Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

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, 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
Other Comprehensive Income (Loss) Before Reclassifications	(169.9)		14.7		(12.6)		116.3		(51.5)
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	64.4		(50.7)		—		17.7		31.4
Net Other Comprehensive Income (Loss)	(105.5)		(36.0)		(12.6)		134.0		(20.1)
Balances at December 31, 2021	$	962.2	$	61.8	$	(273.9)	$	(396.0)	$	354.1

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


	December 31						Change for the Year Ended December 31
	2021		2020		2019		2018		2021		2020		2019
	(in millions of dollars)
Fixed Maturity Securities	$	5,949.3	$	7,597.6	$	6,364.4	$	2,736.5	$	(1,648.3)	$	1,233.2	$	3,627.9

Deferred Acquisition Costs	(70.4)		(85.1)		(62.7)		(27.9)		14.7		(22.4)		(34.8)
Reserves for Future Policy and Contract Benefits	(4,659.5)		(6,225.6)		(5,803.1)		(3,220.3)		1,566.1		(422.5)		(2,582.8)
Reinsurance Recoverable	132.1		200.2		424.7		261.4		(68.1)		(224.5)		163.3
Income Tax	(389.3)		(419.4)		(307.4)		(62.1)		30.1		(112.0)		(245.3)
Total	$	962.2	$	1,067.7	$	615.9	$	(312.4)	$	(105.5)	$	451.8	$	928.3

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


	Year Ended December 31
	2021		2020		2019
	(in millions of dollars)
Net Unrealized Loss on Securities
Net Investment Gain (Loss)
Gain (Loss) on Sales on Securities	$	60.8	$	1,279.7	$	(18.0)
Credit Losses on Fixed Maturity Securities	(9.3)		(53.6)		(25.3)
Loss on Benefits and Change in Reserves for Future Benefits	(133.1)		(1,284.5)		—
	(81.6)		(58.4)		(43.3)
Income Tax Benefit	(17.2)		(12.2)		(9.1)
Total	$	(64.4)	$	(46.2)	$	(34.2)

Net Gain on Hedges
Net Investment Income
Gain on Interest Rate Swaps	$	60.6	$	74.1	$	73.6
Gain on Foreign Exchange Contracts	1.7		2.0		0.8
Net Investment Gain (Loss)
Gain on Interest Rate Swaps	2.0		32.0		8.8
Gain (Loss) on Foreign Exchange Contracts	(0.1)		0.1		(1.3)
Interest and Debt Expense
Loss on Interest Rate Swaps	—		(1.5)		(2.1)
Loss on Forward	—		—		(0.5)
	64.2		106.7		79.3
Income Tax Expense	13.5		22.4		16.7
Total	$	50.7	$	84.3	$	62.6

Unrecognized Pension and Postretirement Benefit Costs
Other Expenses
Amortization of Net Actuarial Loss	$	(22.6)	$	(19.8)	$	(18.6)
Amortization of Prior Service Credit	0.2		0.1		0.2
Curtailment Gain	—		(0.1)		—
	(22.4)		(19.8)		(18.4)
Income Tax Benefit	(4.7)		(4.2)		(4.0)
Total	$	(17.7)	$	(15.6)	$	(14.4)