Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2020

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)
Balances at December 31, 2017	$	607.8	$	282.3	$	(254.5)	$	(508.1)	$	127.5
Adjustment to Adopt Accounting Standard Update - Note 1	(17.5)		—		—		—		(17.5)
Other Comprehensive Income (Loss) Before Reclassifications	(920.3)		16.8		(50.7)		43.6		(910.6)
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	17.6		(48.5)		—		17.3		(13.6)
Net Other Comprehensive Income (Loss)	(902.7)		(31.7)		(50.7)		60.9		(924.2)
Balances at December 31, 2018	(312.4)		250.6		(305.2)		(447.2)		(814.2)
Other Comprehensive Income (Loss) Before Reclassifications	894.1		(0.2)		23.6		(52.0)		865.5
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	34.2		(62.6)		—		14.4		(14.0)
Net Other Comprehensive Income (Loss)	928.3		(62.8)		23.6		(37.6)		851.5
Balances at December 31, 2019	615.9		187.8		(281.6)		(484.8)		37.3
Other Comprehensive Income (Loss) Before Reclassifications	405.6		(5.7)		20.3		(60.8)		359.4
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	46.2		(84.3)		—		15.6		(22.5)
Net Other Comprehensive Income (Loss)	451.8		(90.0)		20.3		(45.2)		336.9
Balances at December 31, 2020	$	1,067.7	$	97.8	$	(261.3)	$	(530.0)	$	374.2

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


	December 31						January 1		December 31		Change for the Year Ended December 31
	2020		2019		2018		2018		2017		2020		2019		2018
	(in millions of dollars)
Fixed Maturity Securities	$	7,597.6	$	6,364.4	$	2,736.5	$	5,665.2	$	5,677.3	$	1,233.2	$	3,627.9	$	(2,928.7)
Other Investments	—		—		—		—		14.4		—		—		—
Deferred Acquisition Costs	(85.1)		(62.7)		(27.9)		(51.4)		(51.4)		(22.4)		(34.8)		23.5
Reserves for Future Policy and Contract Benefits	(6,225.6)		(5,803.1)		(3,220.3)		(5,094.7)		(5,094.7)		(422.5)		(2,582.8)		1,874.4
Reinsurance Recoverable	200.2		424.7		261.4		375.8		375.8		(224.5)		163.3		(114.4)
Income Tax	(419.4)		(307.4)		(62.1)		(304.6)		(313.6)		(112.0)		(245.3)		242.5
Total	$	1,067.7	$	615.9	$	(312.4)	$	590.3	$	607.8	$	451.8	$	928.3	$	(902.7)

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


	Year Ended December 31
	2020		2019		2018
	(in millions of dollars)
Net Unrealized Gain (Loss) on Securities
Net Realized Investment Gain (Loss)
Gain (Loss) on Sales on Securities	$	1,279.7	$	(18.0)	$	(4.8)
Credit Losses on Fixed Maturity Securities	(53.6)		(25.3)		(17.5)
Loss on Benefits and Change in Reserves for Future Benefits	(1,284.5)		—		—
	(58.4)		(43.3)		(22.3)
Income Tax Benefit	(12.2)		(9.1)		(4.7)
Total	$	(46.2)	$	(34.2)	$	(17.6)

Net Gain on Hedges
Net Investment Income
Gain on Interest Rate Swaps and Forwards	$	74.1	$	73.6	$	65.9
Gain (Loss) on Foreign Exchange Contracts	2.0		0.8		(1.1)
Net Realized Investment Gain (Loss)
Gain on Interest Rate Swaps	32.0		8.8		0.2
Gain (Loss) on Foreign Exchange Contracts	0.1		(1.3)		(1.5)
Interest and Debt Expense
Loss on Interest Rate Swaps	(1.5)		(2.1)		(2.1)
Loss on Forward	—		(0.5)		—
	106.7		79.3		61.4
Income Tax Expense	22.4		16.7		12.9
Total	$	84.3	$	62.6	$	48.5

Unrecognized Pension and Postretirement Benefit Costs
Other Expenses
Amortization of Net Actuarial Loss	$	(19.8)	$	(18.6)	$	(22.3)
Amortization of Prior Service Credit	0.1		0.2		0.2
Curtailment Gain	(0.1)		—		—
	(19.8)		(18.4)		(22.1)
Income Tax Benefit	(4.2)		(4.0)		(4.8)
Total	$	(15.6)	$	(14.4)	$	(17.3)