Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

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 income (loss) for the three months ended March 31, 2022 and 2021 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended March 31,
(In thousands)		2022		2021
Net unrealized investment gains (losses) arising during the period		$	(342,960)	$	(119,150)
Total income tax benefit (expense)		72,022		25,021
Net of taxes		(270,938)		(94,129)
Net changes in benefit plan assets and obligations		498		1,105
Total income tax benefit (expense)		(105)		(232)
Net of taxes		393		873
Total other comprehensive income (loss)		(342,462)		(118,045)
Total income tax benefit (expense)		71,917		24,789
Total other comprehensive income (loss), net of tax		$	(270,545)	$	(93,256)

Reclassification out of accumulated other comprehensive income

The pretax and related income tax benefit (expense) 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, 2022 and 2021 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended March 31,
(In thousands)		2022		2021
Reclassification adjustment for net realized (losses) gains(1)		$	4,841	$	3,940
Income tax benefit (expense)		(1,017)		(827)
Net of taxes		3,824		3,113
Reclassification adjustment related to benefit plan assets and obligations (2)		(498)		(1,105)
Income tax benefit (expense)		105		232
Net of taxes		(393)		(873)
Total reclassifications		4,343		2,835
Income tax benefit (expense)		(912)		(595)
Total reclassifications, net of tax		$	3,431	$	2,240

(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, 2022, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Three Months Ended March 31, 2022
(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, 2021, net of tax		$	150,038	$	(30,341)	$	119,697
Other comprehensive income before reclassifications		(267,114)		—		(267,114)
Less: Amounts reclassified from AOCI		3,824		(393)		3,431
Balance, March 31, 2022, net of tax		$	(120,900)	$	(29,948)	$	(150,848)