Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

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

Accumulated Other Comprehensive Income (Loss)

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

	Net Unrealized Gain (Loss) on Securities		Effect of Change in Discount Rate Assumptions on the LFPB1		Net Gain (Loss) on Hedges		Foreign Currency Translation Adjustment		Unrecognized Pension and Postretirement Benefit Costs		Total
	(in millions of dollars)
Balance at June 30, 2023	$	(2,762.6)	$	0.1	$	(33.3)	$	(327.1)	$	(334.7)	$	(3,457.6)
Other Comprehensive Income (Loss) Before Reclassifications	(1,215.1)		1,688.4		(137.9)		(55.1)		2.5		282.8
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	29.3		—		(6.5)		—		1.4		24.2
Net Other Comprehensive Income (Loss)	(1,185.8)		1,688.4		(144.4)		(55.1)		3.9		307.0
Balance at September 30, 2023	$	(3,948.4)	$	1,688.5	$	(177.7)	$	(382.2)	$	(330.8)	$	(3,150.6)
Balance at June 30, 2022	$	(1,560.4)	$	(1,541.2)	$	46.4	$	(367.5)	$	(386.8)	$	(3,809.5)
Other Comprehensive Income (Loss) Before Reclassifications	(1,937.0)		2,222.9		(23.0)		(71.5)		2.8		194.2
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	11.1		—		(9.9)		—		3.1		4.3
Net Other Comprehensive Income (Loss)	(1,925.9)		2,222.9		(32.9)		(71.5)		5.9		198.5
Balance at September 30, 2022	$	(3,486.3)	$	681.7	$	13.5	$	(439.0)	$	(380.9)	$	(3,611.0)
Balance at December 31, 2022	$	(3,028.4)	$	313.9	$	(9.6)	$	(390.1)	$	(334.1)	$	(3,448.3)
Other Comprehensive Income (Loss) Before Reclassifications	(957.2)		1,374.6		(146.4)		7.9		(0.9)		278.0
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	37.2		—		(21.7)		—		4.2		19.7
Net Other Comprehensive Income (Loss)	(920.0)		1,374.6		(168.1)		7.9		3.3		297.7
Balance at September 30, 2023	$	(3,948.4)	$	1,688.5	$	(177.7)	$	(382.2)	$	(330.8)	$	(3,150.6)
Balance at December 31, 2021	$	4,014.4	$	(8,570.7)	$	61.8	$	(274.1)	$	(396.0)	$	(5,164.6)
Other Comprehensive Income (Loss) Before Reclassifications	(7,524.6)		9,252.4		(17.1)		(164.9)		5.9		1,551.7
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss	23.9		—		(31.2)		—		9.2		1.9
Net Other Comprehensive Income (Loss)	(7,500.7)		9,252.4		(48.3)		(164.9)		15.1		1,553.6
Balance at September 30, 2022	$	(3,486.3)	$	681.7	$	13.5	$	(439.0)	$	(380.9)	$	(3,611.0)
1Liability for Future Policy Benefits

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

	Three Months Ended September 30				Nine Months Ended September 30
	2023		2022		2023		2022
	(in millions of dollars)
Net Unrealized Loss on Securities
Net Investment Loss
Net Loss on Sales of Fixed Maturity Securities	$	(37.0)	$	(13.4)	$	(47.0)	$	(25.6)
Credit Losses on Fixed Maturity Securities	—		(0.5)		—		(4.6)
	(37.0)		(13.9)		(47.0)		(30.2)
Income Tax Benefit	(7.7)		(2.8)		(9.8)		(6.3)
Total	$	(29.3)	$	(11.1)	$	(37.2)	$	(23.9)
Net Gain (Loss) on Hedges
Net Investment Income
Gain on Interest Rate Swaps and Forwards	$	8.3	$	14.1	$	27.6	$	40.5
Loss on Foreign Exchange Contracts	(0.1)		(1.5)		(0.2)		(1.0)
Net Investment Gain
Gain on Foreign Exchange Contracts	—		—		0.1		—
	8.2		12.6		27.5		39.5
Income Tax Expense	1.7		2.7		5.8		8.3
Total	$	6.5	$	9.9	$	21.7	$	31.2
Unrecognized Pension and Postretirement Benefit Costs
Other Expenses
Amortization of Net Actuarial Loss	$	(1.8)	$	(4.0)	$	(5.4)	$	(11.8)
Amortization of Prior Service Credit	—		0.1		0.1		0.2
	(1.8)		(3.9)		(5.3)		(11.6)
Income Tax Benefit	(0.4)		(0.8)		(1.1)		(2.4)
Total	$	(1.4)	$	(3.1)	$	(4.2)	$	(9.2)