Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2021

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other comprehensive income

The pretax and related income tax benefit (expense) components of our other comprehensive (loss) income for the three months ended March 31, 2021 and 2020 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended March 31,
(In thousands)		2021		2020
Net unrealized investment losses arising during the period		$	(119,150)	$	(91,880)
Total income tax benefit (expense)		25,021		19,295
Net of taxes		(94,129)		(72,585)
Net changes in benefit plan assets and obligations		1,105		1,394
Total income tax benefit (expense)		(232)		(293)
Net of taxes		873		1,101
Total other comprehensive loss		(118,045)		(90,486)
Total income tax benefit (expense)		24,789		19,002
Total other comprehensive loss, net of tax		$	(93,256)	$	(71,484)

Reclassification out of accumulated other comprehensive income

The pretax and related income tax (expense) benefit components of the amounts reclassified from our accumulated other comprehensive income (loss) (“AOCI”) to our consolidated statements of operations for the three months ended March 31, 2021 and 2020 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended March 31,
(In thousands)		2021		2020
Reclassification adjustment for net realized (losses) gains(1)		$	3,940	$	4,714
Income tax (expense) benefit		(827)		(990)
Net of taxes		3,113		3,724
Reclassification adjustment related to benefit plan assets and obligations (2)		(1,105)		(1,394)
Income tax (expense) benefit		232		293
Net of taxes		(873)		(1,101)
Total reclassifications		2,835		3,320
Income tax (expense) benefit		(595)		(697)
Total reclassifications, net of tax		$	2,240	$	2,623

(1)Increases (decreases) Net realized investment gains (losses) on the consolidated statements of operations.

(2)Decreases (Increases) Other underwriting and operating expenses, net on the consolidated statements of operations.

Accumulated other comprehensive income (loss)

A rollforward of AOCI for the three months ended March 31, 2021, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Three Months Ended March 31, 2021
(In thousands)		Net unrealized gains and (losses) on available-for-sale securities		Net benefit plan assets and (obligations) recognized in shareholders' equity		Total accumulated other comprehensive income (loss)
Balance at December 31, 2020, net of tax		272,137		(55,316)		216,821
Other comprehensive income before reclassifications		(91,016)		—		(91,016)
Less: Amounts reclassified from AOCI		3,113		(873)		2,240
Balance, March 31, 2021, net of tax		$	178,008	$	(54,443)	$	123,565