Other Comprehensive Income

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and 2023 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)		2024		2023		2024		2023
Net unrealized investment (losses) gains arising during the period		$	(9,442)	$	(38,270)	$	(22,596)	$	63,829
Total income tax benefit (expense)		1,983		8,036		4,745		(13,404)
Net of tax		(7,459)		(30,234)		(17,851)		50,425
Net changes in benefit plan assets and obligations		681		1,071		1,363		7,847
Total income tax benefit (expense)		(143)		(225)		(286)		(1,648)
Net of tax		538		846		1,077		6,199
Total other comprehensive income (loss)		$	(8,761)	(37,199)		(21,233)		71,676
Total income tax benefit (expense)		1,840		7,811		4,459		(15,052)
Total other comprehensive income (loss), net of tax		$	(6,921)	$	(29,388)	$	(16,774)	$	56,624

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, 2024 and 2023 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)		2024		2023		2024		2023
Reclassification adjustment for net realized (losses) gains(1)		$	(2,061)	$	(5,771)	$	(12,034)	$	(9,935)
Income tax benefit (expense)		433		1,212		2,527		2,086
Net of tax		(1,628)		(4,559)		(9,507)		(7,849)
Reclassification adjustment related to benefit plan assets and obligations (2)		(681)		(1,071)		(1,363)		(10,003)
Income tax benefit (expense)		143		225		286		2,101
Net of tax		(538)		(846)		(1,077)		(7,902)
Total reclassifications		(2,742)		(6,842)		(13,397)		(19,938)
Income tax benefit (expense)		576		1,437		2,813		4,187
Total reclassifications, net of tax		$	(2,166)	$	(5,405)	$	(10,584)	$	(15,751)

(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 six months ended June 30, 2024, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Six Months Ended June 30, 2024
(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, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)
Other comprehensive income (loss) before reclassifications		(27,358)		—		(27,358)
Less: Amounts reclassified from AOCI		(9,507)		(1,077)		(10,584)
Balance, June 30, 2024, net of tax		$	(284,799)	$	(48,256)	$	(333,055)