Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended March 31,
(In thousands)		2023		2022
Net unrealized investment gains (losses) arising during the period		$	102,099	$	(342,960)
Total income tax benefit (expense)		(21,440)		72,022
Net of taxes		80,659		(270,938)
Net changes in benefit plan assets and obligations		6,776		498
Total income tax benefit (expense)		(1,423)		(105)
Net of taxes		5,353		393
Total other comprehensive income (loss)		108,875		(342,462)
Total income tax benefit (expense)		(22,863)		71,917
Total other comprehensive income (loss), net of tax		$	86,012	$	(270,545)

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, 2023 and 2022 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended March 31,
(In thousands)		2023		2022
Reclassification adjustment for net realized (losses) gains(1)		$	(4,164)	$	4,841
Income tax benefit (expense)		874		(1,017)
Net of taxes		(3,290)		3,824
Reclassification adjustment related to benefit plan assets and obligations (2)		(8,932)		(498)
Income tax benefit (expense)		1,876		105
Net of taxes		(7,056)		(393)
Total reclassifications		(13,096)		4,343
Income tax benefit (expense)		2,750		(912)
Total reclassifications, net of tax		$	(10,346)	$	3,431

(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, 2023, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Three Months Ended March 31, 2023
(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, 2022, net of tax		$	(408,496)	$	(73,015)	$	(481,511)
Other comprehensive income (loss) before reclassifications		77,369		(1,703)		75,666
Less: Amounts reclassified from AOCI		(3,290)		(7,056)		(10,346)
Balance, March 31, 2023, net of tax		$	(327,837)	$	(67,662)	$	(395,499)