Debt Securities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investments in Debt Securities, Classified as Available-For-Sale |
Investments in debt securities, classified as available-for-sale, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Gross unrealized |
|
|
Estimated |
|
(in millions) |
|
cost |
|
|
Gains |
|
|
Losses |
|
|
fair value |
|
June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
221.9 |
|
|
$ |
— |
|
|
$ |
(3.2 |
) |
|
$ |
218.7 |
|
Municipal bonds |
|
|
1,099.9 |
|
|
|
8.3 |
|
|
|
(54.9 |
) |
|
|
1,053.3 |
|
Foreign government bonds |
|
|
235.6 |
|
|
|
1.1 |
|
|
|
(3.4 |
) |
|
|
233.3 |
|
Governmental agency bonds |
|
|
383.9 |
|
|
|
0.1 |
|
|
|
(9.4 |
) |
|
|
374.6 |
|
Governmental agency mortgage-backed securities |
|
|
6,339.9 |
|
|
|
18.0 |
|
|
|
(227.3 |
) |
|
|
6,130.6 |
|
U.S. corporate debt securities |
|
|
1,284.9 |
|
|
|
6.4 |
|
|
|
(21.4 |
) |
|
|
1,269.9 |
|
Foreign corporate debt securities |
|
|
495.9 |
|
|
|
5.0 |
|
|
|
(6.6 |
) |
|
|
494.3 |
|
|
|
$ |
10,062.0 |
|
|
$ |
38.9 |
|
|
$ |
(326.2 |
) |
|
$ |
9,774.7 |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
244.2 |
|
|
$ |
1.0 |
|
|
$ |
(1.6 |
) |
|
$ |
243.6 |
|
Municipal bonds |
|
|
1,003.5 |
|
|
|
9.9 |
|
|
|
(53.3 |
) |
|
|
960.1 |
|
Foreign government bonds |
|
|
239.4 |
|
|
|
1.1 |
|
|
|
(5.3 |
) |
|
|
235.2 |
|
Governmental agency bonds |
|
|
268.3 |
|
|
|
0.3 |
|
|
|
(7.6 |
) |
|
|
261.0 |
|
Governmental agency mortgage-backed securities |
|
|
5,401.9 |
|
|
|
41.9 |
|
|
|
(183.0 |
) |
|
|
5,260.8 |
|
U.S. corporate debt securities |
|
|
1,032.8 |
|
|
|
15.7 |
|
|
|
(13.7 |
) |
|
|
1,034.8 |
|
Foreign corporate debt securities |
|
|
466.6 |
|
|
|
9.5 |
|
|
|
(4.9 |
) |
|
|
471.2 |
|
|
|
$ |
8,656.7 |
|
|
$ |
79.4 |
|
|
$ |
(269.4 |
) |
|
$ |
8,466.7 |
|
|
| Gross Unrealized Losses on Investments in Debt Securities |
nvestments in debt securities in an unrealized loss position, and their respective length of time in such position, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
(in millions) |
|
Estimated
fair value |
|
|
Unrealized
losses |
|
|
Estimated
fair value |
|
|
Unrealized
losses |
|
|
Estimated
fair value |
|
|
Unrealized
losses |
|
June 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
158.9 |
|
|
$ |
(2.2 |
) |
|
$ |
30.5 |
|
|
$ |
(1.0 |
) |
|
$ |
189.4 |
|
|
$ |
(3.2 |
) |
Municipal bonds |
|
|
296.7 |
|
|
|
(3.9 |
) |
|
|
430.3 |
|
|
|
(51.0 |
) |
|
|
727.0 |
|
|
|
(54.9 |
) |
Foreign government bonds |
|
|
40.7 |
|
|
|
(0.1 |
) |
|
|
38.6 |
|
|
|
(3.3 |
) |
|
|
79.3 |
|
|
|
(3.4 |
) |
Governmental agency bonds |
|
|
327.1 |
|
|
|
(4.0 |
) |
|
|
27.3 |
|
|
|
(5.4 |
) |
|
|
354.4 |
|
|
|
(9.4 |
) |
Governmental agency mortgage-backed
securities |
|
|
3,497.8 |
|
|
|
(56.9 |
) |
|
|
1,274.7 |
|
|
|
(170.4 |
) |
|
|
4,772.5 |
|
|
|
(227.3 |
) |
U.S. corporate debt securities |
|
|
747.5 |
|
|
|
(9.2 |
) |
|
|
79.4 |
|
|
|
(12.2 |
) |
|
|
826.9 |
|
|
|
(21.4 |
) |
Foreign corporate debt securities |
|
|
217.0 |
|
|
|
(2.2 |
) |
|
|
41.7 |
|
|
|
(4.4 |
) |
|
|
258.7 |
|
|
|
(6.6 |
) |
|
|
$ |
5,285.7 |
|
|
$ |
(78.5 |
) |
|
$ |
1,922.5 |
|
|
$ |
(247.7 |
) |
|
$ |
7,208.2 |
|
|
$ |
(326.2 |
) |
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
61.7 |
|
|
$ |
(0.3 |
) |
|
$ |
36.3 |
|
|
$ |
(1.3 |
) |
|
$ |
98.0 |
|
|
$ |
(1.6 |
) |
Municipal bonds |
|
|
118.6 |
|
|
|
(1.1 |
) |
|
|
451.3 |
|
|
|
(52.2 |
) |
|
|
569.9 |
|
|
|
(53.3 |
) |
Foreign government bonds |
|
|
76.2 |
|
|
|
(0.3 |
) |
|
|
59.8 |
|
|
|
(5.0 |
) |
|
|
136.0 |
|
|
|
(5.3 |
) |
Governmental agency bonds |
|
|
210.6 |
|
|
|
(1.5 |
) |
|
|
28.9 |
|
|
|
(6.1 |
) |
|
|
239.5 |
|
|
|
(7.6 |
) |
Governmental agency mortgage-backed
securities |
|
|
988.8 |
|
|
|
(9.8 |
) |
|
|
1,479.1 |
|
|
|
(173.2 |
) |
|
|
2,467.9 |
|
|
|
(183.0 |
) |
U.S. corporate debt securities |
|
|
169.4 |
|
|
|
(0.8 |
) |
|
|
101.2 |
|
|
|
(12.9 |
) |
|
|
270.6 |
|
|
|
(13.7 |
) |
Foreign corporate debt securities |
|
|
32.3 |
|
|
|
(0.2 |
) |
|
|
69.0 |
|
|
|
(4.7 |
) |
|
|
101.3 |
|
|
|
(4.9 |
) |
|
|
$ |
1,657.6 |
|
|
$ |
(14.0 |
) |
|
$ |
2,225.6 |
|
|
$ |
(255.4 |
) |
|
$ |
3,883.2 |
|
|
$ |
(269.4 |
) |
|
| Investments in Debt Securities by Contractual Maturity |
Investments in debt securities at June 30, 2026, by contractual maturities, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions) |
|
Due in one
year or less |
|
|
Due after
one through
five years |
|
|
Due after
five through
ten years |
|
|
Due after
ten years |
|
|
Total |
|
U.S. Treasury bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
26.9 |
|
|
$ |
145.8 |
|
|
$ |
45.1 |
|
|
$ |
4.1 |
|
|
$ |
221.9 |
|
Estimated fair value |
|
$ |
26.7 |
|
|
$ |
144.1 |
|
|
$ |
44.4 |
|
|
$ |
3.5 |
|
|
$ |
218.7 |
|
Municipal bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
1.2 |
|
|
|
143.8 |
|
|
|
530.1 |
|
|
|
424.8 |
|
|
|
1,099.9 |
|
Estimated fair value |
|
|
1.2 |
|
|
|
141.3 |
|
|
|
495.2 |
|
|
|
415.6 |
|
|
|
1,053.3 |
|
Foreign government bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
101.2 |
|
|
|
100.4 |
|
|
|
20.9 |
|
|
|
13.1 |
|
|
|
235.6 |
|
Estimated fair value |
|
|
101.7 |
|
|
|
97.8 |
|
|
|
21.1 |
|
|
|
12.7 |
|
|
|
233.3 |
|
Governmental agency bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
0.6 |
|
|
|
0.8 |
|
|
|
226.4 |
|
|
|
156.1 |
|
|
|
383.9 |
|
Estimated fair value |
|
|
0.6 |
|
|
|
0.8 |
|
|
|
224.0 |
|
|
|
149.2 |
|
|
|
374.6 |
|
U.S. corporate debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
4.8 |
|
|
|
564.6 |
|
|
|
527.9 |
|
|
|
187.6 |
|
|
|
1,284.9 |
|
Estimated fair value |
|
|
4.7 |
|
|
|
562.2 |
|
|
|
524.7 |
|
|
|
178.3 |
|
|
|
1,269.9 |
|
Foreign corporate debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
18.1 |
|
|
|
272.4 |
|
|
|
151.7 |
|
|
|
53.7 |
|
|
|
495.9 |
|
Estimated fair value |
|
|
18.1 |
|
|
|
272.8 |
|
|
|
152.0 |
|
|
|
51.4 |
|
|
|
494.3 |
|
Total debt securities (excluding mortgage-backed
securities) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
152.8 |
|
|
$ |
1,227.8 |
|
|
$ |
1,502.1 |
|
|
$ |
839.4 |
|
|
$ |
3,722.1 |
|
Estimated fair value |
|
$ |
153.0 |
|
|
$ |
1,219.0 |
|
|
$ |
1,461.4 |
|
|
$ |
810.7 |
|
|
$ |
3,644.1 |
|
Total mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,339.9 |
|
Estimated fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,130.6 |
|
Total debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,062.0 |
|
Estimated fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,774.7 |
|
|
| Composition of Debt Securities Portfolio by Credit Rating Agencies |
The composition of the debt securities portfolio at June 30, 2026, by credit rating, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A- or higher |
|
|
BBB+ to BBB- |
|
|
Non-Investment Grade |
|
|
Total |
|
(dollars in millions) |
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
U.S. Treasury bonds |
|
$ |
218.7 |
|
|
|
100.0 |
% |
|
$ |
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|
$ |
218.7 |
|
Municipal bonds |
|
|
1,032.5 |
|
|
|
98.1 |
|
|
|
20.5 |
|
|
|
1.9 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
1,053.3 |
|
Foreign government bonds |
|
|
224.4 |
|
|
|
96.2 |
|
|
|
8.1 |
|
|
|
3.5 |
|
|
|
0.8 |
|
|
|
0.3 |
|
|
|
233.3 |
|
Governmental agency bonds |
|
|
374.6 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
374.6 |
|
Governmental agency mortgage-
backed securities |
|
|
6,130.6 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,130.6 |
|
U.S. corporate debt securities |
|
|
776.1 |
|
|
|
61.1 |
|
|
|
351.4 |
|
|
|
27.7 |
|
|
|
142.4 |
|
|
|
11.2 |
|
|
|
1,269.9 |
|
Foreign corporate debt securities |
|
|
273.0 |
|
|
|
55.2 |
|
|
|
192.7 |
|
|
|
39.0 |
|
|
|
28.6 |
|
|
|
5.8 |
|
|
|
494.3 |
|
|
|
$ |
9,029.9 |
|
|
|
92.3 |
% |
|
$ |
572.7 |
|
|
|
5.9 |
% |
|
$ |
172.1 |
|
|
|
1.8 |
% |
|
$ |
9,774.7 |
|
|
| Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies |
The composition of the debt securities portfolio in an unrealized loss position at June 30, 2026, by credit rating, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A- or higher |
|
|
BBB+ to BBB- |
|
|
Non-Investment Grade |
|
|
Total |
|
(dollars in millions) |
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
U.S. Treasury bonds |
|
$ |
189.4 |
|
|
|
100.0 |
% |
|
$ |
— |
|
|
|
— |
% |
|
$ |
— |
|
|
|
— |
% |
|
$ |
189.4 |
|
Municipal bonds |
|
|
712.1 |
|
|
|
98.0 |
|
|
|
14.6 |
|
|
|
2.0 |
|
|
|
0.3 |
|
|
|
— |
|
|
|
727.0 |
|
Foreign government bonds |
|
|
73.8 |
|
|
|
93.1 |
|
|
|
5.0 |
|
|
|
6.3 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
|
79.3 |
|
Governmental agency bonds |
|
|
354.4 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
354.4 |
|
Governmental agency mortgage-
backed securities |
|
|
4,772.5 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,772.5 |
|
U.S. corporate debt securities |
|
|
549.3 |
|
|
|
66.4 |
|
|
|
197.6 |
|
|
|
23.9 |
|
|
|
80.0 |
|
|
|
9.7 |
|
|
|
826.9 |
|
Foreign corporate debt securities |
|
|
160.0 |
|
|
|
61.8 |
|
|
|
81.4 |
|
|
|
31.5 |
|
|
|
17.3 |
|
|
|
6.7 |
|
|
|
258.7 |
|
|
|
$ |
6,811.5 |
|
|
|
94.5 |
% |
|
$ |
298.6 |
|
|
|
4.1 |
% |
|
$ |
98.1 |
|
|
|
1.4 |
% |
|
$ |
7,208.2 |
|
|