Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Income

9 Months Ended

Sep. 30, 2023

and Accumulated Other Comprehensive Loss

The tables below display the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2023 and 2022.


(Dollars in Millions)	Net Unrealized Losses on Other Investments		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Costs		Gain on Cash Flow Hedge		Change in Discount Rate on Future Life Policyholder Benefits		Total
Balance as of January 1, 2023	$	(719.4)	$	(2.2)	$	(37.2)	$	2.8	$	241.1	(514.9)
Other Comprehensive (Loss) Income Before Reclassifications	(183.3)		0.5		(5.4)		—		171.9		(16.3)
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax (Expense) Benefit of $(1.7), $0.5, $(14.1), $0.0, $0.0 and $(15.3)	6.5		(1.7)		53.1		(0.1)		—		57.8
Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $47.1, $0.4, $(12.6), $0.0, $(45.7), and $(10.8)	(176.8)		(1.2)		47.7		(0.1)		171.9		41.5
Balance as of September 30, 2023	$	(896.2)	$	(3.4)	$	10.5	$	2.7	$	413.0	$	(473.4)


(Dollars in Millions)	Net Unrealized Gains (Losses) on Other Investments		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Costs		(Loss) Gain on Cash Flow Hedge		Change in Discount Rate on Future Life Policyholder Benefits		Total
Balance as of January 1, 2022	$	505.8	$	(3.7)	$	(52.1)	$	(1.9)	$	(849.7)	$	(401.6)
Other Comprehensive (Loss) Income Before Reclassifications	(1,281.0)		(1.0)		—		4.7		1,122.5		(154.8)
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax Benefit of $4.5, $0.0, $0.0, $0.0, $0.0 and $4.5	(17.2)		—		(0.2)		—		—		(17.4)
Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $345.0, $0.3, $0.1, $(1.2), $(298.4), and $45.8	(1,298.2)		(1.0)		(0.2)		4.7		1,122.5		(172.2)
Balance as of September 30, 2022	$	(792.4)	$	(4.7)	$	(52.3)	$	2.8	$	272.8	$	(573.8)

Note 13 - Other Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss (Continued)

The tables below display the changes in Accumulated Other Comprehensive Loss by component for the three months ended September 30, 2023 and 2022.


(Dollars in Millions)	Net Unrealized Losses on Other Investments		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Costs		Gain on Cash Flow Hedge		Change in Discount Rate on Future Life Policyholder Benefits		Total
Balance as of June 30, 2023	$	(637.6)	$	(2.3)	$	(38.0)	$	2.7	$	194.4	$	(480.8)
Other Comprehensive (Loss) Income Before Reclassifications	(258.7)		(0.9)		(5.4)		—		218.6		(46.4)
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax Benefit (Expense) of $0.1, $0.1, $(14.4), $0.0, $0.0 and $(14.2)	0.1		(0.2)		53.9		—		—		53.8
Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $67.5, $0.8, $(12.6), $0.0, $(58.2), and $(2.5)	(258.6)		(1.1)		48.5		—		218.6		7.4
Balance as of September 30, 2023	$	(896.2)	$	(3.4)	$	10.5	$	2.7	$	413.0	$	(473.4)


(Dollars in Millions)	Net Unrealized Losses on Other Investments		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Costs		Gain on Cash Flow Hedge		Change in Discount Rate on Future Life Policyholder Benefits		Total
Balance as of June 30, 2022	$	(467.3)	$	(4.1)	$	(52.2)	$	2.8	$	11.4	$	(509.4)
Other Comprehensive (Loss) Income Before Reclassifications	(309.1)		(0.6)		—		—		261.4		(48.3)
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax Benefit of $4.3, $0.0,$0.0, $0.0, $0.0, and $4.3	(16.0)		—		(0.1)		—		—		(16.1)
Other Comprehensive (Loss) Income Net of Tax Benefit (Expense) of $86.4, $0.2, $0.1, $0.0 $(69.5) and $17.2	(325.1)		(0.6)		(0.1)		—		261.4		(64.4)
Balance as of September 30, 2022	$	(792.4)	$	(4.7)	$	(52.3)	$	2.8	$	272.8	$	(573.8)

Amounts reclassified from Accumulated Other Comprehensive Loss shown above are reported in Net Loss as follows:


Components of AOCI			Consolidated Statements of Loss Line Item Affected by Reclassifications
Net Unrealized Gains (Losses) on Other Investments and Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses			Net Realized Investment (Losses) Gains and Impairment Gains (Losses)
Net Unrecognized Postretirement Benefit Costs			Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses, Insurance Expenses, and Interest and Other Expenses
(Loss) Gain on Cash Flow Hedges			Interest and Other Expenses
Change in Discount Rate on Future Life Policyholder Benefits			Not Applicable