Other Comprehensive Income and Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

The tables below display the changes in Accumulated Other Comprehensive Loss by component for the three months ended September 30, 2024 and 2023.


(Dollars in Millions)	Net Unrealized Losses on Fixed Maturities		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Income		(Loss) Gain on Cash Flow Hedges		Change in Discount Rate on Future Life Policyholder Benefits		Total
Balance as of June 30, 2024	$	(679.6)	$	(3.7)	$	8.3	$	(0.3)	$	358.0	$	(317.3)
Other Comprehensive Income (Loss) Before Reclassifications	226.4		0.2		—		3.5		(165.2)		64.9
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax Benefit (Expense) of $0.0, $0.0, $0.1, $(0.1), $0.0 and $0.0	0.1		—		(0.6)		0.4		—		(0.1)
Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $(60.1), $0.2, $0.1, $(1.0), $43.9, and $(16.9)	226.5		0.2		(0.6)		3.9		(165.2)		64.8
Balance as of September 30, 2024	$	(453.1)	$	(3.5)	$	7.7	$	3.6	$	192.8	$	(252.5)


(Dollars in Millions)	Net Unrealized Losses on Fixed Maturities		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Costs		Gain on Cash Flow Hedges		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)

Note 12 - Other Comprehensive Income and Accumulated Other Comprehensive Loss (Continued)

The tables below display the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2024 and 2023.


(Dollars in Millions)	Net Unrealized Losses on Fixed Maturities		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Income		Gain on Cash Flow Hedges		Change in Discount Rate on Future Life Policyholder Benefits		Total
Balance as of January 1, 2024	$	(530.9)	$	(2.5)	$	9.5	$	2.5	$	160.6	(360.8)
Other Comprehensive Income (Loss) Before Reclassifications	68.9		(0.5)		—		0.7		32.2		101.3
Amounts Reclassified from Accumulated Other Comprehensive Loss Net of Tax (Expense) Benefit of $(2.3), $0.2, $0.6, $(0.1), $0.0 and $(1.6)	8.9		(0.5)		(1.8)		0.4		—		7.0
Other Comprehensive Income (Loss) Net of Tax (Expense) Benefit of $(20.6), $0.7, $0.6, $(0.2), $(8.6), and $(28.1)	77.8		(1.0)		(1.8)		1.1		32.2		108.3
Balance as of September 30, 2024	$	(453.1)	$	(3.5)	$	7.7	$	3.6	$	192.8	$	(252.5)


(Dollars in Millions)	Net Unrealized Losses on Fixed Maturities		Net Unrealized Losses on Investments with an Allowance for Credit Losses		Net Unrecognized Postretirement Benefit Costs		Gain on Cash Flow Hedges		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)

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


Components of AOCI			Condensed Consolidated Statements of Income (Loss) Line Item Affected by Reclassifications
Net Unrealized Losses on Other Investments and Net Unrealized Losses on Investments with an Allowance for Credit Losses			Net Realized Investment Gains (Losses) and Impairment Losses
Net Unrecognized Postretirement Benefit Income (Costs)			Policyholders’ Benefits and Incurred Losses and Loss Adjustment Expenses, Insurance Expenses, and Interest and Other Expenses
Gains on Cash Flow Hedges			Net Investment Income and Interest and Other Expenses