Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

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

Other Comprehensive Income

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, 2023 and 2022 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)		2023		2022		2023		2022
Net unrealized investment (losses) gains arising during the period		$	(95,216)	$	(194,449)	$	(31,387)	$	(759,409)
Total income tax benefit (expense)		19,995		40,834		6,591		159,476
Net of taxes		(75,221)		(153,615)		(24,796)		(599,933)
Net changes in benefit plan assets and obligations		4,067		(20,471)		11,914		(19,353)
Total income tax benefit (expense)		(854)		4,299		(2,502)		4,064
Net of taxes		3,213		(16,172)		9,412		(15,289)
Total other comprehensive income (loss)		$	(91,149)	(214,920)		(19,473)		(778,762)
Total income tax benefit (expense)		19,141		45,133		4,089		163,540
Total other comprehensive income (loss), net of tax		$	(72,008)	$	(169,787)	$	(15,384)	$	(615,222)

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, 2023 and 2022 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)		2023		2022		2023		2022
Reclassification adjustment for net realized (losses) gains(1)		$	(3,085)	$	(6,681)	$	(13,020)	$	(4,273)
Income tax benefit (expense)		648		1,403		2,734		897
Net of taxes		(2,437)		(5,278)		(10,286)		(3,376)
Reclassification adjustment related to benefit plan assets and obligations (2)		(2,376)		(6,228)		(12,379)		(7,346)
Income tax benefit (expense)		499		1,308		2,600		1,543
Net of taxes		(1,877)		(4,920)		(9,779)		(5,803)
Total reclassifications		(5,461)		(12,909)		(25,399)		(11,619)
Income tax benefit (expense)		1,147		2,711		5,334		2,440
Total reclassifications, net of tax		$	(4,314)	$	(10,198)	$	(20,065)	$	(9,179)

(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.

A rollforward of AOCI for the nine months ended September 30, 2023, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Nine Months Ended September 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		(35,082)		(367)		(35,449)
Less: Amounts reclassified from AOCI		(10,286)		(9,779)		(20,065)
Balance, September 30, 2023, net of tax		$	(433,292)	$	(63,603)	$	(496,895)