Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Components of our accumulated other comprehensive income (loss), after tax, and related changes are as follows:

		Net Unrealized Gain (Loss) on Securities		Net Gain on Hedges		Foreign Currency Translation Adjustment		Unrecognized Pension and Postretirement Benefit Costs		Total
		(in millions of dollars)
Balance at December 31, 2019		$	615.9	$	187.8	$	(281.6)	$	(484.8)	$	37.3
	Other Comprehensive Income (Loss) Before Reclassifications	(263.2)		37.7		(63.6)		3.1		(286.0)
	Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	42.6		(14.9)		—		3.9		31.6
	Net Other Comprehensive Income (Loss)	(220.6)		22.8		(63.6)		7.0		(254.4)
Balance at March 31, 2020		$	395.3	$	210.6	$	(345.2)	$	(477.8)	$	(217.1)
Balance at December 31, 2018		$	(312.4)	$	250.6	$	(305.2)	$	(447.2)	$	(814.2)
	Other Comprehensive Income (Loss) Before Reclassifications	305.4		(4.7)		17.3		(0.8)		317.2
	Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	6.9		(15.8)		—		3.6		(5.3)
	Net Other Comprehensive Income (Loss)	312.3		(20.5)		17.3		2.8		311.9
Balance at March 31, 2019		$	(0.1)	$	230.1	$	(287.9)	$	(444.4)	$	(502.3)

The net unrealized gain (loss) on securities consists of the following components:

	March 31		December 31
	2020		2019		Change
	(in millions of dollars)
Fixed Maturity Securities	$	4,261.2	$	6,364.4	$	(2,103.2)
Deferred Acquisition Costs	(37.4)		(62.7)		25.3
Reserves for Future Policy and Contract Benefits	(3,899.5)		(5,803.1)		1,903.6
Reinsurance Recoverable	322.7		424.7		(102.0)
Income Tax	(251.7)		(307.4)		55.7
Total	$	395.3	$	615.9	$	(220.6)

	March 31		December 31
	2019		2018		Change
	(in millions of dollars)
Fixed Maturity Securities	$	4,308.4	$	2,736.5	$	1,571.9
Deferred Acquisition Costs	(42.6)		(27.9)		(14.7)
Reserves for Future Policy and Contract Benefits	(4,451.0)		(3,220.3)		(1,230.7)
Reinsurance Recoverable	328.5		261.4		67.1
Income Tax	(143.4)		(62.1)		(81.3)
Total	$	(0.1)	$	(312.4)	$	312.3

Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows:

			Three Months Ended March 31
			2020		2019
			(in millions of dollars)
Net Unrealized Gain (Loss) on Securities
	Net Realized Investment Gain (Loss)
		Loss on Sales of Securities	$	—	$	(8.7)
		Credit Losses on Fixed Maturity Securities	(53.9)		—
			(53.9)		(8.7)
	Income Tax Benefit		(11.3)		(1.8)
	Total		$	(42.6)	$	(6.9)
Net Gain on Hedges
	Net Investment Income
		Gain on Interest Rate Swaps and Forwards	$	18.8	$	17.4
		Gain (Loss) on Foreign Exchange Contracts	0.5		(0.1)
	Net Realized Investment Gain (Loss)
		Gain on Interest Rate Swaps	—		4.0
		Loss on Foreign Exchange Contracts	—		(0.8)
	Interest and Debt Expense
		Loss on Interest Rate Swaps	(0.6)		(0.5)
			18.7		20.0
	Income Tax Expense		3.8		4.2
	Total		$	14.9	$	15.8
Unrecognized Pension and Postretirement Benefit Costs
	Other Expenses
		Amortization of Net Actuarial Loss	$	(5.0)	$	(4.7)
		Amortization of Prior Service Credit	0.1		0.1
			(4.9)		(4.6)
	Income Tax Benefit		(1.0)		(1.0)
	Total		$	(3.9)	$	(3.6)