Note 24 Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2011

Equity

Comprehensive Income (Loss) Note [Text Block]

Note 24.          Other Comprehensive Income (Loss)

The components of total comprehensive income (loss) include (i) net income or loss reported in the Consolidated Statements of Operations, (ii) the after-tax net unrealized gains and losses on investment securities available-for-sale, including the subsequent increases and decreases in fair value of available-for-sale securities previously impaired, and (iii) effective April 1, 2009, the non-credit related component of other-than-temporary impairments of fixed maturities, net of tax.

The net unrealized gains and losses on investment securities included in total comprehensive income (loss) for the years ended December 31, 2011, 2010 and 2009 are as follows:

				Before		Tax		Net of
				Tax		Effect		Tax
			(In thousands)
2011
Unrealized gains arising during the year			$	20,399	$	(5,920)	$	14,479
Allocation to deferred acquisition costs				(2,453)		-		(2,453)
Reclassification of net gains included in earnings				(8,961)		3,026		(5,935)
Reclassification of losses recognized as other-than-
	temporary impairments in earnings			1,523		(514)		1,009
		Net unrealized gains on available-for-sale securities	$	10,508	$	(3,408)	$	7,100
2010
Unrealized gains arising during the year			$	20,762	$	(6,398)	$	14,364
Allocation to deferred acquisition costs				(3,042)		-		(3,042)
Reclassification of net gains included in earnings				(9,474)		3,433		(6,041)
Reclassification of losses recognized as other-than-
	temporary impairments in earnings			3,819		(1,363)		2,456
		Net unrealized losses on available-for-sale securities	$	12,065	$	(4,328)	$	7,737
2009
Unrealized losses arising during the year			$	95,484	$	(30,006)	$	65,478
Allocation to deferred acquisition costs				(11,559)		-		(11,559)
Reclassification of net losses included in earnings				(8,789)		3,144		(5,645)
Reclassification of losses recognized as other-than-
	temporary impairments in earnings			793		(289)		504
		Net unrealized losses on available-for-sale securities	$	75,929	$	(27,151)	$	48,778

Included in accumulated other comprehensive income at December 31, 2011 and 2010 are after-tax adjustments of $1,686,000 and $1,132,000, respectively, related to the non-credit related component of other-than-temporary impairment losses. In 2011, unrealized gains arising during the year include losses of $609,000, representing the non-credit portion of other-than-temporary impairments, net of $330,000 tax, and the reclassification of net gains to earnings includes $55,000 of the non-credit related component of previously recorded other-than-temporary impairments on securities that were sold during the period, net of $32,000 tax.  For the year ended December 31, 2010, the reclassification of net gains to earnings incudes $410,000 of non-credit related components of previously recorded other-than-temporary impairments on securities that were sold during the period , net of $221,000 tax.