 31, 2020 Fixed Maturities: State and local government obligations $ 0 $ 3.4 $ 0 Corporate debt securities 296.7 84.3 188.4 Residential mortgage-backed securities 163.1 0 0 Other asset-backed securities 66.9 2.2 34.8 Redeemable preferred stocks 132.2 90.2 131.4 Total hybrid securities $ 658.9 $ 180.1 $ 354.6 Since the embedded derivatives (e.g., change-in-control put option, debt-to-equity conversion, or any other feature unrelated to the credit quality or risk of default of the issuer that could impact the amount or timing of our expected future cash flows) do not have observable intrinsic values, we have elected to record the changes in fair value of these securities through income as a component of net realized gains or losses. Fixed Maturities The composition of fixed maturities by maturity at June 30, 2021, was: (millions) Cost Fair Value Less than one year $ 4,964.2 $ 4,985.6 One to five years 27,027.8 27,458.0 Five to ten years 10,125.0 10,323.1 Ten years or greater 261.0 264.3 Total $ 42,378.0 $ 43,031.0 Asset-backed securities are classified in the maturity distribution table based upon their projected cash flows. All other securities, which do not have a single maturity date, are reported based upon expected average maturity. Contractual maturities may differ from expected maturities because the issuers of the securities may have the right to call or prepay obligations. Gross Unrealized Losses The following tables show the composition of gross unrealized losses, for which no credit related impairment has been recognized, by major security type and by the length of time that individual securities have been in a continuous unrealized loss position: Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Unrealized No. of Sec. Fair Unrealized June 30, 2021 U.S. government obligations 59 $ 10,629.4 $ (72.9) 55 $ 10,162.4 $ (66.8) 4 $ 467.0 $ (6.1) State and local government obligations 81 436.2 (3.3) 72 400.0 (2.6) 9 36.2 (0.7) Corporate debt securities 292 1,142.5 (9.9) 288 1,065.2 (9.5) 4 77.3 (0.4) Residential mortgage-backed securities 77 192.2 (1.1) 64 172.4 (0.7) 13 19.8 (0.4) Commercial mortgage-backed securities 68 1,272.0 (11.5) 61 1,006.9 (10.5) 7 265.1 (1.0) Other asset-backed securities 119 1,073.6 (1.5) 113 1,043.7 (1.3) 6 29.9 (0.2) Redeemable preferred stocks 1 11.1 (1.4) 0 0 0 1 11.1 (1.4) Total fixed maturities 697 $ 14,757.0 $ (101.6) 653 $ 13,850.6 $ (91.4) 44 $ 906.4 $ (10.2) Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Unrealized No. of Sec. Fair Unrealized June 30, 2020 U.S. government obligations 4 $ 120.6 $ (0.1) 4 $ 120.6 $ (0.1) 0 $ 0 $ 0 State and local government obligations 17 135.0 (0.6) 16 131.2 (0.6) 1 3.8 0 Corporate debt securities 21 292.8 (3.4) 21 292.8 (3.4) 0 0 0 Residential mortgage-backed securities 40 188.2 (3.4) 21 93.7 (1.7) 19 94.5 (1.7) Commercial mortgage-backed securities 113 2,536.6 (55.8) 91 2,106.6 (48.3) 22 430.0 (7.5) Other asset-backed securities 29 331.7 (3.7) 21 299.0 (3.4) 8 32.7 (0.3) Redeemable preferred stocks 1 11.0 (1.4) 0 0 0 1 11.0 (1.4) Total fixed maturities 225 $ 3,615.9 $ (68.4) 174 $ 3,043.9 $ (57.5) 51 $ 572.0 $ (10.9) Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Unrealized No. of Sec. Fair Unrealized December 31, 2020 U.S. government obligations 9 $ 1,511.0 $ (3.7) 9 $ 1,511.0 $ (3.7) 0 $ 0 $ 0 State and local government obligations 30 208.7 (0.7) 30 208.7 (0.7) 0 0 0 Corporate debt securities 7 129.4 (0.1) 7 129.4 (0.1) 0 0 0 Residential mortgage-backed securities 21 44.4 (0.9) 0 0 0 21 44.4 (0.9) Commercial mortgage-backed securities 43 893.3 (10.0) 9 93.6 (0.3) 34 799.7 (9.7) Other asset-backed securities 22 183.7 (0.5) 9 74.4 (0.1) 13 109.3 (0.4) Redeemable preferred stocks 1 11.0 (1.4) 0 0 0 1 11.0 (1.4) Total fixed maturities 133 $ 2,981.5 $ (17.3) 64 $ 2,017.1 $ (4.9) 69 $ 964.4 $ (12.4) The increase in the number of securities in an unrealized loss position since both June 30, 2020 and December 31, 2020, was primarily the result of an increase in interest rates. None of the securities in the table above had their credit ratings downgraded during the second quarter 2021. A review of the securities in an unrealized loss position indicated that the issuers were current with respect to their interest obligations and that there was no evidence of deterioration of the current cash flow projections that would indicate we would not receive the remaining principal at maturity. Allowance For Credit and Uncollectible Losses We are required to measure the amount of potential credit losses for all fixed-maturity securities in an unrealized loss position. We did not record any allowances for credit losses or any write-offs for amounts deemed to be uncollectible for the first six months of 2021 and did not have a credit loss allowance balance as of June 30, 2021 and 2020, or December 31, 2020. We considered several factors and inputs related to the individual securities as part of this analysis, including: • current performance indicators on the business model or underlying assets (e.g., delinquency rates, foreclosure rates, and default rates); • credit support (via current levels of subordination); • historical credit ratings; and • updated cash flow expectations based upon these performance indicators. In order to determine the amount of credit loss, if any, we initially reviewed securities in a loss position to determine whether it was likely that we would be required, or whether we intended, to sell any of the securities prior to the recovery of their respective cost bases (which could be maturity). If we were likely to, or intended to, sell prior to a potential recovery, we would write off the unrealized loss. For those securities that we determined we were not likely to, or did not intend to, sell prior to a potential recovery, we calculated the net present value (NPV) of the cash flows expected (i.e., expected recovery value) using the current book yield for each security. The NPV was then compared to the security’s current amortized value to determine if a credit loss existed. In the event that the NPV was below the amortized value, and the amount was determined to be material individually, or in aggregate, a credit loss would be deemed to exist, and either an allowance for credit losses would be created, or if an allowance already existed, either a recovery of the previous allowance, or an incremental loss, would be recorded to net realized gains (losses) on securities. As of June 30, 2021, we believe none of the unrealized losses relate to material credit losses on any specific securities, or in the aggregate, based on our review. We continue to expect all the securities in our portfolio to pay their principal and interest obligations. We reviewed our accrued investment income outstanding on those securities in an unrealized loss position at June 30, 2021, to determine if the accrued interest amounts were deemed to be uncollectible. Based on our analysis, we believe the issuers have sufficient liquidity and capital reserves to meet their current interest and future principal, obligations and, therefore, did not write off any accrued income as uncollectible at June 30, 2021. Realized Gains (Losses) The components of net realized gains (losses) for the three and six months ended June 30, were: Three Months Six Months (millions) 2021 2020 2021 2020 Gross realized gains on security sales Available-for-sale securities: U.S. government obligations $ 11.3 $ 224.5 $ 77.9 $ 475.6 State and local government obligations 14.1 13.0 44.3 15.0 Corporate and other debt securities 40.1 34.3 60.8 66.7 Residential mortgage-backed securities 0.3 0 0.3 0 Commercial mortgage-backed securities 9.5 4.3 39.3 10.4 Other asset-backed securities 0 0 0.7 0 Redeemable preferred stocks 1.5 0 1.5 0 Total available-for-sale securities 76.8 276.1 224.8 567.7 Equity securities: Nonredeemable preferred stocks 6.4 0.1 23.7 19.7 Common equities 345.0 9.1 346.1 75.1 Total equity securities 351.4 9.2 369.8 94.8 Subtotal gross realized gains on security sales 428.2 285.3 594.6 662.5 Gross realized losses on security sales Available-for-sale securities: U.S. government obligations (6.9) (0.6) (26.5) (3.3) State and local government obligations (2.8) 0 (3.0) 0 Corporate and other debt securities (3.3) (5.5) (5.4) (6.5) Commercial mortgage-backed securities (0.5) (9.8) (1.1) (9.8) Other asset-backed securities (0.3) 0 (0.4) 0 Total available-for-sale securities (13.8) (15.9) (36.4) (19.6) Equity securities: Nonredeemable preferred stocks (0.4) (3.0) (0.4) (7.4) Common equities (3.9) (6.4) (3.9) (60.3) Total equity securities (4.3) (9.4) (4.3) (67.7) Subtotal gross realized losses on security sales (18.1) (25.3) (40.7) (87.3) Net realized gains (losses) on security sales Available-for-sale securities: U.S. government obligations 4.4 223.9 51.4 472.3 State and local government obligations 11.3 13.0 41.3 15.0 Corporate and other debt securities 36.8 28.8 55.4 60.2 Residential mortgage-backed securities 0.3 0 0.3 0 Commercial mortgage-backed securities 9.0 (5.5) 38.2 0.6 Other asset-backed securities (0.3) 0 0.3 0 Redeemable preferred stocks 1.5 0 1.5 0 Total available-for-sale securities 63.0 260.2 188.4 548.1 Equity securities: Nonredeemable preferred stocks 6.0 (2.9) 23.3 12.3 Common equities 341.1 2.7 342.2 14.8 Total equity securities 347.1 (0.2) 365.5 27.1 Subtotal net realized gains (losses) on security sales 410.1 260.0 553.9 575.2 Net holding period gains (losses) Hybrid securities 9.9 24.8 (1.0) (6.4) Equity securities 44.3 606.0 496.7 (231.6) Subtotal net holding period gains (losses) 54.2 630.8 495.7 (238.0) Other asset impairment (2.5) 0 (2.5) 0 Total net realized gains (losses) on securities $ 461.8 $ 890.8 $ 1,047.1 $ 337.2 Realized gains (losses) on securities sold are computed using the first-in-first-out method. The other asset impairment loss was recorded as a result of our investment in a federal new markets tax credit fund, which was entered into during the second quarter 2021, and reported in other assets in the consolidated balance sheet. The following table reflects our holding period realized gains (losses) on equity securities recognized for the three and six months ended June 30, 2021 and 2020, for equity securities held at the respective quarter end: Three Months Six Months (millions) 2021 2020 2021 2020 Total net gains (losses) recognized during the period on equity securities $ 391.4 $ 605.8 $ 862.2 $ (204.5) Less: Net gains (losses) recognized on equity securities sold during the period 347.1 (0.2) 365.5 27.1 Net holding period gains (losses) recognized during the period on equity securities held at period end $ 44.3 $ 606.0 $ 496.7 $ (231.6) Net Investment Income The components of net investment income for the three and six months ended June 30, were: Three Months Six Months (millions) 2021 2020 2021 2020 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 37.4 $ 35.7 $ 67.8 $ 98.3 State and local government obligations 11.5 16.1 24.9 25.7 Corporate debt securities 73.2 76.6 158.4 134.6 Residential mortgage-backed securities 2.8 3.8 6.2 8.0 Commercial mortgage-backed securities 34.4 42.6 70.2 76.9 Other asset-backed securities 15.1 24.8 31.0 54.0 Redeemable preferred stocks 2.3 2.1 4.8 10.0 Total fixed maturities 176.7 201.7 363.3 407.5 Short-term investments 0.7 13.7 2.2 20.7 Total available-for-sale securities 177.4 215.4 365.5 428.2 Equity securities: Nonredeemable preferred stocks 17.3 14.7 35.2 28.5 Common equities 16.0 13.7 30.2 28.3 Total equity securities 33.3 28.4 65.4 56.8 Investment income 210.7 243.8 430.9 485.0 Investment expenses (6.3) (4.5) (11.9) (9.8) Net investment income $ 204.4 $ 239.3 $ 419.0 $ 475.2 |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value — We have categorized our financial instruments, based on the degree of subjectivity inherent in the method by which they are valued, into a fair value hierarchy of three levels, as follows: • Level 1 : Inputs are unadjusted, quoted prices in active markets for identical instruments at the measurement date (e.g., U.S. government obligations, which are continually priced on a daily basis, active exchange-traded equity securities, and certain short-term securities). • Level 2 : Inputs (other than quoted prices included within Level 1) that are observable for the instrument either directly or indirectly (e.g., certain corporate and municipal bonds and certain preferred stocks). This includes: (i) quoted prices for similar instruments in active markets, (ii) quoted prices for identical or similar instruments in markets that are not active, (iii) inputs other than quoted prices that are observable for the instruments, and (iv) inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 : Inputs that are unobservable. Unobservable inputs reflect our subjective evaluation about the assumptions market participants would use in pricing the financial instrument (e.g., certain structured securities and privately held investments). Determining the fair value of the investment portfolio is the responsibility of management. As part of the responsibility, we evaluate whether a market is distressed or inactive in determining the fair value for our portfolio. We review certain market level inputs to evaluate whether sufficient activity, volume, and new issuances exist to create an active market. Based on this evaluation, we concluded that there was sufficient activity related to the sectors and securities for which we obtained valuations. The composition of the investment portfolio by major security type and our outstanding debt was: Fair Value (millions) Level 1 Level 2 Level 3 Total Cost June 30, 2021 Fixed maturities: U.S. government obligations $ 19,437.7 $ 0 $ 0 $ 19,437.7 $ 19,339.3 State and local government obligations 0 2,440.5 0 2,440.5 2,379.1 Corporate debt securities 0 10,690.9 0 10,690.9 10,327.5 Subtotal 19,437.7 13,131.4 0 32,569.1 32,045.9 Asset-backed securities: Residential mortgage-backed 0 671.3 0 671.3 666.9 Commercial mortgage-backed 0 5,708.1 0 5,708.1 5,628.2 Other asset-backed 0 3,899.0 0 3,899.0 3,865.9 Subtotal asset-backed securities 0 10,278.4 0 10,278.4 10,161.0 Redeemable preferred stocks: Financials 0 51.3 0 51.3 50.9 Utilities 0 0 0 0 0 Industrials 10.8 121.4 0 132.2 120.2 Subtotal redeemable preferred stocks 10.8 172.7 0 183.5 171.1 Total fixed maturities 19,448.5 23,582.5 0 43,031.0 42,378.0 Short-term investments 1,679.8 30.8 0 1,710.6 1,710.6 Total available-for-sale securities 21,128.3 23,613.3 0 44,741.6 44,088.6 Equity securities: Nonredeemable preferred stocks: Financials 98.4 1,332.5 128.9 1,559.8 1,456.2 Utilities 0 42.5 0 42.5 39.9 Industrials 0 25.6 34.4 60.0 40.1 Subtotal nonredeemable preferred stocks 98.4 1,400.6 163.3 1,662.3 1,536.2 Common equities: Common stocks 4,527.3 0 0 4,527.3 1,201.8 Other risk investments 0 0 11.6 11.6 11.6 Subtotal common equities 4,527.3 0 11.6 4,538.9 1,213.4 Total equity securities 4,625.7 1,400.6 174.9 6,201.2 2,749.6 Total portfolio $ 25,754.0 $ 25,013.9 $ 174.9 $ 50,942.8 $ 46,838.2 Debt $ 0 $ 6,446.7 $ 0 $ 6,446.7 $ 5,397.5 Fair Value (millions) Level 1 Level 2 Level 3 Total Cost June 30, 2020 Fixed maturities: U.S. government obligations $ 9,277.8 $ 0 $ 0 $ 9,277.8 $ 8,814.5 State and local government obligations 0 3,574.3 0 3,574.3 3,426.0 Corporate debt securities 0 11,062.5 0 11,062.5 10,493.2 Subtotal 9,277.8 14,636.8 0 23,914.6 22,733.7 Asset-backed securities: Residential mortgage-backed 0 543.0 0 543.0 541.0 Commercial mortgage-backed 0 5,761.8 0 5,761.8 5,728.5 Other asset-backed 0 4,354.9 0 4,354.9 4,313.3 Subtotal asset-backed securities 0 10,659.7 0 10,659.7 10,582.8 Redeemable preferred stocks: Financials 0 51.1 0 51.1 51.3 Utilities 0 10.8 0 10.8 10.0 Industrials 9.7 80.5 0 90.2 90.1 Subtotal redeemable preferred stocks 9.7 142.4 0 152.1 151.4 Total fixed maturities 9,287.5 25,438.9 0 34,726.4 33,467.9 Short-term investments 4,428.0 272.5 0 4,700.5 4,700.5 Total available-for-sale securities 13,715.5 25,711.4 0 39,426.9 38,168.4 Equity securities: Nonredeemable preferred stocks: Financials 108.2 958.3 38.1 1,104.6 1,125.3 Utilities 0 38.7 0 38.7 40.0 Industrials 0 22.1 15.2 37.3 40.1 Subtotal nonredeemable preferred stocks 108.2 1,019.1 53.3 1,180.6 1,205.4 Common equities: Common stocks 3,170.1 0 0 3,170.1 1,128.5 Other risk investments 0 0 0.3 0.3 0.3 Subtotal common equities 3,170.1 0 0.3 3,170.4 1,128.8 Total equity securities 3,278.3 1,019.1 53.6 4,351.0 2,334.2 Total portfolio $ 16,993.8 $ 26,730.5 $ 53.6 $ 43,777.9 $ 40,502.6 Debt $ 0 $ 6,664.3 $ 0 $ 6,664.3 $ 5,394.7 Fair Value (millions) Level 1 Level 2 Level 3 Total Cost December 31, 2020 Fixed maturities: U.S. government obligations $ 12,740.0 $ 0 $ 0 $ 12,740.0 $ 12,437.9 State and local government obligations 0 3,221.8 0 3,221.8 3,099.4 Corporate debt securities 0 10,185.2 0 10,185.2 9,579.7 Subtotal 12,740.0 13,407.0 0 26,147.0 25,117.0 Asset-backed securities: Residential mortgage-backed 0 509.5 0 509.5 503.3 Commercial mortgage-backed 0 6,175.1 0 6,175.1 6,042.6 Other asset-backed 0 3,784.6 0 3,784.6 3,745.0 Subtotal asset-backed securities 0 10,469.2 0 10,469.2 10,290.9 Redeemable preferred stocks: Financials 0 51.6 0 51.6 51.1 Utilities 0 11.7 0 11.7 10.0 Industrials 10.8 120.6 0 131.4 120.1 Subtotal redeemable preferred stocks 10.8 183.9 0 194.7 181.2 Total fixed maturities 12,750.8 24,060.1 0 36,810.9 35,589.1 Short-term investments 4,704.9 513.6 0 5,218.5 5,218.5 Total available-for-sale securities 17,455.7 24,573.7 0 42,029.4 40,807.6 Equity securities: Nonredeemable preferred stocks: Financials 117.7 1,212.3 35.0 1,365.0 1,278.6 Utilities 0 41.9 0 41.9 40.0 Industrials 0 24.3 16.7 41.0 40.1 Subtotal nonredeemable preferred stocks 117.7 1,278.5 51.7 1,447.9 1,358.7 Common equities: Common stocks 4,049.9 0 0 4,049.9 1,184.2 Other risk investments 0 0 3.1 3.1 3.1 Subtotal common equities 4,049.9 0 3.1 4,053.0 1,187.3 Total equity securities 4,167.6 1,278.5 54.8 5,500.9 2,546.0 Total portfolio $ 21,623.3 $ 25,852.2 $ 54.8 $ 47,530.3 $ 43,353.6 Debt $ 0 $ 6,793.5 $ 0 $ 6,793.5 $ 5,396.1 Our portfolio valuations, excluding short-term investments, classified as either Level 1 or Level 2 in the above tables are priced exclusively by external sources, including: pricing vendors, dealers/market makers, and exchange-quoted prices. Our short-term investments classified as Level 1 are highly liquid, actively marketed, and have a very short duration, primarily 90 days or less to redemption. These securities are held at their original cost, adjusted for any accretion of discount, since that value very closely approximates what an active market participant would be willing to pay for such securities. The remainder of our short-term investments are classified as Level 2 and are not priced externally since these securities continually trade at par value. These securities are classified as Level 2 since they are primarily longer-dated securities issued by municipalities that contain either liquidity facilities or mandatory put features within one year. At June 30, 2021, vendor-quoted prices represented 81% of our Level 1 classifications (excluding short-term investments), compared to 75% and 76% at June 30, 2020 and December 31, 2020, respectively. The securities quoted by vendors in Level 1 primarily represent our holdings in U.S. Treasury Notes, which are frequently traded, and the quotes are considered similar to exchange-traded quotes. The balance of our Level 1 pricing comes from quotes obtained directly from trades made on active exchanges. At both June 30, 2021 and December 31, 2020, vendor-quoted prices comprised 99% of our Level 2 classifications (excluding short-term investments), while dealer-quoted prices represented the remaining 1%, compared to 97% and 3%, respectively, at June 30, 2020. In our process for selecting a source (e.g., dealer or pricing service) to provide pricing for securities in our portfolio, we reviewed documentation from the sources that detailed the pricing techniques and methodologies used by these sources and determined if their policies adequately considered market activity, either based on specific transactions for the particular security type or based on modeling of securities with similar credit quality, duration, yield, and structure that were recently transacted. Once a source is chosen, we continue to monitor any changes or modifications to their processes by reviewing their documentation on internal controls for pricing and market reviews. We review quality control measures of our sources as they become available to determine if any significant changes have occurred from period to period that might indicate issues or concerns regarding their evaluation or market coverage. As part of our pricing procedures, we obtain quotes from more than one source to help us fully evaluate the market price of securities. However, our internal pricing policy is to use a consistent source for individual securities in order to maintain the integrity of our valuation process. Quotes obtained from the sources are not considered binding offers to transact. Under our policy, when a review of the valuation received from our selected source appears to be outside of what is considered market level activity (which is defined as trading at spreads or yields significantly different than those of comparable securities or outside the general sector level movement without a reasonable explanation), we may use an alternate source’s price. To the extent we determine that it may be prudent to substitute one source’s price for another, we will contact the initial source to obtain an understanding of the factors that may be contributing to the significant price variance. To allow us to determine if our initial source is providing a price that is outside of a reasonable range, we review our portfolio pricing on at least a weekly basis. When necessary, we challenge prices from our sources when a price provided does not match our expectations based on our evaluation of market trends and activity. Initially, we perform a review of our portfolio by sector to identify securities whose prices appear outside of a reasonable range. We then perform a more detailed review of fair values for securities disclosed as Level 2. We review dealer bids and quotes for these and/or similar securities to determine the market level context for our valuations. We then evaluate inputs relevant for each class of securities disclosed in the preceding hierarchy tables. For our structured debt securities, including commercial, residential, and asset-backed securities, we evaluate available market-related data for these, and similar securities, related to collateral, delinquencies, and defaults for historical trends and reasonably estimable projections, as well as historical prepayment rates and current prepayment assumptions and cash flow estimates. We further stratify each class of our structured debt securities into more finite sectors (e.g., planned amortization class, first pay, second pay, senior, subordinated, etc.) and use duration, credit quality, and coupon to determine if the fair value is appropriate. For our corporate debt and preferred stock (redeemable and nonredeemable) portfolios, as well as the notes issued by The Progressive Corporation (see Note 4 – Debt ), we review securities by duration, coupon, and credit quality, as well as changes in interest rate and credit spread movements within that stratification. The review also includes recent trades, including: volume traded at various levels that establish a market, issuer specific fundamentals, and industry specific economic news as it comes to light. For our municipal securities (e.g., general obligations, revenue, and housing), we stratify the portfolio to evaluate securities by type, coupon, credit quality, and duration to review price changes relative to credit spread and interest rate changes. Additionally, we look to economic data as it relates to geographic location as an indication of price-to-call or maturity predictors. For municipal housing securities, we look to changes in cash flow projections, both historical and reasonably estimable projections, to understand yield changes and their effect on valuation. Lastly, for our short-term securities, we look at acquisition price relative to the coupon or yield. Since our short-term securities are typically 90 days or less to maturity, with the majority listed in Level 2 being 30 days or less to redemption, we believe that acquisition price is the best estimate of fair value. We also review data assumptions as supplied by our sources to determine if that data is relevant to current market conditions. In addition, we independently review each sector for transaction volumes, new issuances, and changes in spreads, as well as the overall movement of interest rates along the yield curve to determine if sufficient activity and liquidity exists to provide a credible source for our market valuations. During each valuation period, we create internal estimations of portfolio valuation (performance returns), based on current market-related activity (i.e., interest rate and credit spread movements and other credit-related factors) within each major sector of our portfolio. We compare our internally generated portfolio results with those generated based on quotes we receive externally and research material valuation differences. We compare our results to index returns for each major sector adjusting for duration and credit quality differences to better understand our portfolio’s results. Additionally, we review on a monthly basis our external sales transactions and compare the actual final market sales prices to previous market valuation prices. This review provides us further validation that our pricing sources are providing market level prices, since we explain significant price changes (i.e., greater than 2%) as known events occur in the marketplace and affect a security’s price at sale. This analysis provides us with additional comfort regarding the source’s process, the quality of its review, and its willingness to improve its analysis based on feedback from clients. We believe this effort helps ensure that we are reporting the most representative fair values for our securities. Except as described below, our Level 3 securities are also priced externally; however, due to several factors (e.g., nature of the securities, level of activity, and lack of similar securities trading to obtain observable market level inputs), these valuations are more subjective in nature. Certain private equity investments included in the Level 3 category are valued using external pricing supplemented by internal review and analysis. After all the valuations are received and our review is complete, if the inputs used by vendors are determined to not contain sufficient observable market information, we will reclassify the affected security valuations to Level 3. At June 30, 2021 and 2020, and December 31, 2020, we did not have any securities in our fixed-maturity portfolio listed as Level 3. At June 30, 2021, we held eight private nonredeemable preferred securities that were priced internally or by a pricing firm and we held four private nonredeemable preferred securities at both June 30, 2020 and December 31, 2020. At June 30, 2021, we held three Level 3 other risk investments that were priced using the cost method, compared to one Level 3 other risk investment at June 30, 2020 and two Level 3 other risk investments at December 31, 2020. To the extent we receive prices from external sources for the Level 3 securities, we would review those prices for reasonableness using internally developed assumptions and then compare our derived prices to the prices we received. During 2021 and 2020, there were no material assets or liabilities measured at fair value on a nonrecurring basis. Based on our review, all prices received from external sources for 2021 remained unadjusted. Due to the relative size of the Level 3 securities’ fair values compared to the total portfolio’s fair value, any changes in pricing methodology would not have a significant change in valuation that would materially impact net or comprehensive income. The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and six months ended June 30, 2021 and 2020: Level 3 Fair Value (millions) Fair Value at March 31, 2021 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2021 Equity securities: Nonredeemable preferred stocks: Financials $ 35.0 $ 0 $ 60.2 $ 0 $ 0 $ 33.7 $ 0 $ 128.9 Industrials 16.6 0 5.0 (5.0) (4.5) 22.3 0 34.4 Common equities: Other risk investments 3.2 0 8.4 0 0 0 0 11.6 Total Level 3 securities $ 54.8 $ 0 $ 73.6 $ (5.0) $ (4.5) $ 56.0 $ 0 $ 174.9 Level 3 Fair Value (millions) Fair Value at March 31, 2020 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2020 Equity securities: Nonredeemable preferred stocks: Financials $ 13.1 $ 0 $ 25.0 $ 0 $ 0 $ 0 $ 0 $ 38.1 Industrials 15.2 0 0 0 0 0 0 15.2 Common equities: Other risk investments 0.3 0 0 0 0 0 0 0.3 Total Level 3 securities $ 28.6 $ 0 $ 25.0 $ 0 $ 0 $ 0 $ 0 $ 53.6 Level 3 Fair Value (millions) Fair Value at December 31, 2020 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2021 Equity securities: Nonredeemable preferred stocks: Financials $ 35.0 $ 0 $ 60.2 $ 0 $ 0 $ 33.7 $ 0 $ 128.9 Industrials 16.7 0 5.0 (5.0) (4.5) 22.2 0 34.4 Common equities: Other risk investments 3.1 0 8.5 0 0 0 0 11.6 Total Level 3 securities $ 54.8 $ 0 $ 73.7 $ (5.0) $ (4.5) $ 55.9 $ 0 $ 174.9 Level 3 Fair Value (millions) Fair Value at December 31, 2019 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2020 Equity securities: Nonredeemable preferred stocks: Financials $ 27.1 $ 0 $ 25.0 $ 0 $ 0 $ (14.0) $ 0 $ 38.1 Industrials 16.0 0 0 0 0 (0.8) 0 15.2 Common equities: Other risk investments 0.3 0 0 0 0 0 0 0.3 Total Level 3 securities $ 43.4 $ 0 $ 25.0 $ 0 $ 0 $ (14.8) $ 0 $ 53.6 The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at June 30, 2021 and 2020, and December 31, 2020: Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at June 30, 2021 Valuation Technique Unobservable Input Unobservable Input Assumption Equity securities: Nonredeemable preferred stocks: Financials $ 52.5 Pricing firm Market approach (guideline public company method) price per share 7.7 Financials 16.2 Internal price Recent transaction price per share 27.5 Financials 1 22.5 Internal price Unadjusted purchase price per share 20.1 Financials 1 12.5 Internal price Unadjusted purchase price per share 11.8 Financials 1 10.2 Internal price Unadjusted purchase price per share 32.1 Financials 1 15.0 Internal price Unadjusted purchase price per share 6.8 Industrials 10.7 Internal price Recent transaction price per share 5.2 Industrials 23.7 Internal price Recent transaction price per share 9.6 Subtotal Level 3 securities 163.3 Pricing exemption securities 11.6 Total Level 3 securities $ 174.9 1 These securities were purchased during second quarter 2021. Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at June 30, 2020 Valuation Technique Unobservable Input Unobservable Input Assumption Equity securities: Nonredeemable preferred stocks: Financials $ 13.1 Internal price Market approach (guideline public company method) price per share 4.4 Financials 1 25.0 Internal price Unadjusted purchase price per share 3.7 Industrials 2 7.1 Internal price Market approach (guideline public company method) price per share 5.6 Industrials 2 8.1 Internal price Market approach (guideline public company method) price per share 4.0 Subtotal Level 3 securities 53.3 Pricing exemption securities 0.3 Total Level 3 securities $ 53.6 1 This security was purchased in second quarter 2020. 2 Modified prior year disclosure to present securities individually to conform to the current year presentation. Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at December 31, 2020 Valuation Technique Unobservable Input Unobservable Input Assumption Equity securities: Nonredeemable preferred stocks: Financials 1 $ 25.0 Internal price Unadjusted purchase price per share 3.7 Financials 2 10.0 Internal price Unadjusted purchase price per share 16.9 Industrials 6.9 Pricing firm Market approach (guideline public company method) price per share 5.4 Industrials 9.8 Pricing firm Market approach (guideline public company method) price per share 4.8 Subtotal Level 3 securities 51.7 Pricing exemption securities 3.1 Total Level 3 securities $ 54.8 1 This security was purchased in second quarter 2020. 2 This security was purchased in fourth quarter 2020. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt — Debt at each of the balance sheet periods consisted of: June 30, 2021 June 30, 2020 December 31, 2020 (millions) Carrying Fair Carrying Fair Carrying Fair 3.75% Senior Notes due 2021 (issued: $500.0, August 2011) $ 499.9 $ 502.5 $ 499.6 $ 519.0 $ 499.8 $ 510.9 2.45% Senior Notes due 2027 (issued: $500.0, August 2016) 497.5 529.9 497.1 533.7 497.3 541.1 6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) 297.0 396.1 296.8 420.7 296.9 409.4 4.00% Senior Notes due 2029 (issued: $550.0, October 2018) 545.7 631.5 545.2 654.2 545.5 660.4 3.20% Senior Notes due 2030 (issued: $500.0, March 2020) 496.3 549.0 496.0 567.6 496.1 575.5 6.25% Senior Notes due 2032 (issued: $400.0, November 2002) 396.1 553.7 395.8 569.6 396.0 582.0 4.35% Senior Notes due 2044 (issued: $350.0, April 2014) 346.8 434.8 346.7 444.9 346.7 459.7 3.70% Senior Notes due 2045 (issued: $400.0, January 2015) 395.6 458.1 395.5 471.4 395.5 481.0 4.125% Senior Notes due 2047 (issued: $850.0, April 2017) 841.8 1,041.4 841.6 1,080.8 841.7 1,113.1 4.20% Senior Notes due 2048 (issued: $600.0, March 2018) 590.1 747.0 589.9 773.8 590.0 806.7 3.95% Senior Notes due 2050 (issued: $500.0, March 2020) 490.7 602.7 490.5 628.6 490.6 653.7 Total $ 5,397.5 $ 6,446.7 $ 5,394.7 $ 6,664.3 $ 5,396.1 $ 6,793.5 At June 30, 2021 and December 31, 2020, short-term debt consisted of the $500 million 3.75% Senior Notes that mature in August 2021; there was no short-term debt outstanding at June 30, 2020. The Progressive Corporation has a line of credit with PNC Bank, National Association (PNC), in the maximum principal amount of $250 million, which has the same terms as the line of credit with PNC that expired in April 2021. See the 2020 Annual Report to Shareholders for terms of this line of credit. We had no borrowings under the line of credit during the periods presented. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes — Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax bases of assets and liabilities at the enacted tax rates. We review our deferred tax assets regularly for recoverability. At June 30, 2021 and 2020, and December 31, 2020, we determined that we did not need a valuation allowance on our gross deferred tax assets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes. For the six months ended June 30, 2021, there have been no material changes in our reserve for uncertain tax positions. The effective tax rate for the three and six months ended June 30, 2021, was 20.9% and 20.8%, respectively, compared to 21.1% and 20.8% for the same periods last year. |
Loss and Loss Adjustment Expens
Loss and Loss Adjustment Expense Reserves | 6 Months Ended |
Jun. 30, 2021 | |
Loss and Loss Adjustment Expenses Reserves [Abstract] | |
Loss and Loss Adjustment Expenses Reserves | Loss and Loss Adjustment Expense Reserves — Activity in the loss and loss adjustment expense reserves is summarized as follows: June 30, (millions) 2021 2020 Balance at January 1 $ 20,265.8 $ 18,105.4 Less reinsurance recoverables on unpaid losses 3,798.2 3,212.2 Net balance at January 1 16,467.6 14,893.2 Net loss and loss adjustment reserve acquired 1 732.5 0 Total beginning reserves 17,200.1 14,893.2 Incurred related to: Current year 15,319.9 11,360.5 Prior years 197.0 116.1 Total incurred 15,516.9 11,476.6 Paid related to: Current year 7,849.6 6,180.4 Prior years 5,436.7 5,180.1 Total paid 13,286.3 11,360.5 Net balance at June 30 19,430.7 15,009.3 Plus reinsurance recoverables on unpaid losses 4,464.9 3,502.7 Balance at June 30 $ 23,895.6 $ 18,512.0 1 Net reserves acquired in Protective Insurance acquisition. We experienced unfavorable reserve development of $197.0 million and $116.1 million during the first six months of 2021 and 2020, respectively, which is reflected as “Incurred related to prior years ” in the table above. Year-to-date June 30, 2021 • Approximately $100 million of the unfavorable prior year reserve development was attributable to accident year 2019 and $114 million to 2018 and prior accident years, partially offset by favorable development attributable to accident year 2020. • Our personal auto products incurred about $111 million of unfavorable loss and loss adjustment expense (LAE) reserve development, with about 60% attributable to the Agency business. The unfavorable development was primarily attributable to a higher than anticipated frequency of reopened personal injury protection (PIP) claims, primarily in Florida, and higher than anticipated bodily injury severity, partially offset by less late reported claims than anticipated for accident year 2020. • Our Commercial Lines business experienced about $73 million of unfavorable development, primarily due to increased injury severity, and the emergence of large injury claims at rates higher than originally anticipated primarily in Texas and Florida. • Our Property business experienced about $20 million of unfavorable development, primarily due to higher than anticipated severity, reopen activity in Florida, and loss adjustment expense for prior loss years. • Our special lines business experienced about $7 million of favorable development. Year-to-date June 30, 2020 • Approximately 68% of the unfavorable prior year reserve development was attributable to accident year 2018, while only 1% was attributable to accident year 2019, with the remainder related to 2017 and prior accident years. During the second quarter 2020, we experienced favorable development on accident year 2019, primarily due to higher than anticipated salvage and subrogation recoveries, which almost fully offset the unfavorable development from accident year 2019 we experienced during the first quarter 2020. • Our personal auto products incurred about $37 million of unfavorable loss and LAE reserve development, with about two thirds attributable to the Agency business. The unfavorable LAE development was primarily attributable to revised estimates of our per claim settlement costs taken during the first quarter. We also experienced higher than anticipated frequency of reopened PIP claims, primarily in Florida, and late reported losses occurring toward the end 2019 but not reported until 2020, which was significantly offset by higher than anticipated salvage and subrogation recoveries. • Our Commercial Lines business experienced about $98 million of unfavorable development, primarily due to increased injury severity and the emergence of large injury claims at rates higher than originally anticipated. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information — Cash and cash equivalents include bank demand deposits and daily overnight reverse repurchase commitments of funds held in bank demand deposit accounts by certain subsidiaries, and are not considered part of the investment portfolio. The amount of reverse repurchase commitments held by these subsidiaries at June 30, 2021 and 2020, and December 31, 2020, were $90.5 million, $96.4 million, and $93.5 million, respectively. At June 30, 2021, $14.8 million of the restricted cash and cash equivalents on our consolidated balance sheets represents collateral held against unpaid premiums in the form of certificates of deposit, with the remainder representing cash restricted to pay flood claims under the National Flood Insurance Program’s “Write Your Own” program, for which certain subsidiaries are administrators. During the six months ended June 30, 2021 and 2020, non-cash activity included declared but unpaid common share dividends of $58.5 million (see Note 9 – Dividends for further discussion) for both periods, and operating lease liabilities arising from obtaining right-of-use assets of $55.9 million and $23.9 million, respectively. We paid the following in the respective periods: Six Months Ended June 30, (millions) 2021 2020 Income taxes $ 574.1 $ 18.0 Interest 112.0 94.1 Operating lease liabilities 44.8 44.7 During the six months ended June 30, 2020, we did not make any estimated federal tax payments as the Internal Revenue Service, in response to the impact of COVID-19 restrictions, postponed the due date of these estimated payments until July 15, 2020. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information — Our Personal Lines segment writes insurance for personal autos and recreational vehicles (our special lines products). Our Commercial Lines segment writes auto-related liability and physical damage insurance, workers' compensation coverage primarily for the transportation industry, and business-related general liability and property insurance, predominately for small businesses. Our Property segment writes residential property insurance for homeowners, other property owners, and renters. Our service businesses provide insurance-related services, including processing Commercial Automobile Insurance Procedures/Plans (CAIP) business and serving as an agent for homeowners, general liability, and workers’ compensation insurance, among other products, through programs in our direct Personal Lines and Commercial Lines businesses. All segment revenues are generated from external customers; all intercompany transactions are eliminated in consolidation. Following are the operating results for the respective periods: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (millions) Revenues Pretax Revenues Pretax Revenues Pretax Revenues Pretax Personal Lines Agency $ 4,220.3 $ 207.5 $ 3,919.0 $ 550.6 $ 8,318.5 $ 755.0 $ 7,747.7 $ 1,152.2 Direct 4,633.9 128.4 4,167.9 647.2 9,065.6 543.0 8,160.3 1,120.2 Total Personal Lines 1 8,854.2 335.9 8,086.9 1,197.8 17,384.1 1,298.0 15,908.0 2,272.4 Commercial Lines 1,621.8 130.1 1,129.0 179.8 3,039.6 358.6 2,318.0 292.3 Property 2 502.3 (83.3) 432.7 (188.7) 974.8 (154.0) 853.3 (139.5) Other indemnity 3 4.0 0.1 0 0 4.0 0.1 0 0 Total underwriting operations 10,982.3 382.8 9,648.6 1,188.9 21,402.5 1,502.7 19,079.3 2,425.2 Fees and other revenues 4 176.2 NA 129.5 NA 341.9 NA 283.0 NA Service businesses 74.5 6.6 59.0 6.2 128.3 11.1 110.6 10.3 Investments 5 672.5 666.2 1,134.6 1,130.1 1,478.0 1,466.1 822.2 812.4 Interest expense NA (56.4) NA (56.4) NA (112.8) NA (104.4) Consolidated total $ 11,905.5 $ 999.2 $ 10,971.7 $ 2,268.8 $ 23,350.7 $ 2,867.1 $ 20,295.1 $ 3,143.5 NA = Not applicable 1 Personal auto insurance accounted for 94% of the total Personal Lines segment net premiums earned during the three and six months ended June 30, 2021 and 2020; insurance for our special lines products (e.g., motorcycles, ATVs, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 For the three and six months ended June 30, 2021, pretax profit (loss) includes $14.1 million and $28.3 million, respectively, of amortization expense associated with acquisition-related intangible assets attributable to our Property segment, and $14.1 million and $28.6 million for the same periods in 2020. See Note 12 – Goodwill and Intangible Assets for further discussion. 3 Primarily includes Protective Insurance's run-off business operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit is net of investment expense. Our management uses underwriting margin and combined ratio as primary measures of underwriting profitability. The underwriting margin is the pretax underwriting profit (loss) expressed as a percentage of net premiums earned (i.e., revenues from underwriting operations). Pretax underwriting profit (loss) is calculated as net premiums earned plus fees and other revenues, less: (i) losses and loss adjustment expenses; (ii) policy acquisition costs; (iii) other underwriting expenses; and (iv) policyholder credits. Combined ratio is the complement of the underwriting margin. Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Under-writing Combined Under-writing Combined Under-writing Combined Under-writing Combined Personal Lines Agency 4.9 % 95.1 14.0 % 86.0 9.1 % 90.9 14.9 % 85.1 Direct 2.8 97.2 15.5 84.5 6.0 94.0 13.7 86.3 Total Personal Lines 3.8 96.2 14.8 85.2 7.5 92.5 14.3 85.7 Commercial Lines 8.0 92.0 15.9 84.1 11.8 88.2 12.6 87.4 Property 1 (16.6) 116.6 (43.6) 143.6 (15.8) 115.8 (16.3) 116.3 Total underwriting operations 3.5 96.5 12.3 87.7 7.0 93.0 12.7 87.3 1 Included in the three and six months ended June 30, 2021, is 2.8 points and 2.9 points, respectively, of amortization expense predominately associated with intangible assets and 3.3 points and 3.4 points, respectively, for the three and six months ended June 30, 2020. |
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2021 | |
Dividends [Abstract] | |
Dividends | Dividends — Following is a summary of our common and preferred share dividends that were declared and/or paid during the six months ended June 30, 2021 and 2020: (millions, except per share amounts) Amount Declared Payable Per Share Accrued 1 Common - Quarterly Dividends: May 2021 July 2021 $ 0.10 $ 58.5 March 2021 April 2021 0.10 58.5 December 2020 January 2021 0.10 58.6 May 2020 July 2020 0.10 58.5 February 2020 April 2020 0.10 58.5 December 2019 January 2020 0.10 58.5 Common - Annual Variable Dividends: December 2020 January 2021 4.50 2,635.9 December 2019 January 2020 2.25 1,316.9 Preferred Dividends: December 2020 March 2021 26.875 13.4 February 2020 March 2020 26.875 13.4 1 The accrual is based on an estimate of shares outstanding as of the record date. The dividends accrued at June 30, 2020, were reclassified from accounts payable, accrued expenses, and other liabilities into dividends payable on common shares on the consolidated balance sheets, to conform to the current year presentation. See Note 14 – Dividends in our 2020 Annual Report to Shareholders for a discussion of our common and preferred share dividend policies. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) — The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows: Components of Changes in (millions) Pretax total Total tax After tax total Total net unrealized gains (losses) on securities Net unrealized gains (losses) on forecasted transactions Foreign (Income) Balance at March 31, 2021 $ 504.6 $ (112.3) $ 392.3 $ 407.7 $ (15.4) $ 0 $ 0 Other comprehensive income (loss) before reclassifications: Investment securities 174.7 (36.7) 138.0 138.0 0 0 0 Foreign currency translation adjustment (0.6) 0.1 (0.5) 0 0 (0.5) 0 Total other comprehensive income (loss) before reclassifications 174.1 (36.6) 137.5 138.0 0 (0.5) 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 59.4 (12.5) 46.9 46.9 0 0 0 Interest expense (0.3) 0 (0.3) 0 (0.3) 0 0 Total reclassification adjustment for amounts realized in net income 59.1 (12.5) 46.6 46.9 (0.3) 0 0 Total other comprehensive income (loss) 115.0 (24.1) 90.9 91.1 0.3 (0.5) 0 Balance at June 30, 2021 $ 619.6 $ (136.4) $ 483.2 $ 498.8 $ (15.1) $ (0.5) $ 0 Components of Changes in (millions) Pretax total Total tax After tax total Total net unrealized gains (losses) on securities Net unrealized gains (losses) on forecasted transactions Foreign (Income) Balance at March 31, 2020 $ 514.9 $ (110.7) $ 404.2 $ 423.6 $ (16.2) $ 0 $ (3.2) Reclassification of disproportionate amounts 1 4.0 (0.8) 3.2 0 0 0 3.2 Adjusted balance at March 31, 2020 518.9 (111.5) 407.4 423.6 (16.2) 0 0 Other comprehensive income (loss) before reclassifications: Investment securities 966.2 (202.9) 763.3 763.3 0 0 0 Foreign currency translation adjustment 0 0 0 0 0 0 0 Total other comprehensive income (loss) before reclassifications 966.2 (202.9) 763.3 763.3 0 0 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 248.0 (52.1) 195.9 195.9 0 0 0 Interest expense (0.2) 0 (0.2) 0 (0.2) 0 0 Total reclassification adjustment for amounts realized in net income 247.8 (52.1) 195.7 195.9 (0.2) 0 0 Total other comprehensive income (loss) 718.4 (150.8) 567.6 567.4 0.2 0 0 Balance at June 30, 2020 $ 1,237.3 $ (262.3) $ 975.0 $ 991.0 $ (16.0) $ 0 $ 0 Components of Changes in (millions) Pretax total Total tax After tax total Total net unrealized gains (losses) on securities Net unrealized gains (losses) on forecasted transactions Foreign (Income) Balance at December 31, 2020 $ 1,187.4 $ (255.7) $ 931.7 $ 947.3 $ (15.6) $ 0 $ 0 Other comprehensive income (loss) before reclassifications: Investment securities (376.7) 79.1 (297.6) (297.6) 0 0 0 Foreign currency translation adjustment (0.6) 0.1 (0.5) 0 0 (0.5) 0 Total other comprehensive income (loss) before reclassifications (377.3) 79.2 (298.1) (297.6) 0 (0.5) 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 191.1 (40.2) 150.9 150.9 0 0 0 Interest expense (0.6) 0.1 (0.5) 0 (0.5) 0 0 Total reclassification adjustment for amounts realized in net income 190.5 (40.1) 150.4 150.9 (0.5) 0 0 Total other comprehensive income (loss) (567.8) 119.3 (448.5) (448.5) 0.5 (0.5) 0 Balance at June 30, 2021 $ 619.6 $ (136.4) $ 483.2 $ 498.8 $ (15.1) $ (0.5) $ 0 Components of Changes in (millions) Pretax total Total tax After tax total Total net Net Foreign (Income) Balance at December 31, 2019 $ 435.7 $ (94.0) $ 341.7 $ 360.8 $ (16.4) $ 0 $ (2.7) Reclassification of disproportionate amounts 1 3.4 (0.7) 2.7 0 0 0 2.7 Adjusted balance at December 31, 2019 439.1 (94.7) 344.4 360.8 (16.4) 0 0 Other comprehensive income (loss) before reclassifications: Investment securities 1,284.4 (269.7) 1,014.7 1,014.7 0 0 0 Foreign currency translation adjustment 0 0 0 0 0 0 0 Total other comprehensive income (loss) before reclassifications 1,284.4 (269.7) 1,014.7 1,014.7 0 0 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 486.7 (102.2) 384.5 384.5 0 0 0 Interest expense (0.5) 0.1 (0.4) 0 (0.4) 0 0 Total reclassification adjustment for amounts realized in net income 486.2 (102.1) 384.1 384.5 (0.4) 0 0 Total other comprehensive income (loss) 798.2 (167.6) 630.6 630.2 0.4 0 0 Balance at June 30, 2020 $ 1,237.3 $ (262.3) $ 975.0 $ 991.0 $ (16.0) $ 0 $ 0 1 Adjustment to reflect the change in value on (income) loss attributable to NCI in conjunction with the purchase transaction. In an effort to manage interest rate risk, we may enter into forecasted transactions on Progressive’s debt issuances. We expect to reclassify $0.6 million (pretax) into interest expense during the next 12 months, related to net unrealized losses on forecasted transactions (see Note 4 – Debt in our 2020 Annual Report to Shareholders for further discussion). |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | Litigation — The Progressive Corporation and/or its insurance subsidiaries are named as defendants in various lawsuits arising out of claims made under insurance policies written by our insurance subsidiaries in the ordinary course of business. We consider all legal actions relating to such claims in establishing our loss and loss adjustment expense reserves. In addition, The Progressive Corporation and/or its subsidiaries are named as defendants in a number of class action or individual lawsuits that challenge certain of the operations of the subsidiaries. Other insurance companies face many of these same issues. These cases include those alleging damages as a result of, among other things, our subsidiaries’ practices in evaluating or paying medical or injury claims or benefits, including, but not limited to, personal injury protection, medical payments, uninsured motorist/underinsured motorist, bodily injury benefits, and workers' compensation, and for reimbursing medical costs incurred by Medicare/Medicaid beneficiaries; our practices in evaluating or paying physical damage claims, including, but not limited to, our payment of total loss claims and labor rates paid to auto body repair shops; our insurance product design; employment matters; and cases challenging other aspects of our claims, marketing, pricing, or sales practices or other business operations. Other insurance companies face many of these same issues. The nature and volume of litigation to which The Progressive Corporation is subject is similar to that which was disclosed in Note 12 – Litigation in our 2020 Annual Report to Shareholders. We plan to contest the pending lawsuits vigorously, but may pursue settlement negotiations in some cases, as we deem appropriate. The outcomes of pending cases are uncertain at this time. We establish accruals for these lawsuits when it is probable that a loss has been or will be incurred and we can reasonably estimate potential loss exposure, which may include a range of loss. As to lawsuits for which the loss is considered neither probable or estimable, or is considered probable but not estimable, we do not establish an accrual. Nevertheless, we continue to evaluate this pending litigation to determine if any losses not deemed probable and estimable become so, at which point we would establish an accrual at our best estimate of the loss or range of loss. With respect to our pending lawsuits that are not related to claims under insurance policies, the accruals that we have established, if any, were not material at June 30, 2021 or 2020, and there were no material settlements during 2020 or the first six months of 2021. For most of these lawsuits, we do not consider any losses to be both probable and estimable, and we are unable to estimate a meaningful range of loss, if any, at this time, due to the factors discussed in Note 12 – Litigation in our 2020 Annual Report to Shareholders. In the event that any one or more of these lawsuits results in a substantial judgment against us, or settlement by us, or if our accruals (if any) prove to be inadequate by a significant amount, the resulting liability could have a material adverse effect on our consolidated financial condition, cash flows, and/or results of operations. For a further discussion on our pending litigation and related reserving policies, see Note 12 – Litigation in our 2020 Annual Report to Shareholders. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill During the six months ended June 30, 2021, there were no changes to the carrying amount of goodwill. No accumulated goodwill impairment losses exist. Intangible Assets The following table is a summary of the net carrying amount of other intangible assets: (millions) June 30, 2021 June 30, 2020 December 31, 2020 Intangible assets subject to amortization $ 134.1 $ 187.3 $ 159.0 Indefinite-lived intangible assets 1 12.4 12.4 12.4 Total $ 146.5 $ 199.7 $ 171.4 1 Indefinite-lived intangible assets are comprised of state insurance and agent licenses. State insurance licenses were previously subject to amortization under superseded accounting guidance and have $0.6 million of accumulated amortization for all periods presented. Intangible assets subject to amortization consisted of the following: June 30, 2021 June 30, 2020 December 31, 2020 (millions) Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Category: Policies in force $ 256.2 $ 228.7 $ 27.5 $ 256.2 $ 192.2 $ 64.0 $ 256.2 $ 210.4 $ 45.8 Agency relationships 159.2 71.1 88.1 159.2 59.7 99.5 159.2 65.4 93.8 Software rights 69.1 54.0 15.1 69.1 45.3 23.8 69.1 49.7 19.4 Trade name 3.6 0.2 3.4 0 0 0 0 0 0 Total $ 488.1 $ 354.0 $ 134.1 $ 484.5 $ 297.2 $ 187.3 $ 484.5 $ 325.5 $ 159.0 During the second quarter 2021, we recognized a $3.6 million trade name intangible asset, with an estimated two-year life, in connection with the Protective Insurance acquisition. Amortization expense was $14.3 million and $28.5 million for the three and six months ended June 30, 2021, respectively, compared to $14.1 million and $28.6 million during the same periods last year. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Standards | New Accounting Standards — We did not adopt any new accounting standards during the six months ended June 30, 2021. We assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on our consolidated financial statements as well as material updates to previous assessments, if any, from our Annual Report on Form 10-K for the fiscal year ended December 31, 2020. There were no new material accounting standards issued in the six months ended June 30, 2021, that impacted The Progressive Corporation. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts | We perform analyses to evaluate our premiums receivables for expected credit losses. See the 2020 Annual Report to Shareholders for a discussion on our premium receivables allowance for credit loss policy. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Premium Receivable, Allowance for Credit Loss | The following table summarizes changes in our allowance for credit loss exposure on our premiums receivables: Three Months Six Months Periods Ended June 30, 2021 2020 2021 2020 (millions) Allowance for credit loss, beginning of period $ 265.3 $ 344.7 $ 356.2 $ 283.2 Allowance acquired during period 1 3.5 0 3.5 0 Increase in allowance 2 87.4 196.2 148.3 366.5 Write-offs 3 (111.0) (103.0) (262.8) (211.8) Allowance for credit loss, end of period $ 245.2 $ 437.9 $ 245.2 $ 437.9 1 Represents the amount of the allowance acquired in the Protective Insurance acquisition. 2 Represents the incremental increase in other underwriting expenses. 3 Represents portion of allowance that is reversed when premiums receivables are written off. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt and Equity Securities Reconciliation | The following tables present the composition of our investment portfolio by major security type, consistent with our classification of how we manage, monitor, and measure the portfolio. Our securities are reported in our consolidated balance sheets at fair value. The changes in fair value for our fixed-maturity securities (other than hybrid securities) are reported as a component of accumulated other comprehensive income, net of deferred income taxes, in our consolidated balance sheets. The net holding period gains (losses) reported below represent the inception-to-date changes in fair value of the securities. The changes in the net holding period gains (losses) between periods for the hybrid securities and equity securities are recorded as a component of net realized gains (losses) on securities in our consolidated statements of comprehensive income. ($ in millions) Cost Gross Gross Net Fair % of June 30, 2021 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 19,339.3 $ 171.3 $ (72.9) $ 0 $ 19,437.7 38.1 % State and local government obligations 2,379.1 64.7 (3.3) 0 2,440.5 4.8 Corporate debt securities 10,327.5 372.1 (9.9) 1.2 10,690.9 21.0 Residential mortgage-backed securities 666.9 4.6 (1.1) 0.9 671.3 1.3 Commercial mortgage-backed securities 5,628.2 91.4 (11.5) 0 5,708.1 11.2 Other asset-backed securities 3,865.9 34.6 (1.5) 0 3,899.0 7.7 Redeemable preferred stocks 171.1 1.7 (1.4) 12.1 183.5 0.4 Total fixed maturities 42,378.0 740.4 (101.6) 14.2 43,031.0 84.5 Short-term investments 1,710.6 0 0 0 1,710.6 3.3 Total available-for-sale securities 44,088.6 740.4 (101.6) 14.2 44,741.6 87.8 Equity securities: Nonredeemable preferred stocks 1,536.2 0 0 126.1 1,662.3 3.3 Common equities 1,213.4 0 0 3,325.5 4,538.9 8.9 Total equity securities 2,749.6 0 0 3,451.6 6,201.2 12.2 Total portfolio 1 $ 46,838.2 $ 740.4 $ (101.6) $ 3,465.8 $ 50,942.8 100.0 % ($ in millions) Cost Gross Gross Net Fair % of June 30, 2020 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 8,814.5 $ 463.4 $ (0.1) $ 0 $ 9,277.8 21.2 % State and local government obligations 3,426.0 148.9 (0.6) 0 3,574.3 8.2 Corporate debt securities 10,493.2 571.4 (3.4) 1.3 11,062.5 25.3 Residential mortgage-backed securities 541.0 5.4 (3.4) 0 543.0 1.2 Commercial mortgage-backed securities 5,728.5 89.1 (55.8) 0 5,761.8 13.2 Other asset-backed securities 4,313.3 45.3 (3.7) 0 4,354.9 9.9 Redeemable preferred stocks 151.4 2.0 (1.4) 0.1 152.1 0.3 Total fixed maturities 33,467.9 1,325.5 (68.4) 1.4 34,726.4 79.3 Short-term investments 4,700.5 0 0 0 4,700.5 10.8 Total available-for-sale securities 38,168.4 1,325.5 (68.4) 1.4 39,426.9 90.1 Equity securities: Nonredeemable preferred stocks 1,205.4 0 0 (24.8) 1,180.6 2.7 Common equities 1,128.8 0 0 2,041.6 3,170.4 7.2 Total equity securities 2,334.2 0 0 2,016.8 4,351.0 9.9 Total portfolio 1 $ 40,502.6 $ 1,325.5 $ (68.4) $ 2,018.2 $ 43,777.9 100.0 % ($ in millions) Cost Gross Gross Net Fair % of December 31, 2020 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 12,437.9 $ 305.8 $ (3.7) $ 0 $ 12,740.0 26.8 % State and local government obligations 3,099.4 123.1 (0.7) 0 3,221.8 6.8 Corporate debt securities 9,579.7 601.7 (0.1) 3.9 10,185.2 21.4 Residential mortgage-backed securities 503.3 7.1 (0.9) 0 509.5 1.1 Commercial mortgage-backed securities 6,042.6 142.5 (10.0) 0 6,175.1 13.0 Other asset-backed securities 3,745.0 40.1 (0.5) 0 3,784.6 7.9 Redeemable preferred stocks 181.2 3.6 (1.4) 11.3 194.7 0.4 Total fixed maturities 35,589.1 1,223.9 (17.3) 15.2 36,810.9 77.4 Short-term investments 5,218.5 0 0 0 5,218.5 11.0 Total available-for-sale securities 40,807.6 1,223.9 (17.3) 15.2 42,029.4 88.4 Equity securities: Nonredeemable preferred stocks 1,358.7 0 0 89.2 1,447.9 3.1 Common equities 1,187.3 0 0 2,865.7 4,053.0 8.5 Total equity securities 2,546.0 0 0 2,954.9 5,500.9 11.6 Total portfolio 1 $ 43,353.6 $ 1,223.9 $ (17.3) $ 2,970.1 $ 47,530.3 100.0 % 1 Our portfolio reflects the effect of net unsettled security transactions; at June 30, 2021, we had $412.1 million in other liabilities, compared to $277.9 million and $95.5 million at June 30, 2020 and December 31, 2020, respectively. |
Hybrid Instruments Table | Certain securities in our fixed-maturity portfolio are accounted for as hybrid securities because they contain embedded derivatives that are not deemed to be clearly and closely related to the host investments. These securities are reported at fair value: June 30, (millions) 2021 2020 December 31, 2020 Fixed Maturities: State and local government obligations $ 0 $ 3.4 $ 0 Corporate debt securities 296.7 84.3 188.4 Residential mortgage-backed securities 163.1 0 0 Other asset-backed securities 66.9 2.2 34.8 Redeemable preferred stocks 132.2 90.2 131.4 Total hybrid securities $ 658.9 $ 180.1 $ 354.6 |
Investments Classified by Contractual Maturity Date | The composition of fixed maturities by maturity at June 30, 2021, was: (millions) Cost Fair Value Less than one year $ 4,964.2 $ 4,985.6 One to five years 27,027.8 27,458.0 Five to ten years 10,125.0 10,323.1 Ten years or greater 261.0 264.3 Total $ 42,378.0 $ 43,031.0 |
Schedule of Unrealized Loss on Investments | The following tables show the composition of gross unrealized losses, for which no credit related impairment has been recognized, by major security type and by the length of time that individual securities have been in a continuous unrealized loss position: Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Unrealized No. of Sec. Fair Unrealized June 30, 2021 U.S. government obligations 59 $ 10,629.4 $ (72.9) 55 $ 10,162.4 $ (66.8) 4 $ 467.0 $ (6.1) State and local government obligations 81 436.2 (3.3) 72 400.0 (2.6) 9 36.2 (0.7) Corporate debt securities 292 1,142.5 (9.9) 288 1,065.2 (9.5) 4 77.3 (0.4) Residential mortgage-backed securities 77 192.2 (1.1) 64 172.4 (0.7) 13 19.8 (0.4) Commercial mortgage-backed securities 68 1,272.0 (11.5) 61 1,006.9 (10.5) 7 265.1 (1.0) Other asset-backed securities 119 1,073.6 (1.5) 113 1,043.7 (1.3) 6 29.9 (0.2) Redeemable preferred stocks 1 11.1 (1.4) 0 0 0 1 11.1 (1.4) Total fixed maturities 697 $ 14,757.0 $ (101.6) 653 $ 13,850.6 $ (91.4) 44 $ 906.4 $ (10.2) Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Unrealized No. of Sec. Fair Unrealized June 30, 2020 U.S. government obligations 4 $ 120.6 $ (0.1) 4 $ 120.6 $ (0.1) 0 $ 0 $ 0 State and local government obligations 17 135.0 (0.6) 16 131.2 (0.6) 1 3.8 0 Corporate debt securities 21 292.8 (3.4) 21 292.8 (3.4) 0 0 0 Residential mortgage-backed securities 40 188.2 (3.4) 21 93.7 (1.7) 19 94.5 (1.7) Commercial mortgage-backed securities 113 2,536.6 (55.8) 91 2,106.6 (48.3) 22 430.0 (7.5) Other asset-backed securities 29 331.7 (3.7) 21 299.0 (3.4) 8 32.7 (0.3) Redeemable preferred stocks 1 11.0 (1.4) 0 0 0 1 11.0 (1.4) Total fixed maturities 225 $ 3,615.9 $ (68.4) 174 $ 3,043.9 $ (57.5) 51 $ 572.0 $ (10.9) Total No. of Sec. Total Gross Less than 12 Months 12 Months or Greater ($ in millions) No. of Sec. Fair Unrealized No. of Sec. Fair Unrealized December 31, 2020 U.S. government obligations 9 $ 1,511.0 $ (3.7) 9 $ 1,511.0 $ (3.7) 0 $ 0 $ 0 State and local government obligations 30 208.7 (0.7) 30 208.7 (0.7) 0 0 0 Corporate debt securities 7 129.4 (0.1) 7 129.4 (0.1) 0 0 0 Residential mortgage-backed securities 21 44.4 (0.9) 0 0 0 21 44.4 (0.9) Commercial mortgage-backed securities 43 893.3 (10.0) 9 93.6 (0.3) 34 799.7 (9.7) Other asset-backed securities 22 183.7 (0.5) 9 74.4 (0.1) 13 109.3 (0.4) Redeemable preferred stocks 1 11.0 (1.4) 0 0 0 1 11.0 (1.4) Total fixed maturities 133 $ 2,981.5 $ (17.3) 64 $ 2,017.1 $ (4.9) 69 $ 964.4 $ (12.4) |
Realized Gain (Loss) on Investments | The components of net realized gains (losses) for the three and six months ended June 30, were: Three Months Six Months (millions) 2021 2020 2021 2020 Gross realized gains on security sales Available-for-sale securities: U.S. government obligations $ 11.3 $ 224.5 $ 77.9 $ 475.6 State and local government obligations 14.1 13.0 44.3 15.0 Corporate and other debt securities 40.1 34.3 60.8 66.7 Residential mortgage-backed securities 0.3 0 0.3 0 Commercial mortgage-backed securities 9.5 4.3 39.3 10.4 Other asset-backed securities 0 0 0.7 0 Redeemable preferred stocks 1.5 0 1.5 0 Total available-for-sale securities 76.8 276.1 224.8 567.7 Equity securities: Nonredeemable preferred stocks 6.4 0.1 23.7 19.7 Common equities 345.0 9.1 346.1 75.1 Total equity securities 351.4 9.2 369.8 94.8 Subtotal gross realized gains on security sales 428.2 285.3 594.6 662.5 Gross realized losses on security sales Available-for-sale securities: U.S. government obligations (6.9) (0.6) (26.5) (3.3) State and local government obligations (2.8) 0 (3.0) 0 Corporate and other debt securities (3.3) (5.5) (5.4) (6.5) Commercial mortgage-backed securities (0.5) (9.8) (1.1) (9.8) Other asset-backed securities (0.3) 0 (0.4) 0 Total available-for-sale securities (13.8) (15.9) (36.4) (19.6) Equity securities: Nonredeemable preferred stocks (0.4) (3.0) (0.4) (7.4) Common equities (3.9) (6.4) (3.9) (60.3) Total equity securities (4.3) (9.4) (4.3) (67.7) Subtotal gross realized losses on security sales (18.1) (25.3) (40.7) (87.3) Net realized gains (losses) on security sales Available-for-sale securities: U.S. government obligations 4.4 223.9 51.4 472.3 State and local government obligations 11.3 13.0 41.3 15.0 Corporate and other debt securities 36.8 28.8 55.4 60.2 Residential mortgage-backed securities 0.3 0 0.3 0 Commercial mortgage-backed securities 9.0 (5.5) 38.2 0.6 Other asset-backed securities (0.3) 0 0.3 0 Redeemable preferred stocks 1.5 0 1.5 0 Total available-for-sale securities 63.0 260.2 188.4 548.1 Equity securities: Nonredeemable preferred stocks 6.0 (2.9) 23.3 12.3 Common equities 341.1 2.7 342.2 14.8 Total equity securities 347.1 (0.2) 365.5 27.1 Subtotal net realized gains (losses) on security sales 410.1 260.0 553.9 575.2 Net holding period gains (losses) Hybrid securities 9.9 24.8 (1.0) (6.4) Equity securities 44.3 606.0 496.7 (231.6) Subtotal net holding period gains (losses) 54.2 630.8 495.7 (238.0) Other asset impairment (2.5) 0 (2.5) 0 Total net realized gains (losses) on securities $ 461.8 $ 890.8 $ 1,047.1 $ 337.2 |
Components of Equity Realized Gains (Losses) | The following table reflects our holding period realized gains (losses) on equity securities recognized for the three and six months ended June 30, 2021 and 2020, for equity securities held at the respective quarter end: Three Months Six Months (millions) 2021 2020 2021 2020 Total net gains (losses) recognized during the period on equity securities $ 391.4 $ 605.8 $ 862.2 $ (204.5) Less: Net gains (losses) recognized on equity securities sold during the period 347.1 (0.2) 365.5 27.1 Net holding period gains (losses) recognized during the period on equity securities held at period end $ 44.3 $ 606.0 $ 496.7 $ (231.6) |
Components of Net Investment Income | The components of net investment income for the three and six months ended June 30, were: Three Months Six Months (millions) 2021 2020 2021 2020 Available-for-sale securities: Fixed maturities: U.S. government obligations $ 37.4 $ 35.7 $ 67.8 $ 98.3 State and local government obligations 11.5 16.1 24.9 25.7 Corporate debt securities 73.2 76.6 158.4 134.6 Residential mortgage-backed securities 2.8 3.8 6.2 8.0 Commercial mortgage-backed securities 34.4 42.6 70.2 76.9 Other asset-backed securities 15.1 24.8 31.0 54.0 Redeemable preferred stocks 2.3 2.1 4.8 10.0 Total fixed maturities 176.7 201.7 363.3 407.5 Short-term investments 0.7 13.7 2.2 20.7 Total available-for-sale securities 177.4 215.4 365.5 428.2 Equity securities: Nonredeemable preferred stocks 17.3 14.7 35.2 28.5 Common equities 16.0 13.7 30.2 28.3 Total equity securities 33.3 28.4 65.4 56.8 Investment income 210.7 243.8 430.9 485.0 Investment expenses (6.3) (4.5) (11.9) (9.8) Net investment income $ 204.4 $ 239.3 $ 419.0 $ 475.2 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Composition of Investment Portfolio by Major Security Type | The composition of the investment portfolio by major security type and our outstanding debt was: Fair Value (millions) Level 1 Level 2 Level 3 Total Cost June 30, 2021 Fixed maturities: U.S. government obligations $ 19,437.7 $ 0 $ 0 $ 19,437.7 $ 19,339.3 State and local government obligations 0 2,440.5 0 2,440.5 2,379.1 Corporate debt securities 0 10,690.9 0 10,690.9 10,327.5 Subtotal 19,437.7 13,131.4 0 32,569.1 32,045.9 Asset-backed securities: Residential mortgage-backed 0 671.3 0 671.3 666.9 Commercial mortgage-backed 0 5,708.1 0 5,708.1 5,628.2 Other asset-backed 0 3,899.0 0 3,899.0 3,865.9 Subtotal asset-backed securities 0 10,278.4 0 10,278.4 10,161.0 Redeemable preferred stocks: Financials 0 51.3 0 51.3 50.9 Utilities 0 0 0 0 0 Industrials 10.8 121.4 0 132.2 120.2 Subtotal redeemable preferred stocks 10.8 172.7 0 183.5 171.1 Total fixed maturities 19,448.5 23,582.5 0 43,031.0 42,378.0 Short-term investments 1,679.8 30.8 0 1,710.6 1,710.6 Total available-for-sale securities 21,128.3 23,613.3 0 44,741.6 44,088.6 Equity securities: Nonredeemable preferred stocks: Financials 98.4 1,332.5 128.9 1,559.8 1,456.2 Utilities 0 42.5 0 42.5 39.9 Industrials 0 25.6 34.4 60.0 40.1 Subtotal nonredeemable preferred stocks 98.4 1,400.6 163.3 1,662.3 1,536.2 Common equities: Common stocks 4,527.3 0 0 4,527.3 1,201.8 Other risk investments 0 0 11.6 11.6 11.6 Subtotal common equities 4,527.3 0 11.6 4,538.9 1,213.4 Total equity securities 4,625.7 1,400.6 174.9 6,201.2 2,749.6 Total portfolio $ 25,754.0 $ 25,013.9 $ 174.9 $ 50,942.8 $ 46,838.2 Debt $ 0 $ 6,446.7 $ 0 $ 6,446.7 $ 5,397.5 Fair Value (millions) Level 1 Level 2 Level 3 Total Cost June 30, 2020 Fixed maturities: U.S. government obligations $ 9,277.8 $ 0 $ 0 $ 9,277.8 $ 8,814.5 State and local government obligations 0 3,574.3 0 3,574.3 3,426.0 Corporate debt securities 0 11,062.5 0 11,062.5 10,493.2 Subtotal 9,277.8 14,636.8 0 23,914.6 22,733.7 Asset-backed securities: Residential mortgage-backed 0 543.0 0 543.0 541.0 Commercial mortgage-backed 0 5,761.8 0 5,761.8 5,728.5 Other asset-backed 0 4,354.9 0 4,354.9 4,313.3 Subtotal asset-backed securities 0 10,659.7 0 10,659.7 10,582.8 Redeemable preferred stocks: Financials 0 51.1 0 51.1 51.3 Utilities 0 10.8 0 10.8 10.0 Industrials 9.7 80.5 0 90.2 90.1 Subtotal redeemable preferred stocks 9.7 142.4 0 152.1 151.4 Total fixed maturities 9,287.5 25,438.9 0 34,726.4 33,467.9 Short-term investments 4,428.0 272.5 0 4,700.5 4,700.5 Total available-for-sale securities 13,715.5 25,711.4 0 39,426.9 38,168.4 Equity securities: Nonredeemable preferred stocks: Financials 108.2 958.3 38.1 1,104.6 1,125.3 Utilities 0 38.7 0 38.7 40.0 Industrials 0 22.1 15.2 37.3 40.1 Subtotal nonredeemable preferred stocks 108.2 1,019.1 53.3 1,180.6 1,205.4 Common equities: Common stocks 3,170.1 0 0 3,170.1 1,128.5 Other risk investments 0 0 0.3 0.3 0.3 Subtotal common equities 3,170.1 0 0.3 3,170.4 1,128.8 Total equity securities 3,278.3 1,019.1 53.6 4,351.0 2,334.2 Total portfolio $ 16,993.8 $ 26,730.5 $ 53.6 $ 43,777.9 $ 40,502.6 Debt $ 0 $ 6,664.3 $ 0 $ 6,664.3 $ 5,394.7 Fair Value (millions) Level 1 Level 2 Level 3 Total Cost December 31, 2020 Fixed maturities: U.S. government obligations $ 12,740.0 $ 0 $ 0 $ 12,740.0 $ 12,437.9 State and local government obligations 0 3,221.8 0 3,221.8 3,099.4 Corporate debt securities 0 10,185.2 0 10,185.2 9,579.7 Subtotal 12,740.0 13,407.0 0 26,147.0 25,117.0 Asset-backed securities: Residential mortgage-backed 0 509.5 0 509.5 503.3 Commercial mortgage-backed 0 6,175.1 0 6,175.1 6,042.6 Other asset-backed 0 3,784.6 0 3,784.6 3,745.0 Subtotal asset-backed securities 0 10,469.2 0 10,469.2 10,290.9 Redeemable preferred stocks: Financials 0 51.6 0 51.6 51.1 Utilities 0 11.7 0 11.7 10.0 Industrials 10.8 120.6 0 131.4 120.1 Subtotal redeemable preferred stocks 10.8 183.9 0 194.7 181.2 Total fixed maturities 12,750.8 24,060.1 0 36,810.9 35,589.1 Short-term investments 4,704.9 513.6 0 5,218.5 5,218.5 Total available-for-sale securities 17,455.7 24,573.7 0 42,029.4 40,807.6 Equity securities: Nonredeemable preferred stocks: Financials 117.7 1,212.3 35.0 1,365.0 1,278.6 Utilities 0 41.9 0 41.9 40.0 Industrials 0 24.3 16.7 41.0 40.1 Subtotal nonredeemable preferred stocks 117.7 1,278.5 51.7 1,447.9 1,358.7 Common equities: Common stocks 4,049.9 0 0 4,049.9 1,184.2 Other risk investments 0 0 3.1 3.1 3.1 Subtotal common equities 4,049.9 0 3.1 4,053.0 1,187.3 Total equity securities 4,167.6 1,278.5 54.8 5,500.9 2,546.0 Total portfolio $ 21,623.3 $ 25,852.2 $ 54.8 $ 47,530.3 $ 43,353.6 Debt $ 0 $ 6,793.5 $ 0 $ 6,793.5 $ 5,396.1 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables provide a summary of changes in fair value associated with Level 3 assets for the three and six months ended June 30, 2021 and 2020: Level 3 Fair Value (millions) Fair Value at March 31, 2021 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2021 Equity securities: Nonredeemable preferred stocks: Financials $ 35.0 $ 0 $ 60.2 $ 0 $ 0 $ 33.7 $ 0 $ 128.9 Industrials 16.6 0 5.0 (5.0) (4.5) 22.3 0 34.4 Common equities: Other risk investments 3.2 0 8.4 0 0 0 0 11.6 Total Level 3 securities $ 54.8 $ 0 $ 73.6 $ (5.0) $ (4.5) $ 56.0 $ 0 $ 174.9 Level 3 Fair Value (millions) Fair Value at March 31, 2020 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2020 Equity securities: Nonredeemable preferred stocks: Financials $ 13.1 $ 0 $ 25.0 $ 0 $ 0 $ 0 $ 0 $ 38.1 Industrials 15.2 0 0 0 0 0 0 15.2 Common equities: Other risk investments 0.3 0 0 0 0 0 0 0.3 Total Level 3 securities $ 28.6 $ 0 $ 25.0 $ 0 $ 0 $ 0 $ 0 $ 53.6 Level 3 Fair Value (millions) Fair Value at December 31, 2020 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2021 Equity securities: Nonredeemable preferred stocks: Financials $ 35.0 $ 0 $ 60.2 $ 0 $ 0 $ 33.7 $ 0 $ 128.9 Industrials 16.7 0 5.0 (5.0) (4.5) 22.2 0 34.4 Common equities: Other risk investments 3.1 0 8.5 0 0 0 0 11.6 Total Level 3 securities $ 54.8 $ 0 $ 73.7 $ (5.0) $ (4.5) $ 55.9 $ 0 $ 174.9 Level 3 Fair Value (millions) Fair Value at December 31, 2019 Calls/ Purchases Sales Net Realized Change in Net Fair Value at June 30, 2020 Equity securities: Nonredeemable preferred stocks: Financials $ 27.1 $ 0 $ 25.0 $ 0 $ 0 $ (14.0) $ 0 $ 38.1 Industrials 16.0 0 0 0 0 (0.8) 0 15.2 Common equities: Other risk investments 0.3 0 0 0 0 0 0 0.3 Total Level 3 securities $ 43.4 $ 0 $ 25.0 $ 0 $ 0 $ (14.8) $ 0 $ 53.6 |
Fair Value Measurement Inputs and Valuation Techniques | The following tables provide a summary of the quantitative information about Level 3 fair value measurements for our applicable securities at June 30, 2021 and 2020, and December 31, 2020: Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at June 30, 2021 Valuation Technique Unobservable Input Unobservable Input Assumption Equity securities: Nonredeemable preferred stocks: Financials $ 52.5 Pricing firm Market approach (guideline public company method) price per share 7.7 Financials 16.2 Internal price Recent transaction price per share 27.5 Financials 1 22.5 Internal price Unadjusted purchase price per share 20.1 Financials 1 12.5 Internal price Unadjusted purchase price per share 11.8 Financials 1 10.2 Internal price Unadjusted purchase price per share 32.1 Financials 1 15.0 Internal price Unadjusted purchase price per share 6.8 Industrials 10.7 Internal price Recent transaction price per share 5.2 Industrials 23.7 Internal price Recent transaction price per share 9.6 Subtotal Level 3 securities 163.3 Pricing exemption securities 11.6 Total Level 3 securities $ 174.9 1 These securities were purchased during second quarter 2021. Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at June 30, 2020 Valuation Technique Unobservable Input Unobservable Input Assumption Equity securities: Nonredeemable preferred stocks: Financials $ 13.1 Internal price Market approach (guideline public company method) price per share 4.4 Financials 1 25.0 Internal price Unadjusted purchase price per share 3.7 Industrials 2 7.1 Internal price Market approach (guideline public company method) price per share 5.6 Industrials 2 8.1 Internal price Market approach (guideline public company method) price per share 4.0 Subtotal Level 3 securities 53.3 Pricing exemption securities 0.3 Total Level 3 securities $ 53.6 1 This security was purchased in second quarter 2020. 2 Modified prior year disclosure to present securities individually to conform to the current year presentation. Quantitative Information about Level 3 Fair Value Measurements ($ in millions) Fair Value at December 31, 2020 Valuation Technique Unobservable Input Unobservable Input Assumption Equity securities: Nonredeemable preferred stocks: Financials 1 $ 25.0 Internal price Unadjusted purchase price per share 3.7 Financials 2 10.0 Internal price Unadjusted purchase price per share 16.9 Industrials 6.9 Pricing firm Market approach (guideline public company method) price per share 5.4 Industrials 9.8 Pricing firm Market approach (guideline public company method) price per share 4.8 Subtotal Level 3 securities 51.7 Pricing exemption securities 3.1 Total Level 3 securities $ 54.8 1 This security was purchased in second quarter 2020. 2 This security was purchased in fourth quarter 2020. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Table | Debt at each of the balance sheet periods consisted of: June 30, 2021 June 30, 2020 December 31, 2020 (millions) Carrying Fair Carrying Fair Carrying Fair 3.75% Senior Notes due 2021 (issued: $500.0, August 2011) $ 499.9 $ 502.5 $ 499.6 $ 519.0 $ 499.8 $ 510.9 2.45% Senior Notes due 2027 (issued: $500.0, August 2016) 497.5 529.9 497.1 533.7 497.3 541.1 6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) 297.0 396.1 296.8 420.7 296.9 409.4 4.00% Senior Notes due 2029 (issued: $550.0, October 2018) 545.7 631.5 545.2 654.2 545.5 660.4 3.20% Senior Notes due 2030 (issued: $500.0, March 2020) 496.3 549.0 496.0 567.6 496.1 575.5 6.25% Senior Notes due 2032 (issued: $400.0, November 2002) 396.1 553.7 395.8 569.6 396.0 582.0 4.35% Senior Notes due 2044 (issued: $350.0, April 2014) 346.8 434.8 346.7 444.9 346.7 459.7 3.70% Senior Notes due 2045 (issued: $400.0, January 2015) 395.6 458.1 395.5 471.4 395.5 481.0 4.125% Senior Notes due 2047 (issued: $850.0, April 2017) 841.8 1,041.4 841.6 1,080.8 841.7 1,113.1 4.20% Senior Notes due 2048 (issued: $600.0, March 2018) 590.1 747.0 589.9 773.8 590.0 806.7 3.95% Senior Notes due 2050 (issued: $500.0, March 2020) 490.7 602.7 490.5 628.6 490.6 653.7 Total $ 5,397.5 $ 6,446.7 $ 5,394.7 $ 6,664.3 $ 5,396.1 $ 6,793.5 |
Loss and Loss Adjustment Expe_2
Loss and Loss Adjustment Expense Reserves (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loss and Loss Adjustment Expenses Reserves [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | Activity in the loss and loss adjustment expense reserves is summarized as follows: June 30, (millions) 2021 2020 Balance at January 1 $ 20,265.8 $ 18,105.4 Less reinsurance recoverables on unpaid losses 3,798.2 3,212.2 Net balance at January 1 16,467.6 14,893.2 Net loss and loss adjustment reserve acquired 1 732.5 0 Total beginning reserves 17,200.1 14,893.2 Incurred related to: Current year 15,319.9 11,360.5 Prior years 197.0 116.1 Total incurred 15,516.9 11,476.6 Paid related to: Current year 7,849.6 6,180.4 Prior years 5,436.7 5,180.1 Total paid 13,286.3 11,360.5 Net balance at June 30 19,430.7 15,009.3 Plus reinsurance recoverables on unpaid losses 4,464.9 3,502.7 Balance at June 30 $ 23,895.6 $ 18,512.0 1 Net reserves acquired in Protective Insurance acquisition. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information Table | We paid the following in the respective periods: Six Months Ended June 30, (millions) 2021 2020 Income taxes $ 574.1 $ 18.0 Interest 112.0 94.1 Operating lease liabilities 44.8 44.7 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and operating Income from Segments to Consolidated | Following are the operating results for the respective periods: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (millions) Revenues Pretax Revenues Pretax Revenues Pretax Revenues Pretax Personal Lines Agency $ 4,220.3 $ 207.5 $ 3,919.0 $ 550.6 $ 8,318.5 $ 755.0 $ 7,747.7 $ 1,152.2 Direct 4,633.9 128.4 4,167.9 647.2 9,065.6 543.0 8,160.3 1,120.2 Total Personal Lines 1 8,854.2 335.9 8,086.9 1,197.8 17,384.1 1,298.0 15,908.0 2,272.4 Commercial Lines 1,621.8 130.1 1,129.0 179.8 3,039.6 358.6 2,318.0 292.3 Property 2 502.3 (83.3) 432.7 (188.7) 974.8 (154.0) 853.3 (139.5) Other indemnity 3 4.0 0.1 0 0 4.0 0.1 0 0 Total underwriting operations 10,982.3 382.8 9,648.6 1,188.9 21,402.5 1,502.7 19,079.3 2,425.2 Fees and other revenues 4 176.2 NA 129.5 NA 341.9 NA 283.0 NA Service businesses 74.5 6.6 59.0 6.2 128.3 11.1 110.6 10.3 Investments 5 672.5 666.2 1,134.6 1,130.1 1,478.0 1,466.1 822.2 812.4 Interest expense NA (56.4) NA (56.4) NA (112.8) NA (104.4) Consolidated total $ 11,905.5 $ 999.2 $ 10,971.7 $ 2,268.8 $ 23,350.7 $ 2,867.1 $ 20,295.1 $ 3,143.5 NA = Not applicable 1 Personal auto insurance accounted for 94% of the total Personal Lines segment net premiums earned during the three and six months ended June 30, 2021 and 2020; insurance for our special lines products (e.g., motorcycles, ATVs, RVs, watercraft, and snowmobiles) accounted for the balance of the Personal Lines net premiums earned. 2 For the three and six months ended June 30, 2021, pretax profit (loss) includes $14.1 million and $28.3 million, respectively, of amortization expense associated with acquisition-related intangible assets attributable to our Property segment, and $14.1 million and $28.6 million for the same periods in 2020. See Note 12 – Goodwill and Intangible Assets for further discussion. 3 Primarily includes Protective Insurance's run-off business operations. 4 Pretax profit (loss) for fees and other revenues is allocated to operating segments. 5 Revenues represent recurring investment income and total net realized gains (losses) on securities; pretax profit is net of investment expense. |
Underwriting Margins and Combined Ratios for our Underwriting Operations | Following are the underwriting margins and combined ratios for our underwriting operations for the respective periods: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Under-writing Combined Under-writing Combined Under-writing Combined Under-writing Combined Personal Lines Agency 4.9 % 95.1 14.0 % 86.0 9.1 % 90.9 14.9 % 85.1 Direct 2.8 97.2 15.5 84.5 6.0 94.0 13.7 86.3 Total Personal Lines 3.8 96.2 14.8 85.2 7.5 92.5 14.3 85.7 Commercial Lines 8.0 92.0 15.9 84.1 11.8 88.2 12.6 87.4 Property 1 (16.6) 116.6 (43.6) 143.6 (15.8) 115.8 (16.3) 116.3 Total underwriting operations 3.5 96.5 12.3 87.7 7.0 93.0 12.7 87.3 1 Included in the three and six months ended June 30, 2021, is 2.8 points and 2.9 points, respectively, of amortization expense predominately associated with intangible assets and 3.3 points and 3.4 points, respectively, for the three and six months ended June 30, 2020. |
Dividends (Tables)
Dividends (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Dividends [Abstract] | |
Dividends | Following is a summary of our common and preferred share dividends that were declared and/or paid during the six months ended June 30, 2021 and 2020: (millions, except per share amounts) Amount Declared Payable Per Share Accrued 1 Common - Quarterly Dividends: May 2021 July 2021 $ 0.10 $ 58.5 March 2021 April 2021 0.10 58.5 December 2020 January 2021 0.10 58.6 May 2020 July 2020 0.10 58.5 February 2020 April 2020 0.10 58.5 December 2019 January 2020 0.10 58.5 Common - Annual Variable Dividends: December 2020 January 2021 4.50 2,635.9 December 2019 January 2020 2.25 1,316.9 Preferred Dividends: December 2020 March 2021 26.875 13.4 February 2020 March 2020 26.875 13.4 1 The accrual is based on an estimate of shares outstanding as of the record date. The dividends accrued at June 30, 2020, were reclassified from accounts payable, accrued expenses, and other liabilities into dividends payable on common shares on the consolidated balance sheets, to conform to the current year presentation. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The components of other comprehensive income (loss), including reclassification adjustments by income statement line item, were as follows: Components of Changes in (millions) Pretax total Total tax After tax total Total net unrealized gains (losses) on securities Net unrealized gains (losses) on forecasted transactions Foreign (Income) Balance at March 31, 2021 $ 504.6 $ (112.3) $ 392.3 $ 407.7 $ (15.4) $ 0 $ 0 Other comprehensive income (loss) before reclassifications: Investment securities 174.7 (36.7) 138.0 138.0 0 0 0 Foreign currency translation adjustment (0.6) 0.1 (0.5) 0 0 (0.5) 0 Total other comprehensive income (loss) before reclassifications 174.1 (36.6) 137.5 138.0 0 (0.5) 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 59.4 (12.5) 46.9 46.9 0 0 0 Interest expense (0.3) 0 (0.3) 0 (0.3) 0 0 Total reclassification adjustment for amounts realized in net income 59.1 (12.5) 46.6 46.9 (0.3) 0 0 Total other comprehensive income (loss) 115.0 (24.1) 90.9 91.1 0.3 (0.5) 0 Balance at June 30, 2021 $ 619.6 $ (136.4) $ 483.2 $ 498.8 $ (15.1) $ (0.5) $ 0 Components of Changes in (millions) Pretax total Total tax After tax total Total net unrealized gains (losses) on securities Net unrealized gains (losses) on forecasted transactions Foreign (Income) Balance at March 31, 2020 $ 514.9 $ (110.7) $ 404.2 $ 423.6 $ (16.2) $ 0 $ (3.2) Reclassification of disproportionate amounts 1 4.0 (0.8) 3.2 0 0 0 3.2 Adjusted balance at March 31, 2020 518.9 (111.5) 407.4 423.6 (16.2) 0 0 Other comprehensive income (loss) before reclassifications: Investment securities 966.2 (202.9) 763.3 763.3 0 0 0 Foreign currency translation adjustment 0 0 0 0 0 0 0 Total other comprehensive income (loss) before reclassifications 966.2 (202.9) 763.3 763.3 0 0 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 248.0 (52.1) 195.9 195.9 0 0 0 Interest expense (0.2) 0 (0.2) 0 (0.2) 0 0 Total reclassification adjustment for amounts realized in net income 247.8 (52.1) 195.7 195.9 (0.2) 0 0 Total other comprehensive income (loss) 718.4 (150.8) 567.6 567.4 0.2 0 0 Balance at June 30, 2020 $ 1,237.3 $ (262.3) $ 975.0 $ 991.0 $ (16.0) $ 0 $ 0 Components of Changes in (millions) Pretax total Total tax After tax total Total net unrealized gains (losses) on securities Net unrealized gains (losses) on forecasted transactions Foreign (Income) Balance at December 31, 2020 $ 1,187.4 $ (255.7) $ 931.7 $ 947.3 $ (15.6) $ 0 $ 0 Other comprehensive income (loss) before reclassifications: Investment securities (376.7) 79.1 (297.6) (297.6) 0 0 0 Foreign currency translation adjustment (0.6) 0.1 (0.5) 0 0 (0.5) 0 Total other comprehensive income (loss) before reclassifications (377.3) 79.2 (298.1) (297.6) 0 (0.5) 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 191.1 (40.2) 150.9 150.9 0 0 0 Interest expense (0.6) 0.1 (0.5) 0 (0.5) 0 0 Total reclassification adjustment for amounts realized in net income 190.5 (40.1) 150.4 150.9 (0.5) 0 0 Total other comprehensive income (loss) (567.8) 119.3 (448.5) (448.5) 0.5 (0.5) 0 Balance at June 30, 2021 $ 619.6 $ (136.4) $ 483.2 $ 498.8 $ (15.1) $ (0.5) $ 0 Components of Changes in (millions) Pretax total Total tax After tax total Total net Net Foreign (Income) Balance at December 31, 2019 $ 435.7 $ (94.0) $ 341.7 $ 360.8 $ (16.4) $ 0 $ (2.7) Reclassification of disproportionate amounts 1 3.4 (0.7) 2.7 0 0 0 2.7 Adjusted balance at December 31, 2019 439.1 (94.7) 344.4 360.8 (16.4) 0 0 Other comprehensive income (loss) before reclassifications: Investment securities 1,284.4 (269.7) 1,014.7 1,014.7 0 0 0 Foreign currency translation adjustment 0 0 0 0 0 0 0 Total other comprehensive income (loss) before reclassifications 1,284.4 (269.7) 1,014.7 1,014.7 0 0 0 Less: Reclassification adjustment for amounts realized in net income by income statement line item: Net realized gains (losses) on securities 486.7 (102.2) 384.5 384.5 0 0 0 Interest expense (0.5) 0.1 (0.4) 0 (0.4) 0 0 Total reclassification adjustment for amounts realized in net income 486.2 (102.1) 384.1 384.5 (0.4) 0 0 Total other comprehensive income (loss) 798.2 (167.6) 630.6 630.2 0.4 0 0 Balance at June 30, 2020 $ 1,237.3 $ (262.3) $ 975.0 $ 991.0 $ (16.0) $ 0 $ 0 1 Adjustment to reflect the change in value on (income) loss attributable to NCI in conjunction with the purchase transaction. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The following table is a summary of the net carrying amount of other intangible assets: (millions) June 30, 2021 June 30, 2020 December 31, 2020 Intangible assets subject to amortization $ 134.1 $ 187.3 $ 159.0 Indefinite-lived intangible assets 1 12.4 12.4 12.4 Total $ 146.5 $ 199.7 $ 171.4 |
Intangible Assets Subject to Amortization | The following table is a summary of the net carrying amount of other intangible assets: (millions) June 30, 2021 June 30, 2020 December 31, 2020 Intangible assets subject to amortization $ 134.1 $ 187.3 $ 159.0 Indefinite-lived intangible assets 1 12.4 12.4 12.4 Total $ 146.5 $ 199.7 $ 171.4 1 Indefinite-lived intangible assets are comprised of state insurance and agent licenses. State insurance licenses were previously subject to amortization under superseded accounting guidance and have $0.6 million of accumulated amortization for all periods presented. Intangible assets subject to amortization consisted of the following: June 30, 2021 June 30, 2020 December 31, 2020 (millions) Gross Accumulated Net Gross Accumulated Net Gross Accumulated Net Category: Policies in force $ 256.2 $ 228.7 $ 27.5 $ 256.2 $ 192.2 $ 64.0 $ 256.2 $ 210.4 $ 45.8 Agency relationships 159.2 71.1 88.1 159.2 59.7 99.5 159.2 65.4 93.8 Software rights 69.1 54.0 15.1 69.1 45.3 23.8 69.1 49.7 19.4 Trade name 3.6 0.2 3.4 0 0 0 0 0 0 Total $ 488.1 $ 354.0 $ 134.1 $ 484.5 $ 297.2 $ 187.3 $ 484.5 $ 325.5 $ 159.0 |
Acquisition (Details)
Acquisition (Details) - USD ($) | Jun. 01, 2021 | Jun. 30, 2021 |
Business Combination, Separately Recognized Transactions [Line Items] | ||
Revenue included in consolidated results | $ 46,500,000 | |
Protective Insurance | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Price per common share | $ 23.30 | |
Aggregate purchase amount | $ 338,000,000 | |
Percent of company wide net premiums written | 1.00% | |
Tax basis goodwill | $ 0 | |
Assets acquired | 1,700,000,000 | |
Investment securities acquired | 1,100,000,000 | |
Cash and cash equivalents, restricted cash and restricted cash equivalents acquired | 24,300,000 | |
Reinsurance recoverables acquired | 452,400,000 | |
Liabilities assumed in acquisition | 1,400,000,000 | |
Unearned premiums | 66,900,000 | |
Loss and loss adjustment expense reserves | 1,100,000,000 | |
Repayments of Lines of Credit | 20,000,000 | |
Net income included in consolidated results | $ 2,300,000 | |
Protective Insurance | Trade name | ||
Business Combination, Separately Recognized Transactions [Line Items] | ||
Intangible assets acquired, related to trade name | $ 3,600,000 |
Basis of Presentation - Reporti
Basis of Presentation - Reporting and Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for Credit Loss [Abstract] | ||||
Premium Receivable, Allowance for Credit Loss, Beginning Balance | $ 265.3 | $ 344.7 | $ 356.2 | $ 283.2 |
Allowance acquired during period | 3.5 | 0 | 3.5 | 0 |
Increase in allowance | 87.4 | 196.2 | 148.3 | 366.5 |
Write-offs | (111) | (103) | (262.8) | (211.8) |
Allowance for credit loss, end of period | $ 245.2 | $ 437.9 | $ 245.2 | $ 437.9 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation-Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Assets held-for-sale | $ 57.5 | $ 56.6 | $ 31.1 |
Investments Investment Portfoli
Investments Investment Portfolio by Major Security Type (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 44,088.6 | $ 40,807.6 | $ 38,168.4 |
Gross Unrealized Gains | 740.4 | 1,223.9 | 1,325.5 |
Gross Unrealized Losses | (101.6) | (17.3) | (68.4) |
Net Holding Period Gains (Losses) | 14.2 | 15.2 | 1.4 |
Total available-for-sale securities | $ 44,741.6 | $ 42,029.4 | $ 39,426.9 |
% of Total Fair Value | 87.80% | 88.40% | 90.10% |
Equity securities, at Fair Value | |||
Cost | $ 2,749.6 | $ 2,546 | $ 2,334.2 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 3,451.6 | 2,954.9 | 2,016.8 |
Fair Value | $ 6,201.2 | $ 5,500.9 | $ 4,351 |
% of Total Fair Value | 12.20% | 11.60% | 9.90% |
Debt and Equity Securities, at Fair Value | |||
Cost | $ 46,838.2 | $ 43,353.6 | $ 40,502.6 |
Gross Unrealized Gains | 740.4 | 1,223.9 | 1,325.5 |
Gross Unrealized Losses | (101.6) | (17.3) | (68.4) |
Net Holding Period Gains (Losses) | 3,465.8 | 2,970.1 | 2,018.2 |
Fair Value | $ 50,942.8 | $ 47,530.3 | $ 43,777.9 |
% of Total Fair Value | 100.00% | 100.00% | 100.00% |
Unsettled security transactions, payable | $ 412.1 | $ 95.5 | $ 277.9 |
Total fair value of non-insurance subsidiary portfolio | 3,300 | 6,200 | 2,300 |
Nonredeemable preferred stocks | |||
Equity securities, at Fair Value | |||
Cost | 1,536.2 | 1,358.7 | 1,205.4 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 126.1 | 89.2 | (24.8) |
Fair Value | $ 1,662.3 | $ 1,447.9 | $ 1,180.6 |
% of Total Fair Value | 3.30% | 3.10% | 2.70% |
Common equities | |||
Equity securities, at Fair Value | |||
Cost | $ 1,213.4 | $ 1,187.3 | $ 1,128.8 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 3,325.5 | 2,865.7 | 2,041.6 |
Fair Value | $ 4,538.9 | $ 4,053 | $ 3,170.4 |
% of Total Fair Value | 8.90% | 8.50% | 7.20% |
Total fixed maturities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 42,378 | $ 35,589.1 | $ 33,467.9 |
Gross Unrealized Gains | 740.4 | 1,223.9 | 1,325.5 |
Gross Unrealized Losses | (101.6) | (17.3) | (68.4) |
Net Holding Period Gains (Losses) | 14.2 | 15.2 | 1.4 |
Total available-for-sale securities | $ 43,031 | $ 36,810.9 | $ 34,726.4 |
% of Total Fair Value | 84.50% | 77.40% | 79.30% |
Total fixed maturities | U.S. government obligations | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 19,339.3 | $ 12,437.9 | $ 8,814.5 |
Gross Unrealized Gains | 171.3 | 305.8 | 463.4 |
Gross Unrealized Losses | (72.9) | (3.7) | (0.1) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 19,437.7 | $ 12,740 | $ 9,277.8 |
% of Total Fair Value | 38.10% | 26.80% | 21.20% |
Total fixed maturities | State and local government obligations | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 2,379.1 | $ 3,099.4 | $ 3,426 |
Gross Unrealized Gains | 64.7 | 123.1 | 148.9 |
Gross Unrealized Losses | (3.3) | (0.7) | (0.6) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 2,440.5 | $ 3,221.8 | $ 3,574.3 |
% of Total Fair Value | 4.80% | 6.80% | 8.20% |
Total fixed maturities | Corporate debt securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 10,327.5 | $ 9,579.7 | $ 10,493.2 |
Gross Unrealized Gains | 372.1 | 601.7 | 571.4 |
Gross Unrealized Losses | (9.9) | (0.1) | (3.4) |
Net Holding Period Gains (Losses) | 1.2 | 3.9 | 1.3 |
Total available-for-sale securities | $ 10,690.9 | $ 10,185.2 | $ 11,062.5 |
% of Total Fair Value | 21.00% | 21.40% | 25.30% |
Total fixed maturities | Residential mortgage-backed securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 666.9 | $ 503.3 | $ 541 |
Gross Unrealized Gains | 4.6 | 7.1 | 5.4 |
Gross Unrealized Losses | (1.1) | (0.9) | (3.4) |
Net Holding Period Gains (Losses) | 0.9 | 0 | 0 |
Total available-for-sale securities | $ 671.3 | $ 509.5 | $ 543 |
% of Total Fair Value | 1.30% | 1.10% | 1.20% |
Total fixed maturities | Commercial mortgage-backed securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 5,628.2 | $ 6,042.6 | $ 5,728.5 |
Gross Unrealized Gains | 91.4 | 142.5 | 89.1 |
Gross Unrealized Losses | (11.5) | (10) | (55.8) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 5,708.1 | $ 6,175.1 | $ 5,761.8 |
% of Total Fair Value | 11.20% | 13.00% | 13.20% |
Total fixed maturities | Other asset-backed securities | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 3,865.9 | $ 3,745 | $ 4,313.3 |
Gross Unrealized Gains | 34.6 | 40.1 | 45.3 |
Gross Unrealized Losses | (1.5) | (0.5) | (3.7) |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 3,899 | $ 3,784.6 | $ 4,354.9 |
% of Total Fair Value | 7.70% | 7.90% | 9.90% |
Total fixed maturities | Redeemable preferred stocks | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 171.1 | $ 181.2 | $ 151.4 |
Gross Unrealized Gains | 1.7 | 3.6 | 2 |
Gross Unrealized Losses | (1.4) | (1.4) | (1.4) |
Net Holding Period Gains (Losses) | 12.1 | 11.3 | 0.1 |
Total available-for-sale securities | $ 183.5 | $ 194.7 | $ 152.1 |
% of Total Fair Value | 0.40% | 0.40% | 0.30% |
Short-term investments | |||
Debt Securities, Available-for-Sale, at Fair Value | |||
Cost | $ 1,710.6 | $ 5,218.5 | $ 4,700.5 |
Gross Unrealized Gains | 0 | 0 | 0 |
Gross Unrealized Losses | 0 | 0 | 0 |
Net Holding Period Gains (Losses) | 0 | 0 | 0 |
Total available-for-sale securities | $ 1,710.6 | $ 5,218.5 | $ 4,700.5 |
% of Total Fair Value | 3.30% | 11.00% | 10.80% |
Investments Hybrid Securities (
Investments Hybrid Securities (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Hybrid Instruments [Line Items] | |||
Hybrid securities | $ 658.9 | $ 354.6 | $ 180.1 |
State and local government obligations | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 0 | 0 | 3.4 |
Corporate debt securities | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 296.7 | 188.4 | 84.3 |
Residential mortgage-backed securities | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 163.1 | 0 | 0 |
Other asset-backed securities | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | 66.9 | 34.8 | 2.2 |
Redeemable preferred stocks | |||
Hybrid Instruments [Line Items] | |||
Hybrid securities | $ 132.2 | $ 131.4 | $ 90.2 |
Investments Composition of Fixe
Investments Composition of Fixed Maturities by Maturity (Detail) - Total fixed maturities $ in Millions | Jun. 30, 2021USD ($) |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | |
Less than one year | $ 4,964.2 |
One to five years | 27,027.8 |
Five to ten years | 10,125 |
Ten years or greater | 261 |
Cost | 42,378 |
Fair Value | |
Less than one year | 4,985.6 |
One to five years | 27,458 |
Five to ten years | 10,323.1 |
Ten years or greater | 264.3 |
Fair Value | $ 43,031 |
Investments Gross Unrealized lo
Investments Gross Unrealized losses by Major Security (Detail) $ in Millions | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security | Jun. 30, 2020USD ($)security |
Number of Securities | |||
Total | security | 697 | 133 | 225 |
Less than 12 Months | security | 653 | 64 | 174 |
12 Months or Greater | security | 44 | 69 | 51 |
Fair Value | |||
Total | $ 14,757 | $ 2,981.5 | $ 3,615.9 |
Less than 12 Months | 13,850.6 | 2,017.1 | 3,043.9 |
12 Months or Greater | 906.4 | 964.4 | 572 |
Unrealized Losses | |||
Total | (101.6) | (17.3) | (68.4) |
Less than 12 Months | (91.4) | (4.9) | (57.5) |
12 Months or Greater | $ (10.2) | $ (12.4) | $ (10.9) |
U.S. government obligations | |||
Number of Securities | |||
Total | security | 59 | 9 | 4 |
Less than 12 Months | security | 55 | 9 | 4 |
12 Months or Greater | security | 4 | 0 | 0 |
Fair Value | |||
Total | $ 10,629.4 | $ 1,511 | $ 120.6 |
Less than 12 Months | 10,162.4 | 1,511 | 120.6 |
12 Months or Greater | 467 | 0 | 0 |
Unrealized Losses | |||
Total | (72.9) | (3.7) | (0.1) |
Less than 12 Months | (66.8) | (3.7) | (0.1) |
12 Months or Greater | $ (6.1) | $ 0 | $ 0 |
State and local government obligations | |||
Number of Securities | |||
Total | security | 81 | 30 | 17 |
Less than 12 Months | security | 72 | 30 | 16 |
12 Months or Greater | security | 9 | 0 | 1 |
Fair Value | |||
Total | $ 436.2 | $ 208.7 | $ 135 |
Less than 12 Months | 400 | 208.7 | 131.2 |
12 Months or Greater | 36.2 | 0 | 3.8 |
Unrealized Losses | |||
Total | (3.3) | (0.7) | (0.6) |
Less than 12 Months | (2.6) | (0.7) | (0.6) |
12 Months or Greater | $ (0.7) | $ 0 | $ 0 |
Corporate debt securities | |||
Number of Securities | |||
Total | security | 292 | 7 | 21 |
Less than 12 Months | security | 288 | 7 | 21 |
12 Months or Greater | security | 4 | 0 | 0 |
Fair Value | |||
Total | $ 1,142.5 | $ 129.4 | $ 292.8 |
Less than 12 Months | 1,065.2 | 129.4 | 292.8 |
12 Months or Greater | 77.3 | 0 | 0 |
Unrealized Losses | |||
Total | (9.9) | (0.1) | (3.4) |
Less than 12 Months | (9.5) | (0.1) | (3.4) |
12 Months or Greater | $ (0.4) | $ 0 | $ 0 |
Residential mortgage-backed securities | |||
Number of Securities | |||
Total | security | 77 | 21 | 40 |
Less than 12 Months | security | 64 | 0 | 21 |
12 Months or Greater | security | 13 | 21 | 19 |
Fair Value | |||
Total | $ 192.2 | $ 44.4 | $ 188.2 |
Less than 12 Months | 172.4 | 0 | 93.7 |
12 Months or Greater | 19.8 | 44.4 | 94.5 |
Unrealized Losses | |||
Total | (1.1) | (0.9) | (3.4) |
Less than 12 Months | (0.7) | 0 | (1.7) |
12 Months or Greater | $ (0.4) | $ (0.9) | $ (1.7) |
Commercial mortgage-backed securities | |||
Number of Securities | |||
Total | security | 68 | 43 | 113 |
Less than 12 Months | security | 61 | 9 | 91 |
12 Months or Greater | security | 7 | 34 | 22 |
Fair Value | |||
Total | $ 1,272 | $ 893.3 | $ 2,536.6 |
Less than 12 Months | 1,006.9 | 93.6 | 2,106.6 |
12 Months or Greater | 265.1 | 799.7 | 430 |
Unrealized Losses | |||
Total | (11.5) | (10) | (55.8) |
Less than 12 Months | (10.5) | (0.3) | (48.3) |
12 Months or Greater | $ (1) | $ (9.7) | $ (7.5) |
Other asset-backed securities | |||
Number of Securities | |||
Total | security | 119 | 22 | 29 |
Less than 12 Months | security | 113 | 9 | 21 |
12 Months or Greater | security | 6 | 13 | 8 |
Fair Value | |||
Total | $ 1,073.6 | $ 183.7 | $ 331.7 |
Less than 12 Months | 1,043.7 | 74.4 | 299 |
12 Months or Greater | 29.9 | 109.3 | 32.7 |
Unrealized Losses | |||
Total | (1.5) | (0.5) | (3.7) |
Less than 12 Months | (1.3) | (0.1) | (3.4) |
12 Months or Greater | $ (0.2) | $ (0.4) | $ (0.3) |
Redeemable preferred stocks | |||
Number of Securities | |||
Total | security | 1 | 1 | 1 |
Less than 12 Months | security | 0 | 0 | 0 |
12 Months or Greater | security | 1 | 1 | 1 |
Fair Value | |||
Total | $ 11.1 | $ 11 | $ 11 |
Less than 12 Months | 0 | 0 | 0 |
12 Months or Greater | 11.1 | 11 | 11 |
Unrealized Losses | |||
Total | (1.4) | (1.4) | (1.4) |
Less than 12 Months | 0 | 0 | 0 |
12 Months or Greater | $ (1.4) | $ (1.4) | $ (1.4) |
Investments Components of Net R
Investments Components of Net Realized Gains (Losses) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | $ 76.8 | $ 276.1 | $ 224.8 | $ 567.7 |
Equity Securities, FV-NI, Gross Realized Gains on Sales | 351.4 | 9.2 | 369.8 | 94.8 |
Debt and Equity Securities, Gross Realized Gains on Sales | 428.2 | 285.3 | 594.6 | 662.5 |
Debt Securities, Available-for-Sale, Gross Realized Losses excluding Other-than-Temporary Impairment | (13.8) | (15.9) | (36.4) | (19.6) |
Equity Securities, FV-NI, Gross Realized Losses on Sales | (4.3) | (9.4) | (4.3) | (67.7) |
Debt and Equity Securities, Gross Realized Losses on Sales | (18.1) | (25.3) | (40.7) | (87.3) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 63 | 260.2 | 188.4 | 548.1 |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 347.1 | (0.2) | 365.5 | 27.1 |
Gross Realized Gain (Loss), excluding Holding Period and OTTI | 410.1 | 260 | 553.9 | 575.2 |
Unrealized Gain (Loss) on Hybrid Instrument, Net | 9.9 | 24.8 | (1) | (6.4) |
Net holding period gains (losses), equity securities | 44.3 | 606 | 496.7 | (231.6) |
Net Holding Period Realized Gain (Loss) | 54.2 | 630.8 | 495.7 | (238) |
Net impairment losses recognized in earnings | (2.5) | 0 | (2.5) | 0 |
Total net realized gains (losses) on securities | 461.8 | 890.8 | 1,047.1 | 337.2 |
Other Assets | ||||
Gain (Loss) on Securities [Line Items] | ||||
Net impairment losses recognized in earnings | (2.5) | 0 | (2.5) | 0 |
U.S. government obligations | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 11.3 | 224.5 | 77.9 | 475.6 |
Debt Securities, Available-for-Sale, Gross Realized Losses excluding Other-than-Temporary Impairment | (6.9) | (0.6) | (26.5) | (3.3) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 4.4 | 223.9 | 51.4 | 472.3 |
State and local government obligations | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 14.1 | 13 | 44.3 | 15 |
Debt Securities, Available-for-Sale, Gross Realized Losses excluding Other-than-Temporary Impairment | (2.8) | 0 | (3) | 0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 11.3 | 13 | 41.3 | 15 |
Corporate debt securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 40.1 | 34.3 | 60.8 | 66.7 |
Debt Securities, Available-for-Sale, Gross Realized Losses excluding Other-than-Temporary Impairment | (3.3) | (5.5) | (5.4) | (6.5) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 36.8 | 28.8 | 55.4 | 60.2 |
Residential mortgage-backed securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0.3 | 0 | 0.3 | 0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 0.3 | 0 | 0.3 | 0 |
Commercial mortgage-backed securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 9.5 | 4.3 | 39.3 | 10.4 |
Debt Securities, Available-for-Sale, Gross Realized Losses excluding Other-than-Temporary Impairment | (0.5) | (9.8) | (1.1) | (9.8) |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 9 | (5.5) | 38.2 | 0.6 |
Other asset-backed securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 0 | 0 | 0.7 | 0 |
Debt Securities, Available-for-Sale, Gross Realized Losses excluding Other-than-Temporary Impairment | (0.3) | 0 | (0.4) | 0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | (0.3) | 0 | 0.3 | 0 |
Redeemable preferred stocks | ||||
Gain (Loss) on Securities [Line Items] | ||||
Debt Securities, Available-for-Sale, Gross Realized Gains on Sales | 1.5 | 0 | 1.5 | 0 |
Debt Securities, Available-for-Sale, Realized Gain (Loss) on Sales, Excluding Other-than-Temporary Impairment | 1.5 | 0 | 1.5 | 0 |
Nonredeemable preferred stocks | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Gross Realized Gains on Sales | 6.4 | 0.1 | 23.7 | 19.7 |
Equity Securities, FV-NI, Gross Realized Losses on Sales | (0.4) | (3) | (0.4) | (7.4) |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 6 | (2.9) | 23.3 | 12.3 |
Common equities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Equity Securities, FV-NI, Gross Realized Gains on Sales | 345 | 9.1 | 346.1 | 75.1 |
Equity Securities, FV-NI, Gross Realized Losses on Sales | (3.9) | (6.4) | (3.9) | (60.3) |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | $ 341.1 | $ 2.7 | $ 342.2 | $ 14.8 |
Investments Components of Equit
Investments Components of Equity Realized Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Realized Investment Gains (Losses) | $ 391.4 | $ 605.8 | $ 862.2 | $ (204.5) |
Equity Securities, FV-NI, Net Realized Gain (Loss) on Sales | 347.1 | (0.2) | 365.5 | 27.1 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 44.3 | $ 606 | $ 496.7 | $ (231.6) |
Investments Components of Net I
Investments Components of Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net Investment Income [Line Items] | ||||
Gross investment income | $ 210.7 | $ 243.8 | $ 430.9 | $ 485 |
Investment expenses | (6.3) | (4.5) | (11.9) | (9.8) |
Net Investment Income | 204.4 | 239.3 | 419 | 475.2 |
Available-for-sale Securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 177.4 | 215.4 | 365.5 | 428.2 |
Total equity securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 33.3 | 28.4 | 65.4 | 56.8 |
Total equity securities | Nonredeemable preferred stocks | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 17.3 | 14.7 | 35.2 | 28.5 |
Total equity securities | Common equities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 16 | 13.7 | 30.2 | 28.3 |
Total fixed maturities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 176.7 | 201.7 | 363.3 | 407.5 |
Total fixed maturities | U.S. government obligations | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 37.4 | 35.7 | 67.8 | 98.3 |
Total fixed maturities | State and local government obligations | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 11.5 | 16.1 | 24.9 | 25.7 |
Total fixed maturities | Corporate debt securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 73.2 | 76.6 | 158.4 | 134.6 |
Total fixed maturities | Residential mortgage-backed securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 2.8 | 3.8 | 6.2 | 8 |
Total fixed maturities | Commercial mortgage-backed securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 34.4 | 42.6 | 70.2 | 76.9 |
Total fixed maturities | Other asset-backed securities | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 15.1 | 24.8 | 31 | 54 |
Total fixed maturities | Redeemable preferred stocks | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | 2.3 | 2.1 | 4.8 | 10 |
Short-term investments | ||||
Net Investment Income [Line Items] | ||||
Gross investment income | $ 0.7 | $ 13.7 | $ 2.2 | $ 20.7 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | |
Schedule of Debt and Equity Securities [Line Items] | ||||
Principal amount of bonds and certificates of deposit | $ 409,400,000 | |||
Securities Exceeding 10% of Shareholders' Equity | 0 | $ 0 | $ 0 | |
Non-Income Producing Securities | 0 | |||
Total available-for-sale securities | 44,741,600,000 | 42,029,400,000 | 39,426,900,000 | |
Open reverse repurchase commitments | 0 | 0 | 0 | |
Securities Sold under Agreements to Repurchase | $ 0 | 0 | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Positions Downgraded | security | 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Not Previously Recorded | $ 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | $ 0 | $ 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | $ 0 | |||
Percent Change in Investment Income | 11.00% | |||
Percent Change in Book Yield | 23.00% | |||
Proceeds from Debt, Net of Issuance Costs | $ 1,000,000,000 | |||
Foreign Government Debt | ||||
Schedule of Debt and Equity Securities [Line Items] | ||||
Total available-for-sale securities | $ 12,700,000 |
Fair Value Composition of Inves
Fair Value Composition of Investment Portfolio by Major Security Type (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | $ 50,942.8 | $ 47,530.3 | $ 43,777.9 |
Fair Value | 6,446.7 | 6,793.5 | 6,664.3 |
Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 44,741.6 | 42,029.4 | 39,426.9 |
Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 43,031 | 36,810.9 | 34,726.4 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 32,569.1 | 26,147 | 23,914.6 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 19,437.7 | 12,740 | 9,277.8 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,440.5 | 3,221.8 | 3,574.3 |
Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,690.9 | 10,185.2 | 11,062.5 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,278.4 | 10,469.2 | 10,659.7 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 671.3 | 509.5 | 543 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 5,708.1 | 6,175.1 | 5,761.8 |
Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 3,899 | 3,784.6 | 4,354.9 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 183.5 | 194.7 | 152.1 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 51.3 | 51.6 | 51.1 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 11.7 | 10.8 |
Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 132.2 | 131.4 | 90.2 |
Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,710.6 | 5,218.5 | 4,700.5 |
Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 6,201.2 | 5,500.9 | 4,351 |
Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,662.3 | 1,447.9 | 1,180.6 |
Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,559.8 | 1,365 | 1,104.6 |
Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 42.5 | 41.9 | 38.7 |
Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 60 | 41 | 37.3 |
Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,538.9 | 4,053 | 3,170.4 |
Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,527.3 | 4,049.9 | 3,170.1 |
Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 11.6 | 3.1 | 0.3 |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 25,754 | 21,623.3 | 16,993.8 |
Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 21,128.3 | 17,455.7 | 13,715.5 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 19,448.5 | 12,750.8 | 9,287.5 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 19,437.7 | 12,740 | 9,277.8 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 19,437.7 | 12,740 | 9,277.8 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10.8 | 10.8 | 9.7 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10.8 | 10.8 | 9.7 |
Fair Value, Inputs, Level 1 | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,679.8 | 4,704.9 | 4,428 |
Fair Value, Inputs, Level 1 | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,625.7 | 4,167.6 | 3,278.3 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 98.4 | 117.7 | 108.2 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 98.4 | 117.7 | 108.2 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,527.3 | 4,049.9 | 3,170.1 |
Fair Value, Inputs, Level 1 | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 4,527.3 | 4,049.9 | 3,170.1 |
Fair Value, Inputs, Level 1 | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 25,013.9 | 25,852.2 | 26,730.5 |
Fair Value | 6,446.7 | 6,793.5 | 6,664.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 23,613.3 | 24,573.7 | 25,711.4 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 23,582.5 | 24,060.1 | 25,438.9 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 13,131.4 | 13,407 | 14,636.8 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,440.5 | 3,221.8 | 3,574.3 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,690.9 | 10,185.2 | 11,062.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,278.4 | 10,469.2 | 10,659.7 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 671.3 | 509.5 | 543 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 5,708.1 | 6,175.1 | 5,761.8 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 3,899 | 3,784.6 | 4,354.9 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 172.7 | 183.9 | 142.4 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 51.3 | 51.6 | 51.1 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 11.7 | 10.8 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 121.4 | 120.6 | 80.5 |
Fair Value, Inputs, Level 2 | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 30.8 | 513.6 | 272.5 |
Fair Value, Inputs, Level 2 | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,400.6 | 1,278.5 | 1,019.1 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,400.6 | 1,278.5 | 1,019.1 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,332.5 | 1,212.3 | 958.3 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 42.5 | 41.9 | 38.7 |
Fair Value, Inputs, Level 2 | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 25.6 | 24.3 | 22.1 |
Fair Value, Inputs, Level 2 | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 174.9 | 54.8 | 53.6 |
Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 174.9 | 54.8 | 53.6 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 163.3 | 51.7 | 53.3 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 128.9 | 35 | 38.1 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 34.4 | 16.7 | 15.2 |
Fair Value, Inputs, Level 3 | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 11.6 | 3.1 | 0.3 |
Fair Value, Inputs, Level 3 | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 11.6 | 3.1 | 0.3 |
Carrying (Reported) Amount, Fair Value Disclosure | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 46,838.2 | 43,353.6 | 40,502.6 |
Long-term Debt | 5,397.5 | 5,396.1 | 5,394.7 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 44,088.6 | 40,807.6 | 38,168.4 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 42,378 | 35,589.1 | 33,467.9 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 32,045.9 | 25,117 | 22,733.7 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | U.S. government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 19,339.3 | 12,437.9 | 8,814.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | State and local government obligations | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,379.1 | 3,099.4 | 3,426 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Debt Securities | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,327.5 | 9,579.7 | 10,493.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 10,161 | 10,290.9 | 10,582.8 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Residential mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 666.9 | 503.3 | 541 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Commercial mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 5,628.2 | 6,042.6 | 5,728.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Asset-backed Securities | Other asset-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 3,865.9 | 3,745 | 4,313.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 171.1 | 181.2 | 151.4 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 50.9 | 51.1 | 51.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 0 | 10 | 10 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Total fixed maturities | Redeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 120.2 | 120.1 | 90.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Available-for-sale Securities | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,710.6 | 5,218.5 | 4,700.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 2,749.6 | 2,546 | 2,334.2 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,536.2 | 1,358.7 | 1,205.4 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | Financials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,456.2 | 1,278.6 | 1,125.3 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | Utilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 39.9 | 40 | 40 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Nonredeemable preferred stocks | Industrials | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 40.1 | 40.1 | 40.1 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Common equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,213.4 | 1,187.3 | 1,128.8 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Common equities | Common Stocks, excluding Other Risk | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | 1,201.8 | 1,184.2 | 1,128.5 |
Carrying (Reported) Amount, Fair Value Disclosure | Total equity securities | Common equities | Other risk investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, Fair Value | $ 11.6 | $ 3.1 | $ 0.3 |
Fair Value Summary of Changes i
Fair Value Summary of Changes in Fair Value Associated with Level 3 Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | $ 54.8 | $ 28.6 | $ 54.8 | $ 43.4 |
Calls/ Maturities/ Paydowns | 0 | 0 | 0 | 0 |
Purchases | 73.6 | 25 | 73.7 | 25 |
Sales | (5) | 0 | (5) | 0 |
Net Realized (Gain)/Loss on Sales | (4.5) | 0 | (4.5) | 0 |
Change in Valuation | 56 | 0 | 55.9 | (14.8) |
Net Transfers In (Out) | 0 | 0 | 0 | 0 |
Fair value, ending balance | 174.9 | 53.6 | 174.9 | 53.6 |
Total equity securities | Financials | Nonredeemable preferred stocks | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 35 | 13.1 | 35 | 27.1 |
Calls/ Maturities/ Paydowns | 0 | 0 | 0 | 0 |
Purchases | 60.2 | 25 | 60.2 | 25 |
Sales | 0 | 0 | 0 | 0 |
Net Realized (Gain)/Loss on Sales | 0 | 0 | 0 | 0 |
Change in Valuation | 33.7 | 0 | 33.7 | (14) |
Net Transfers In (Out) | 0 | 0 | 0 | 0 |
Fair value, ending balance | 128.9 | 38.1 | 128.9 | 38.1 |
Total equity securities | Industrials | Nonredeemable preferred stocks | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 16.6 | 15.2 | 16.7 | 16 |
Calls/ Maturities/ Paydowns | 0 | 0 | 0 | 0 |
Purchases | 5 | 0 | 5 | 0 |
Sales | (5) | 0 | (5) | 0 |
Net Realized (Gain)/Loss on Sales | (4.5) | 0 | (4.5) | 0 |
Change in Valuation | 22.3 | 0 | 22.2 | (0.8) |
Net Transfers In (Out) | 0 | 0 | 0 | 0 |
Fair value, ending balance | 34.4 | 15.2 | 34.4 | 15.2 |
Total equity securities | Other risk investments | Common equities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair value, beginning balance | 3.2 | 0.3 | 3.1 | 0.3 |
Calls/ Maturities/ Paydowns | 0 | 0 | 0 | 0 |
Purchases | 8.4 | 0 | 8.5 | 0 |
Sales | 0 | 0 | 0 | 0 |
Net Realized (Gain)/Loss on Sales | 0 | 0 | 0 | 0 |
Change in Valuation | 0 | 0 | 0 | 0 |
Net Transfers In (Out) | 0 | 0 | 0 | 0 |
Fair value, ending balance | $ 11.6 | $ 0.3 | $ 11.6 | $ 0.3 |
Fair Value Summary of Quantitat
Fair Value Summary of Quantitative Information about Level 3 Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 50,942.8 | $ 43,777.9 | $ 47,530.3 |
Fair Value, Inputs, Level 3 | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | 174.9 | 53.6 | 54.8 |
Fair Value, Inputs, Level 3 | Total Quantitative Level Three Securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | 163.3 | 53.3 | 51.7 |
Fair Value, Inputs, Level 3 | Third Party Pricing Exemption Securities | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | 11.6 | 0.3 | 3.1 |
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Guideline Public Company Method, Seven Point Seven Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 52.5 | ||
Fair Value Inputs, Guideline Public Company Method | $ 7.7 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Recent Transaction Price, Twenty Seven Point Five Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 16.2 | ||
Fair Value Inputs, Recent Transaction Price | $ 27.5 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Unadjusted Purchase Price, Twenty Point One Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 22.5 | ||
Fair Value Inputs, Original Issue Price | $ 20.1 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Unadjusted Purchase Price, Eleven Point Eight Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 12.5 | ||
Fair Value Inputs, Original Issue Price | $ 11.8 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Unadjusted Purchase Price, Thirty Two Point One Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 10.2 | ||
Fair Value Inputs, Original Issue Price | $ 32.1 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Unadjusted Purchase Price, Six Point Eight Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 15 | ||
Fair Value Inputs, Original Issue Price | $ 6.8 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Guideline Public Company Method, Four Point Four Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 13.1 | ||
Fair Value Inputs, Guideline Public Company Method | $ 4.4 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Unadjusted Purchase Price, Three Point Seven Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 25 | $ 25 | |
Fair Value Inputs, Original Issue Price | $ 3.7 | $ 3.7 | |
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Financials | Unadjusted Purchase Price, Sixteen Point Nine Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 10 | ||
Fair Value Inputs, Original Issue Price | $ 16.9 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Industrials | Recent Transaction Price, Five Point Two Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 10.7 | ||
Fair Value Inputs, Recent Transaction Price | $ 5.2 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Industrials | Recent Transaction Price, Nine Point Six Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 23.7 | ||
Fair Value Inputs, Recent Transaction Price | $ 9.6 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Industrials | Guideline Public Company Method, Five Point Six Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 7.1 | ||
Fair Value Inputs, Guideline Public Company Method | $ 5.6 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Industrials | Guideline Public Company Method, Four Point Zero Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 8.1 | ||
Fair Value Inputs, Guideline Public Company Method | $ 4 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Industrials | Guideline Public Company Method, Five Point Four Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 6.9 | ||
Fair Value Inputs, Guideline Public Company Method | $ 5.4 | ||
Fair Value, Inputs, Level 3 | Nonredeemable preferred stocks | Industrials | Guideline Public Company Method, Four Point Eight Dollars per Share | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Investments, Fair Value | $ 9.8 | ||
Fair Value Inputs, Guideline Public Company Method | $ 4.8 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security | Jun. 30, 2020USD ($)security |
Fair Value Measurements [Line Items] | |||
Investments, Fair Value | $ 50,942,800,000 | $ 47,530,300,000 | $ 43,777,900,000 |
Fair Value, Inputs, Level 1 | |||
Fair Value Measurements [Line Items] | |||
Vendor Quoted Prices, Percent of FV Hierarchy Level | 81.00% | 76.00% | 75.00% |
Investments, Fair Value | $ 25,754,000,000 | $ 21,623,300,000 | $ 16,993,800,000 |
Fair Value, Inputs, Level 2 | |||
Fair Value Measurements [Line Items] | |||
Vendor Quoted Prices, Percent of FV Hierarchy Level | 99.00% | 99.00% | 97.00% |
Dealer Quoted Prices, Percent of FV Hierarchy Level | 1.00% | 1.00% | 3.00% |
Investments, Fair Value | $ 25,013,900,000 | $ 25,852,200,000 | $ 26,730,500,000 |
Fair Value, Inputs, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Investments, Fair Value | 174,900,000 | 54,800,000 | 53,600,000 |
Total fixed maturities | Fair Value, Inputs, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Investments, Fair Value | $ 0 | $ 0 | $ 0 |
Nonredeemable preferred stocks | Fair Value, Inputs, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Number of securities | security | 8 | 4 | 4 |
Common equities | Fair Value, Inputs, Level 3 | |||
Fair Value Measurements [Line Items] | |||
Number of securities | security | 3 | 2 | 1 |
Debt (Detail)
Debt (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Fair Value | $ 6,446,700,000 | $ 6,793,500,000 | $ 6,664,300,000 | |
Debt, Long-term and Short-term, Combined Amount | [1] | 5,397,500,000 | 5,396,100,000 | 5,394,700,000 |
3.75% Senior Notes due 2021 (issued: $500.0, August 2011) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 499,900,000 | 499,800,000 | 499,600,000 | |
Fair Value | $ 502,500,000 | 510,900,000 | 519,000,000 | |
Debt, stated interest rate | 3.75% | |||
Debt, face amount | $ 500,000,000 | 500,000,000 | 500,000,000 | |
2.45% Senior Notes due 2027 (issued: $500.0, August 2016) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 497,500,000 | 497,300,000 | 497,100,000 | |
Fair Value | $ 529,900,000 | 541,100,000 | 533,700,000 | |
Debt, stated interest rate | 2.45% | |||
Debt, face amount | $ 500,000,000 | 500,000,000 | 500,000,000 | |
6 5/8% Senior Notes due 2029 (issued: $300.0, March 1999) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 297,000,000 | 296,900,000 | 296,800,000 | |
Fair Value | $ 396,100,000 | 409,400,000 | 420,700,000 | |
Debt, stated interest rate | 6.625% | |||
Debt, face amount | $ 300,000,000 | 300,000,000 | 300,000,000 | |
4.00% Senior Notes due 2029 (issued: $550.0, October 2018) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 545,700,000 | 545,500,000 | 545,200,000 | |
Fair Value | $ 631,500,000 | 660,400,000 | 654,200,000 | |
Debt, stated interest rate | 4.00% | |||
Debt, face amount | $ 550,000,000 | 550,000,000 | 550,000,000 | |
Senior Notes Three Point Two Zero Percent Due Twenty Thirty [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 496,300,000 | 496,100,000 | 496,000,000 | |
Fair Value | $ 549,000,000 | 575,500,000 | 567,600,000 | |
Debt, stated interest rate | 3.20% | |||
Debt, face amount | $ 500,000,000 | 500,000,000 | 500,000,000 | |
6.25% Senior Notes due 2032 (issued: $400.0, November 2002) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 396,100,000 | 396,000,000 | 395,800,000 | |
Fair Value | $ 553,700,000 | 582,000,000 | 569,600,000 | |
Debt, stated interest rate | 6.25% | |||
Debt, face amount | $ 400,000,000 | 400,000,000 | 400,000,000 | |
4.35% Senior Notes due 2044 (issued: $350.0, April 2014) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 346,800,000 | 346,700,000 | 346,700,000 | |
Fair Value | $ 434,800,000 | 459,700,000 | 444,900,000 | |
Debt, stated interest rate | 4.35% | |||
Debt, face amount | $ 350,000,000 | 350,000,000 | 350,000,000 | |
3.70% Senior Notes due 2045 (issued: $400.0, January 2015) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 395,600,000 | 395,500,000 | 395,500,000 | |
Fair Value | $ 458,100,000 | 481,000,000 | 471,400,000 | |
Debt, stated interest rate | 3.70% | |||
Debt, face amount | $ 400,000,000 | 400,000,000 | 400,000,000 | |
4.125% Senior Notes due 2047 (issued: $850.0, April 2017) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 841,800,000 | 841,700,000 | 841,600,000 | |
Fair Value | $ 1,041,400,000 | 1,113,100,000 | 1,080,800,000 | |
Debt, stated interest rate | 4.125% | |||
Debt, face amount | $ 850,000,000 | 850,000,000 | 850,000,000 | |
4.20% Senior Notes due 2048 (issued: $600.0, March 2018) | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 590,100,000 | 590,000,000 | 589,900,000 | |
Fair Value | $ 747,000,000 | 806,700,000 | 773,800,000 | |
Debt, stated interest rate | 4.20% | |||
Debt, face amount | $ 600,000,000 | 600,000,000 | 600,000,000 | |
Senior Notes Three Point Nine Five Percent Due Twenty Fifty [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 490,700,000 | 490,600,000 | 490,500,000 | |
Fair Value | $ 602,700,000 | 653,700,000 | 628,600,000 | |
Debt, stated interest rate | 3.95% | |||
Debt, face amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |
[1] | Consists of both short-term and long-term debt. See Note 4 – Debt for further discussion. |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Long-Term Debt, Maturity, Remainder of Fiscal Year | $ 0 | |||
3.75% Senior Notes due 2021 (issued: $500.0, August 2011) | ||||
Debt Instrument [Line Items] | ||||
Debt, stated interest rate | 3.75% | |||
Debt, face amount | $ 500,000,000 | 500,000,000 | $ 500,000,000 | |
Long-Term Debt, Maturity, Remainder of Fiscal Year | 500,000,000 | $ 500,000,000 | ||
Discretionary Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 250,000,000 | |||
Borrowings outstanding | $ 0 | $ 0 | $ 0 |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||||
Valuation allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent | 20.90% | 21.10% | 20.80% | 20.80% |
Loss and Loss Adjustment Expe_3
Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Loss and loss adjustment expense reserves | $ 23,895.6 | $ 18,512 | $ 20,265.8 | $ 18,105.4 | ||
Reinsurance Recoverable for Unpaid Claims and Claims Adjustments and Liability for Unpaid Claims and Claim Adjustment Expense, Other Reconciling Item | 4,464.9 | 3,502.7 | 3,798.2 | 3,212.2 | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Net | $ 17,200.1 | $ 14,893.2 | 19,430.7 | 15,009.3 | $ 16,467.6 | $ 14,893.2 |
Liability for Unpaid Claims and Claims Adjustment Expense, Business Acquisitions | $ 732.5 | $ 0 | ||||
Current Year Claims and Claims Adjustment Expense | 15,319.9 | 11,360.5 | ||||
Prior Year Claims and Claims Adjustment Expense | (197) | (116.1) | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 15,516.9 | 11,476.6 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | 7,849.6 | 6,180.4 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | 5,436.7 | 5,180.1 | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | 13,286.3 | $ 11,360.5 | ||||
Short-Duration Insurance Contract, Accident Year 2019 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | (100) | |||||
Percent of Prior Year Claims and Claims Adjustment Expense | 1.00% | |||||
Short-duration Insurance Contracts, Accident Year 2018 | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Previous Years Claims and Claims Adjustment Expense | 114 | |||||
Percent of Prior Year Claims and Claims Adjustment Expense | 68.00% | |||||
Personal Lines | Personal auto businesses | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | (111) | $ (37) | ||||
Personal Lines | Special Lines | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | 7 | 15 | ||||
Commercial Lines | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | (73) | (98) | ||||
Property | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Prior Year Claims and Claims Adjustment Expense | $ (20) | $ 4 | ||||
Agency | Personal Lines | Personal auto businesses | ||||||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||||||
Percent of Prior Year Claims and Claims Adjustment Expense | 60.00% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Detail) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Open reverse repurchase commitments | $ 0 | $ 0 | $ 0 | |||
Dividends payable on common shares | 58,500,000 | 58,500,000 | 2,694,500,000 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 55,900,000 | 23,900,000 | ||||
Operating Lease, Payments | 44,800,000 | 44,700,000 | ||||
Restricted Cash and Cash Equivalents | 15,100,000 | 1,100,000 | 0 | |||
Income Taxes Paid | 574,100,000 | 18,000,000 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 112,000,000 | 94,100,000 | ||||
Collateral Against Unpaid Premiums | ||||||
Restricted Cash and Cash Equivalents | 14,800,000 | |||||
Cash and Cash Equivalents | ARX Holding Corp. | ||||||
Open reverse repurchase commitments | 90,500,000 | 96,400,000 | 93,500,000 | |||
Common equities | Quarterly dividend [Member] | ||||||
Dividends payable on common shares | $ 58,500,000 | $ 58,500,000 | $ 58,500,000 | $ 58,600,000 | $ 58,500,000 | $ 58,500,000 |
Segment Information Operating R
Segment Information Operating Results (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 11,905.5 | $ 10,971.7 | $ 23,350.7 | $ 20,295.1 |
Pretax Profit (Loss) | 999.2 | 2,268.8 | 2,867.1 | 3,143.5 |
Amortization of intangible assets | 14.3 | 14.1 | 28.5 | 28.6 |
Personal Lines | Agency | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,220.3 | 3,919 | 8,318.5 | 7,747.7 |
Pretax Profit (Loss) | 207.5 | 550.6 | 755 | 1,152.2 |
Personal Lines | Direct | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,633.9 | 4,167.9 | 9,065.6 | 8,160.3 |
Pretax Profit (Loss) | 128.4 | 647.2 | 543 | 1,120.2 |
Operating Segments | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 10,982.3 | 9,648.6 | 21,402.5 | 19,079.3 |
Pretax Profit (Loss) | 382.8 | 1,188.9 | 1,502.7 | 2,425.2 |
Operating Segments | Personal Lines | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,854.2 | 8,086.9 | 17,384.1 | 15,908 |
Pretax Profit (Loss) | $ 335.9 | $ 1,197.8 | $ 1,298 | $ 2,272.4 |
Personal auto insurance percentage of the total personal lines segment net premiums earned | 94.00% | 94.00% | 94.00% | 94.00% |
Operating Segments | Commercial Lines | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,621.8 | $ 1,129 | $ 3,039.6 | $ 2,318 |
Pretax Profit (Loss) | 130.1 | 179.8 | 358.6 | 292.3 |
Operating Segments | Property | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 502.3 | 432.7 | 974.8 | 853.3 |
Pretax Profit (Loss) | (83.3) | (188.7) | (154) | (139.5) |
Amortization of intangible assets | 14.1 | 28.3 | 28.6 | |
Operating Segments | Other Indemnity | Underwriting operations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4 | 0 | 4 | 0 |
Pretax Profit (Loss) | 0.1 | 0 | 0.1 | 0 |
Segment Reconciling Items | Fees and other revenues | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 176.2 | 129.5 | 341.9 | 283 |
Segment Reconciling Items | Service businesses | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 74.5 | 59 | 128.3 | 110.6 |
Pretax Profit (Loss) | 6.6 | 6.2 | 11.1 | 10.3 |
Segment Reconciling Items | Investment income | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 672.5 | 1,134.6 | 1,478 | 822.2 |
Pretax Profit (Loss) | 666.2 | 1,130.1 | 1,466.1 | 812.4 |
Segment Reconciling Items | Interest expense | ||||
Segment Reporting Information [Line Items] | ||||
Pretax Profit (Loss) | $ (56.4) | $ (56.4) | $ (112.8) | $ (104.4) |
Segment Information Underwritin
Segment Information Underwriting Margins and Combined Ratios for our Underwriting Operations (Detail) - Underwriting operations | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Personal Lines | Agency | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 4.90% | 14.00% | 9.10% | 14.90% |
Combined Ratio | 95.10% | 86.00% | 90.90% | 85.10% |
Personal Lines | Direct | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 2.80% | 15.50% | 6.00% | 13.70% |
Combined Ratio | 97.20% | 84.50% | 94.00% | 86.30% |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 3.50% | 12.30% | 7.00% | 12.70% |
Combined Ratio | 96.50% | 87.70% | 93.00% | 87.30% |
Operating Segments | Personal Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 3.80% | 14.80% | 7.50% | 14.30% |
Combined Ratio | 96.20% | 85.20% | 92.50% | 85.70% |
Operating Segments | Commercial Lines | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | 8.00% | 15.90% | 11.80% | 12.60% |
Combined Ratio | 92.00% | 84.10% | 88.20% | 87.40% |
Operating Segments | Property | ||||
Segment Reporting Information [Line Items] | ||||
Underwriting Margin | (16.60%) | (43.60%) | (15.80%) | (16.30%) |
Combined Ratio | 116.60% | 143.60% | 115.80% | 116.30% |
Combined ratio amortization points | 0.028 | 0.033 | 0.029 | 0.034 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||
May 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Feb. 28, 2021 | Dec. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 | ||||||||||||
Dividends payable on common shares | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 2,694.5 | |||||||||||
Quarterly dividend [Member] | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.10 | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||
Annual variable dividend | ||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 4.50 | $ 2.25 | ||||||||||||||
Series B Preferred Stock | ||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 26.875 | $ 26.875 | ||||||||||||||
Dividends payable on common shares | $ 13.4 | $ 13.4 | ||||||||||||||
Common equities | Quarterly dividend [Member] | ||||||||||||||||
Dividends payable on common shares | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | $ 58.5 | 58.6 | $ 58.5 | ||||||||
Common equities | Annual variable dividend | ||||||||||||||||
Dividends payable on common shares | $ 2,635.9 | $ 1,316.9 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), before Tax [Roll Forward] | ||||||
AOCI before Tax, Attributable to Parent, beginning balance | $ 504.6 | $ 514.9 | $ 1,187.4 | $ 435.7 | ||
Pretax Reclassification of Stranded Amounts in AOCI to Equity | $ 4 | $ 3.4 | ||||
AOCI before Tax, Attributable to Parent, After Reclassification of Stranded Amounts | 518.9 | 439.1 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | 174.7 | 966.2 | (376.7) | 1,284.4 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (0.6) | 0 | (0.6) | 0 | ||
OCI, before Reclassifications, before Tax, Attributable to Parent | 174.1 | 966.2 | (377.3) | 1,284.4 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 59.4 | 248 | 191.1 | 486.7 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (0.3) | (0.2) | (0.6) | (0.5) | ||
Total reclassification adjustment for amounts realized in net income, pre tax | 59.1 | 247.8 | 190.5 | 486.2 | ||
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | 115 | 718.4 | (567.8) | 798.2 | ||
AOCI before Tax, Attributable to Parent, ending balance | 619.6 | 1,237.3 | 619.6 | 1,237.3 | ||
Accumulated Other Comprehensive Income (Loss), Tax [Roll Forward] | ||||||
AOCI Tax, Attributable to Parent, beginning balance | (112.3) | (110.7) | (255.7) | (94) | ||
Tax, Reclassification of Stranded Amounts in AOCI to Equity | (0.8) | (0.7) | ||||
AOCI Tax, Attributable to Parent, After Reclassification of Stranded Amounts | (111.5) | (94.7) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | (36.7) | (202.9) | 79.1 | (269.7) | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent | (0.1) | 0 | (0.1) | 0 | ||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), before Adjustment, Tax | (36.6) | (202.9) | 79.2 | (269.7) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (12.5) | (52.1) | (40.2) | (102.2) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0 | 0.1 | 0.1 | ||
Total reclassification adjustment for amounts realized in net income, Total tax (provision) benefit | (12.5) | (52.1) | (40.1) | (102.1) | ||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | (24.1) | (150.8) | 119.3 | (167.6) | ||
AOCI Tax, Attributable to Parent, ending balance | (136.4) | (262.3) | (136.4) | (262.3) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
After tax total accumulated other comprehensive income, beginning balance | 392.3 | 404.2 | 931.7 | 341.7 | ||
Reclassification of Stranded Amounts in AOCI to Equity | 3.2 | 2.7 | ||||
AOCI Net of Tax, Attributable to Parent, After Reclassification of Stranded Amounts | 407.4 | 344.4 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 138 | 763.3 | (297.6) | 1,014.7 | ||
Foreign currency translation adjustment | (0.5) | 0 | (0.5) | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 137.5 | 763.3 | (298.1) | 1,014.7 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 46.9 | 195.9 | 150.9 | 384.5 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (0.3) | (0.2) | (0.5) | (0.4) | ||
Total reclassification adjustment for amounts realized in net income, after tax | 46.6 | 195.7 | 150.4 | 384.1 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 90.9 | 567.6 | (448.5) | 630.6 | ||
After tax total accumulated other comprehensive income, ending balance | 483.2 | 975 | 483.2 | 975 | ||
Total net unrealized gains (losses) on securities | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
After tax total accumulated other comprehensive income, beginning balance | 407.7 | 423.6 | 947.3 | 360.8 | ||
Reclassification of Stranded Amounts in AOCI to Equity | 0 | 0 | ||||
AOCI Net of Tax, Attributable to Parent, After Reclassification of Stranded Amounts | 423.6 | 360.8 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 138 | 763.3 | (297.6) | 1,014.7 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 138 | 763.3 | (297.6) | 1,014.7 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 46.9 | 195.9 | 150.9 | 384.5 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | 0 | 0 | ||
Total reclassification adjustment for amounts realized in net income, after tax | 46.9 | 195.9 | 150.9 | 384.5 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 91.1 | 567.4 | (448.5) | 630.2 | ||
After tax total accumulated other comprehensive income, ending balance | 498.8 | 991 | 498.8 | 991 | ||
Net unrealized gains (losses) on forecasted transactions | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
After tax total accumulated other comprehensive income, beginning balance | (15.4) | (16.2) | (15.6) | (16.4) | ||
Reclassification of Stranded Amounts in AOCI to Equity | 0 | 0 | ||||
AOCI Net of Tax, Attributable to Parent, After Reclassification of Stranded Amounts | (16.2) | (16.4) | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (0.3) | (0.2) | (0.5) | (0.4) | ||
Total reclassification adjustment for amounts realized in net income, after tax | (0.3) | (0.2) | (0.5) | (0.4) | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0.3 | 0.2 | 0.5 | 0.4 | ||
After tax total accumulated other comprehensive income, ending balance | (15.1) | (16) | (15.1) | (16) | ||
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
After tax total accumulated other comprehensive income, beginning balance | 0 | 0 | 0 | 0 | ||
Reclassification of Stranded Amounts in AOCI to Equity | 0 | 0 | ||||
AOCI Net of Tax, Attributable to Parent, After Reclassification of Stranded Amounts | 0 | 0 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | (0.5) | 0 | (0.5) | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (0.5) | 0 | (0.5) | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | 0 | 0 | ||
Total reclassification adjustment for amounts realized in net income, after tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.5) | 0 | (0.5) | 0 | ||
After tax total accumulated other comprehensive income, ending balance | (0.5) | 0 | (0.5) | 0 | ||
(Income) loss attributable to NCI | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
After tax total accumulated other comprehensive income, beginning balance | 0 | (3.2) | 0 | (2.7) | ||
Reclassification of Stranded Amounts in AOCI to Equity | 3.2 | 2.7 | ||||
AOCI Net of Tax, Attributable to Parent, After Reclassification of Stranded Amounts | $ 0 | $ 0 | ||||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 0 | 0 | 0 | 0 | ||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 0 | 0 | 0 | 0 | ||
Total reclassification adjustment for amounts realized in net income, after tax | 0 | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | 0 | ||
After tax total accumulated other comprehensive income, ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) Components of Other Comprehensive Income (Loss) Including Reclassification Adjustments by Income Statement, Additional Information (Detail) $ in Millions | Jun. 30, 2021USD ($) |
Statement of Comprehensive Income [Abstract] | |
Net unrealized losses on forecasted transactions, expected to reclassify into income within the next 12 months | $ 0.6 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets Goodwill (Details) - USD ($) | Jun. 01, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill, Acquired During Period | $ 0 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 | 0 | |||
Amortization of intangible assets | $ 14,300,000 | $ 14,100,000 | $ 28,500,000 | $ 28,600,000 | |
Protective Insurance | Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets acquired, related to trade name | $ 3,600,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Net Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule of Other Intangible Assets [Line Items] | |||
Indefinite lived intangible assets | $ 12.4 | $ 12.4 | $ 12.4 |
Total | 146.5 | 171.4 | 199.7 |
Accumulated amortization | 354.6 | 326.1 | 297.8 |
Licensing Agreements | |||
Schedule of Other Intangible Assets [Line Items] | |||
Accumulated amortization | 0.6 | 0.6 | 0.6 |
Finite-Lived Intangible Assets | |||
Schedule of Other Intangible Assets [Line Items] | |||
Intangible assets subject to amortization | 134.1 | 159 | 187.3 |
Accumulated amortization | $ 354 | $ 325.5 | $ 297.2 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Finite-lived Intangible Assets (Details) - USD ($) $ in Millions | Jun. 01, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||||
Accumulated Amortization | $ 354.6 | $ 326.1 | $ 297.8 | |
Policies in force | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 256.2 | 256.2 | 256.2 | |
Accumulated Amortization | 228.7 | 210.4 | 192.2 | |
Net Carrying Amount | 27.5 | 45.8 | 64 | |
Agency relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 159.2 | 159.2 | 159.2 | |
Accumulated Amortization | 71.1 | 65.4 | 59.7 | |
Net Carrying Amount | 88.1 | 93.8 | 99.5 | |
Software rights | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 69.1 | 69.1 | 69.1 | |
Accumulated Amortization | 54 | 49.7 | 45.3 | |
Net Carrying Amount | 15.1 | 19.4 | 23.8 | |
Trade name | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 3.6 | 0 | 0 | |
Accumulated Amortization | 0.2 | 0 | 0 | |
Net Carrying Amount | 3.4 | 0 | 0 | |
Protective Insurance | Trade name | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Finite-Lived Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 488.1 | 484.5 | 484.5 | |
Accumulated Amortization | 354 | 325.5 | 297.2 | |
Net Carrying Amount | $ 134.1 | $ 159 | $ 187.3 |