Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2022

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2022		2021		2022		2021
Net unrealized investment (losses) gains arising during the period		$	(194,449)	$	(34,937)	$	(759,409)	$	(97,057)
Total income tax benefit (expense)		40,834		7,337		159,476		20,382
Net of taxes		(153,615)		(27,600)		(599,933)		(76,675)
Net changes in benefit plan assets and obligations		(20,471)		7,548		(19,353)		9,492
Total income tax benefit (expense)		4,299		(1,585)		4,064		(1,993)
Net of taxes		(16,172)		5,963		(15,289)		7,499
Total other comprehensive income (loss)		(214,920)		(27,389)		(778,762)		(87,565)
Total income tax benefit (expense)		45,133		5,752		163,540		18,389
Total other comprehensive income (loss), net of tax		$	(169,787)	$	(21,637)	$	(615,222)	$	(69,176)

Reclassification out of accumulated other comprehensive income

The pretax and related income tax benefit (expense) components of the amounts reclassified from our accumulated other comprehensive income (loss) (“AOCI”) to our consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2022		2021		2022		2021
Reclassification adjustment for net realized (losses) gains(1)		$	(6,681)	$	1,045	$	(4,273)	$	7,462
Income tax benefit (expense)		1,403		(219)		897		(1,566)
Net of taxes		(5,278)		826		(3,376)		5,896
Reclassification adjustment related to benefit plan assets and obligations (2)		(6,228)		(971)		(7,346)		(2,915)
Income tax benefit (expense)		1,308		204		1,543		612
Net of taxes		(4,920)		(767)		(5,803)		(2,303)
Total reclassifications		(12,909)		74		(11,619)		4,547
Income tax benefit (expense)		2,711		(15)		2,440		(954)
Total reclassifications, net of tax		$	(10,198)	$	59	$	(9,179)	$	3,593

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Accumulated other comprehensive income (loss)

A rollforward of AOCI for the nine months ended September 30, 2022, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Nine Months Ended September 30, 2022
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2021, net of tax		$	150,038	$	(30,341)	$	119,697
Other comprehensive income (loss) before reclassifications		(603,309)		(21,092)		(624,401)
Less: Amounts reclassified from AOCI		(3,376)		(5,803)		(9,179)
Balance, September 30, 2022, net of tax		$	(449,895)	$	(45,630)	$	(495,525)