Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

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


	Net Unrealized Gain 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, 2021	$	962.2	$	61.8	$	(273.9)	$	(396.0)	$	354.1
Other Comprehensive Income (Loss) Before Reclassifications	(906.1)		0.4		(31.9)		1.1		(936.5)
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	10.0		(10.8)		—		3.1		2.3
Net Other Comprehensive Income (Loss)	(896.1)		(10.4)		(31.9)		4.2		(934.2)
Balance at March 31, 2022	$	66.1	$	51.4	$	(305.8)	$	(391.8)	$	(580.1)

Balance at December 31, 2020	$	1,067.7	$	97.8	$	(261.3)	$	(530.0)	$	374.2
Other Comprehensive Income (Loss) Before Reclassifications	(447.2)		(6.8)		7.3		(0.5)		(447.2)
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	57.7		(13.9)		—		4.3		48.1
Net Other Comprehensive Income (Loss)	(389.5)		(20.7)		7.3		3.8		(399.1)
Balance at March 31, 2021	$	678.2	$	77.1	$	(254.0)	$	(526.2)	$	(24.9)

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


	March 31		December 31
	2022		2021		Change
	(in millions of dollars)
Fixed Maturity Securities	$	2,280.4	$	5,949.3	$	(3,668.9)
Deferred Acquisition Costs	(33.6)		(70.4)		36.8
Reserves for Future Policy and Contract Benefits	(2,104.4)		(4,659.5)		2,555.1
Reinsurance Recoverable	74.8		132.1		(57.3)
Income Tax	(151.1)		(389.3)		238.2
Total	$	66.1	$	962.2	$	(896.1)


	March 31		December 31
	2021		2020		Change
	(in millions of dollars)
Fixed Maturity Securities	$	5,517.4	$	7,597.6	$	(2,080.2)
Deferred Acquisition Costs	(66.6)		(85.1)		18.5
Reserves for Future Policy and Contract Benefits	(4,588.9)		(6,225.6)		1,636.7
Reinsurance Recoverable	133.3		200.2		(66.9)
Income Tax	(317.0)		(419.4)		102.4
Total	$	678.2	$	1,067.7	$	(389.5)

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


	Three Months Ended March 31
	2022		2021
	(in millions of dollars)
Net Unrealized Gain on Securities
Net Investment Gain (Loss)
Net Gain (Loss) on Sales of Fixed Maturity Securities	$	(8.5)	$	68.3

Credit Losses on Fixed Maturity Securities	(4.1)		(8.3)
Loss on Benefits and Change in Reserves for Future Benefits	—		(133.1)
	(12.6)		(73.1)
Income Tax Benefit	(2.6)		(15.4)
Total	$	(10.0)	$	(57.7)

Net Gain on Hedges
Net Investment Income
Gain on Interest Rate Swaps	$	13.4	$	15.3
Gain on Foreign Exchange Contracts	0.3		0.5
Net Investment Gain
Gain on Interest Rate Swaps	—		1.8




	13.7		17.6
Income Tax Expense	2.9		3.7
Total	$	10.8	$	13.9

Unrecognized Pension and Postretirement Benefit Costs
Other Expenses
Amortization of Net Actuarial Loss	$	(4.0)	$	(5.6)
Amortization of Prior Service Credit	0.1		0.1
	(3.9)		(5.5)
Income Tax Benefit	(0.8)		(1.2)
Total	$	(3.1)	$	(4.3)