Notes to Financial Statements [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Notes to Financial Statements [Abstract] | |
Amortized Cost and Fair Values of Securities by Security Type | At December 31, 2016 and 2015, all fixed maturity securities were classified as available-for-sale. The amortized cost and fair values of securities by security type are shown as follows: | | | | | | | | | | | | | | | | | | December 31, 2016 | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | (in millions of dollars) | United States Government and Government Agencies and Authorities | $ | 1,202.8 |
| | $ | 183.1 |
| | $ | 3.5 |
| | $ | 1,382.4 |
| States, Municipalities, and Political Subdivisions | 1,868.0 |
| | 294.8 |
| | 4.8 |
| | 2,158.0 |
| Foreign Governments | 714.8 |
| | 199.9 |
| | — |
| | 914.7 |
| Public Utilities | 6,916.1 |
| | 1,123.5 |
| | 16.9 |
| | 8,022.7 |
| Mortgage/Asset-Backed Securities | 2,104.9 |
| | 134.7 |
| | 9.2 |
| | 2,230.4 |
| All Other Corporate Bonds | 26,707.1 |
| | 2,944.0 |
| | 183.9 |
| | 29,467.2 |
| Redeemable Preferred Stocks | 39.0 |
| | 3.2 |
| | 0.3 |
| | 41.9 |
| Total Fixed Maturity Securities | $ | 39,552.7 |
| | $ | 4,883.2 |
| | $ | 218.6 |
| | $ | 44,217.3 |
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| | | | | | | | | | | | | | | | | | December 31, 2015 | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Fair Value | | (in millions of dollars) | United States Government and Government Agencies and Authorities | $ | 1,265.8 |
| | $ | 207.3 |
| | $ | 7.9 |
| | $ | 1,465.2 |
| States, Municipalities, and Political Subdivisions | 1,828.3 |
| | 293.4 |
| | 4.6 |
| | 2,117.1 |
| Foreign Governments | 897.2 |
| | 154.4 |
| | — |
| | 1,051.6 |
| Public Utilities | 6,979.3 |
| | 1,057.4 |
| | 16.3 |
| | 8,020.4 |
| Mortgage/Asset-Backed Securities | 2,318.6 |
| | 167.6 |
| | 4.7 |
| | 2,481.5 |
| All Other Corporate Bonds | 26,325.5 |
| | 2,454.1 |
| | 608.2 |
| | 28,171.4 |
| Redeemable Preferred Stocks | 44.0 |
| | 3.8 |
| | 0.6 |
| | 47.2 |
| Total Fixed Maturity Securities | $ | 39,658.7 |
| | $ | 4,338.0 |
| | $ | 642.3 |
| | $ | 43,354.4 |
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Length of Time Fixed Maturity Securities had been in a Gross Unrealized Loss Position | The following charts indicate the length of time our fixed maturity securities have been in a gross unrealized loss position. | | | | | | | | | | | | | | | | | | December 31, 2016 | | Less Than 12 Months | | 12 Months or Greater | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | (in millions of dollars) | United States Government and Government Agencies and Authorities | $ | 132.8 |
| | $ | 3.5 |
| | $ | — |
| | $ | — |
| States, Municipalities, and Political Subdivisions | 132.2 |
| | 4.8 |
| | — |
| | — |
| Public Utilities | 260.2 |
| | 15.3 |
| | 15.6 |
| | 1.6 |
| Mortgage/Asset-Backed Securities | 513.2 |
| | 9.1 |
| | 0.8 |
| | 0.1 |
| All Other Corporate Bonds | 3,621.0 |
| | 122.1 |
| | 774.7 |
| | 61.8 |
| Redeemable Preferred Stocks | 7.9 |
| | 0.1 |
| | 10.8 |
| | 0.2 |
| Total Fixed Maturity Securities | $ | 4,667.3 |
| | $ | 154.9 |
| | $ | 801.9 |
| | $ | 63.7 |
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| | | | | | | | | | | | | | | | | | December 31, 2015 | | Less Than 12 Months | | 12 Months or Greater | | Fair Value | | Gross Unrealized Loss | | Fair Value | | Gross Unrealized Loss | | (in millions of dollars) | United States Government and Government Agencies and Authorities | $ | 213.5 |
| | $ | 7.9 |
| | $ | — |
| | $ | — |
| States, Municipalities, and Political Subdivisions | 112.3 |
| | 4.3 |
| | 3.3 |
| | 0.3 |
| Public Utilities | 408.4 |
| | 14.4 |
| | 10.3 |
| | 1.9 |
| Mortgage/Asset-Backed Securities | 504.3 |
| | 4.6 |
| | 9.0 |
| | 0.1 |
| All Other Corporate Bonds | 6,155.0 |
| | 464.2 |
| | 554.7 |
| | 144.0 |
| Redeemable Preferred Stocks | 10.4 |
| | 0.6 |
| | — |
| | — |
| Total Fixed Maturity Securities | $ | 7,403.9 |
| | $ | 496.0 |
| | $ | 577.3 |
| | $ | 146.3 |
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Distribution of the Maturity Dates for Fixed Maturity Securities | The following is a distribution of the maturity dates for fixed maturity securities. The maturity dates have not been adjusted for possible calls or prepayments. | | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | | Total Amortized Cost | | Unrealized Gain Position | | Unrealized Loss Position | | | Gross Gain | | Fair Value | | Gross Loss | | Fair Value | | (in millions of dollars) | 1 year or less | $ | 1,338.8 |
| | $ | 28.6 |
| | $ | 1,355.6 |
| | $ | — |
| | $ | 11.8 |
| Over 1 year through 5 years | 6,231.0 |
| | 553.5 |
| | 6,605.6 |
| | 8.2 |
| | 170.7 |
| Over 5 years through 10 years | 10,991.6 |
| | 843.8 |
| | 9,336.2 |
| | 82.8 |
| | 2,416.4 |
| Over 10 years | 18,886.4 |
| | 3,322.6 |
| | 19,734.3 |
| | 118.4 |
| | 2,356.3 |
| | 37,447.8 |
| | 4,748.5 |
| | 37,031.7 |
| | 209.4 |
| | 4,955.2 |
| Mortgage/Asset-Backed Securities | 2,104.9 |
| | 134.7 |
| | 1,716.4 |
| | 9.2 |
| | 514.0 |
| Total Fixed Maturity Securities | $ | 39,552.7 |
| | $ | 4,883.2 |
| | $ | 38,748.1 |
| | $ | 218.6 |
| | $ | 5,469.2 |
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| | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | Total Amortized Cost | | Unrealized Gain Position | | Unrealized Loss Position | | | Gross Gain | | Fair Value | | Gross Loss | | Fair Value | | (in millions of dollars) | 1 year or less | $ | 1,112.2 |
| | $ | 20.6 |
| | $ | 1,098.8 |
| | $ | 0.2 |
| | $ | 33.8 |
| Over 1 year through 5 years | 6,514.0 |
| | 554.4 |
| | 6,649.5 |
| | 49.8 |
| | 369.1 |
| Over 5 years through 10 years | 10,519.3 |
| | 746.3 |
| | 7,124.4 |
| | 320.5 |
| | 3,820.7 |
| Over 10 years | 19,194.6 |
| | 2,849.1 |
| | 18,532.3 |
| | 267.1 |
| | 3,244.3 |
| | 37,340.1 |
| | 4,170.4 |
| | 33,405.0 |
| | 637.6 |
| | 7,467.9 |
| Mortgage/Asset-Backed Securities | 2,318.6 |
| | 167.6 |
| | 1,968.2 |
| | 4.7 |
| | 513.3 |
| Total Fixed Maturity Securities | $ | 39,658.7 |
| | $ | 4,338.0 |
| | $ | 35,373.2 |
| | $ | 642.3 |
| | $ | 7,981.2 |
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Low Income Housing Tax Credits | The Company invests in tax credit partnerships primarily for the receipt of income tax credits and tax benefits derived from passive losses on the investments. Amounts recognized in the consolidated statements of income are as follows: | | | | | | | | | | | | | | Year Ended December 31 | | 2016 | | 2015 | | 2014 | | (in millions of dollars) | Income Tax Credits | $ | 41.8 |
| | $ | 41.8 |
| | $ | 41.8 |
| Amortization, Net of Tax | (23.2 | ) | | (23.3 | ) | | (23.2 | ) | Income Tax Benefit | $ | 18.6 |
| | $ | 18.5 |
| | $ | 18.6 |
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Mortgage Loans by Property Type and Geographic Region | Mortgage loans by property type and geographic region are presented below. | | | | | | | | | | | | | | | | December 31 | | 2016 | | 2015 | | (in millions of dollars) | | Carrying | | Percent of | | Carrying | | Percent of | | Amount | | Total | | Amount | | Total | Property Type | | | | | | | | Apartment | $ | 288.4 |
| | 14.1 | % | | $ | 130.6 |
| | 6.9 | % | Industrial | 573.6 |
| | 28.1 |
| | 574.1 |
| | 30.5 |
| Office | 700.1 |
| | 34.4 |
| | 764.7 |
| | 40.6 |
| Retail | 455.4 |
| | 22.4 |
| | 392.3 |
| | 20.8 |
| Other | 21.4 |
| | 1.0 |
| | 21.9 |
| | 1.2 |
| Total | $ | 2,038.9 |
| | 100.0 | % | | $ | 1,883.6 |
| | 100.0 | % |
| | | | | | | | | | | | | | | Region | | | | | | | | New England | $ | 72.7 |
| | 3.6 | % | | $ | 97.6 |
| | 5.2 | % | Mid-Atlantic | 125.3 |
| | 6.1 |
| | 128.8 |
| | 6.9 |
| East North Central | 230.1 |
| | 11.3 |
| | 186.4 |
| | 9.9 |
| West North Central | 172.0 |
| | 8.4 |
| | 162.6 |
| | 8.6 |
| South Atlantic | 438.3 |
| | 21.5 |
| | 409.3 |
| | 21.7 |
| East South Central | 91.6 |
| | 4.5 |
| | 79.1 |
| | 4.2 |
| West South Central | 268.7 |
| | 13.2 |
| | 237.6 |
| | 12.6 |
| Mountain | 214.1 |
| | 10.5 |
| | 196.5 |
| | 10.4 |
| Pacific | 426.1 |
| | 20.9 |
| | 385.7 |
| | 20.5 |
| Total | $ | 2,038.9 |
| | 100.0 | % | | $ | 1,883.6 |
| | 100.0 | % |
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Mortgage Loans by Credit Quality Indicators | Mortgage loans, sorted by the applicable credit quality indicators, are as follows: | | | | | | | | | | December 31 | | 2016 | | 2015 | | (in millions of dollars) | Internal Rating | | | | Aa | $ | 0.7 |
| | $ | 1.1 |
| A | 488.2 |
| | 586.6 |
| Baa | 1,506.6 |
| | 1,285.8 |
| Ba | 43.4 |
| | 10.1 |
| Total | $ | 2,038.9 |
| | $ | 1,883.6 |
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| | | | | | | | | Loan-to-Value Ratio | | | | <= 65% | $ | 917.9 |
| | $ | 937.2 |
| > 65% <= 75% | 1,011.5 |
| | 842.5 |
| > 75% <= 85% | 50.8 |
| | 88.4 |
| > 85% | 58.7 |
| | 15.5 |
| Total | $ | 2,038.9 |
| | $ | 1,883.6 |
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Troubled Debt Restructurings on Financing Receivables | A summary of our troubled debt restructurings is as follows: | | | | | | | | | | | | | | Year Ended December 31 | | 2016 | | 2015 | | 2014 | | (in millions of dollars) | Foreclosure | | | | | | Carrying Amount | $ | 5.4 |
| | $ | — |
| | $ | 18.1 |
| Number of Loans | 1 |
| | — |
| | 1 |
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Activity in the Allowance for Credit Losses | The activity in the allowance for credit losses is as follows: | | | | | | | | | | | | | | Year Ended December 31 | | 2016 | | 2015 | | 2014 | | (in millions of dollars) | Balance at Beginning of Year | $ | — |
| | $ | 1.5 |
| | $ | 1.5 |
| Provision | — |
| | 0.5 |
| | 3.0 |
| Charge-offs, Net of Recoveries | — |
| | (2.0 | ) | | (3.0 | ) | Balance at End of Year | $ | — |
| | $ | — |
| | $ | 1.5 |
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Remaining Contractual Maturity of Securities Lending Agreements | The remaining contractual maturities of our securities lending agreements disaggregated by class of collateral pledged are as follows: | | | | | | | | | | December 31 | | 2016 | | 2015 | | Overnight and Continuous | | (in millions of dollars) | United States Government and Government Agencies and Authorities | $ | 0.1 |
| | $ | 1.2 |
| Public Utilities | 0.1 |
| | 4.0 |
| All Other Corporate Bonds | 29.7 |
| | 23.8 |
| Total Borrowings | 29.9 |
| | 29.0 |
| Gross Amount of Recognized Liability for Securities Lending Transactions | 29.9 |
| | 29.0 |
| Amounts Related to Agreements Not Included in Offsetting Disclosure Contained Herein | $ | — |
| | $ | — |
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Schedule of Financial Instrument and Derivative Offsetting |
Shown below are our financial instruments that either meet the accounting requirements that allow them to be offset in our balance sheets or that are subject to an enforceable master netting arrangement or similar agreement. Our accounting policy is to not offset these financial instruments in our balance sheets. Net amounts disclosed below have been reduced by the amount of collateral pledged to or received from our counterparties. | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2016 | | | Gross Amount | | | | | | Gross Amount Not | | | | | of Recognized | | Gross Amount | | Net Amount | | Offset in Balance Sheet | | | | | Financial | | Offset in | | Presented in | | Financial | | Cash | | Net | | | Instruments | | Balance Sheet | | Balance Sheet | | Instruments | | Collateral | | Amount | | | (in millions of dollars) | Financial Assets: | |
| Derivatives | | $ | 32.7 |
| | $ | — |
| | $ | 32.7 |
| | $ | (7.3 | ) | | $ | (25.4 | ) | | $ | — |
| Securities Lending | | 178.5 |
| | — |
| | 178.5 |
| | (148.6 | ) | | (29.9 | ) | | — |
| Total | | $ | 211.2 |
| | $ | — |
| | $ | 211.2 |
| | $ | (155.9 | ) | | $ | (55.3 | ) | | $ | — |
| | | | Financial Liabilities: | | | | | | | | | | | | | Derivatives | | $ | 52.8 |
| | $ | — |
| | $ | 52.8 |
| | $ | (37.6 | ) | | $ | — |
| | $ | 15.2 |
| Securities Lending | | 29.9 |
| | — |
| | 29.9 |
| | (29.9 | ) | | — |
| | — |
| Total | | $ | 82.7 |
| | $ | — |
| | $ | 82.7 |
| | $ | (67.5 | ) | | $ | — |
| | $ | 15.2 |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | | | Gross Amount | | | | | | Gross Amount Not | | | | | of Recognized | | Gross Amount | | Net Amount | | Offset in Balance Sheet | | | | | Financial | | Offset in | | Presented in | | Financial | | Cash | | Net | | | Instruments | | Balance Sheet | | Balance Sheet | | Instruments | | Collateral | | Amount | | | (in millions of dollars) | Financial Assets: | | | Derivatives | | $ | 49.8 |
| | $ | — |
| | $ | 49.8 |
| | $ | (12.8 | ) | | $ | (36.4 | ) | | $ | 0.6 |
| Securities Lending | | 181.6 |
| | — |
| | 181.6 |
| | (152.6 | ) | | (29.0 | ) | | — |
| Total | | $ | 231.4 |
| | $ | — |
| | $ | 231.4 |
| | $ | (165.4 | ) | | $ | (65.4 | ) | | $ | 0.6 |
| | | | | | | | | | | | | | Financial Liabilities: | | | | | | | | | | | | | Derivatives | | $ | 50.2 |
| | $ | — |
| | $ | 50.2 |
| | $ | (35.6 | ) | | $ | — |
| | $ | 14.6 |
| Securities Lending | | 29.0 |
| | — |
| | 29.0 |
| | (29.0 | ) | | — |
| | — |
| Total | | $ | 79.2 |
| | $ | — |
| | $ | 79.2 |
| | $ | (64.6 | ) | | $ | — |
| | $ | 14.6 |
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Net Investment Income | Net Investment Income
Net investment income reported in our consolidated statements of income is as follows: | | | | | | | | | | | | | | Year Ended December 31 | | 2016 | | 2015 | | 2014 | | (in millions of dollars) | Fixed Maturity Securities | $ | 2,293.9 |
| | $ | 2,327.1 |
| | $ | 2,344.4 |
| Derivatives | 49.8 |
| | 44.2 |
| | 40.4 |
| Mortgage Loans | 114.0 |
| | 114.0 |
| | 109.8 |
| Policy Loans | 17.3 |
| | 16.7 |
| | 16.3 |
| Other Long-term Investments | 22.6 |
| | 21.6 |
| | 23.0 |
| Short-term Investments | 7.5 |
| | 3.4 |
| | 2.4 |
| Gross Investment Income | 2,505.1 |
| | 2,527.0 |
| | 2,536.3 |
| Less Investment Expenses | 31.9 |
| | 31.2 |
| | 29.0 |
| Less Investment Income on Participation Fund Account Assets | 14.2 |
| | 14.6 |
| | 15.1 |
| Net Investment Income | $ | 2,459.0 |
| | $ | 2,481.2 |
| | $ | 2,492.2 |
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Realized Investment Gains and Losses Reported in Consolidated Statements of Income |
Realized Investment Gain and Loss
Realized investment gains and losses are as follows: | | | | | | | | | | | | | | Year Ended December 31 | | 2016 | | 2015 | | 2014 | | (in millions of dollars) | Fixed Maturity Securities | | | | | | Gross Gains on Sales | $ | 34.3 |
| | $ | 23.8 |
| | $ | 9.3 |
| Gross Losses on Sales | (17.2 | ) | | (25.6 | ) | | (7.5 | ) | Other-Than-Temporary Impairment Loss | (30.5 | ) | | (32.4 | ) | | (13.5 | ) | Mortgage Loans and Other Invested Assets | | | | | | Gross Gains on Sales | 5.5 |
| | 16.0 |
| | 21.2 |
| Gross Losses on Sales | (0.7 | ) | | (0.1 | ) | | (0.8 | ) | Impairment Loss | (5.7 | ) | | (5.9 | ) | | (3.4 | ) | Embedded Derivative in Modified Coinsurance Arrangement | 40.9 |
| | (37.7 | ) | | 3.3 |
| All Other Derivatives | (1.5 | ) | | 35.7 |
| | 11.0 |
| Foreign Currency Transactions | (0.9 | ) | | (17.6 | ) | | (3.5 | ) | Net Realized Investment Gain (Loss) | $ | 24.2 |
| | $ | (43.8 | ) | | $ | 16.1 |
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