Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

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 six months ended June 30, 2023 and 2022 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2023		2022		2023		2022
Net unrealized investment (losses) gains arising during the period		$	(38,270)	$	(222,000)	$	63,829	$	(564,960)
Total income tax benefit (expense)		8,036		46,620		(13,404)		118,642
Net of taxes		(30,234)		(175,380)		50,425		(446,318)
Net changes in benefit plan assets and obligations		1,071		620		7,847		1,118
Total income tax benefit (expense)		(225)		(130)		(1,648)		(235)
Net of taxes		846		490		6,199		883
Total other comprehensive income (loss)		$	(37,199)	(221,380)		71,676		(563,842)
Total income tax benefit (expense)		7,811		46,490		(15,052)		118,407
Total other comprehensive income (loss), net of tax		$	(29,388)	$	(174,890)	$	56,624	$	(445,435)

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 six months ended June 30, 2023 and 2022 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2023		2022		2023		2022
Reclassification adjustment for net realized (losses) gains(1)		$	(5,771)	$	(2,433)	$	(9,935)	$	2,408
Income tax benefit (expense)		1,212		511		2,086		(506)
Net of taxes		(4,559)		(1,922)		(7,849)		1,902
Reclassification adjustment related to benefit plan assets and obligations (2)		(1,071)		(620)		(10,003)		(1,118)
Income tax benefit (expense)		225		130		2,101		235
Net of taxes		(846)		(490)		(7,902)		(883)
Total reclassifications		(6,842)		(3,053)		(19,938)		1,290
Income tax benefit (expense)		1,437		641		4,187		(271)
Total reclassifications, net of tax		$	(5,405)	$	(2,412)	$	(15,751)	$	1,019

(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 six months ended June 30, 2023, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Six Months Ended June 30, 2023
(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, 2022, net of tax		$	(408,496)	$	(73,015)	$	(481,511)
Other comprehensive income (loss) before reclassifications		42,576		(1,703)		40,873
Less: Amounts reclassified from AOCI		(7,849)		(7,902)		(15,751)
Balance, June 30, 2023, net of tax		$	(358,071)	$	(66,816)	$	(424,887)