Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

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

Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss)

The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2023, 2022 and 2021 are included in table 10.1 below.

Components of other comprehensive income (loss)
Table	10.1
(In thousands)		2023		2022		2021
Net unrealized investment (losses) gains arising during the period		$	179,174	$	(707,005)	$	(154,555)
Income tax (expense) benefit		(37,626)		148,471		32,456
Net of taxes		141,548		(558,534)		(122,099)
Net changes in benefit plan assets and obligations		29,978		(54,017)		31,613
Income tax benefit (expense)		(6,296)		11,343		(6,638)
Net of taxes		23,682		(42,674)		24,975
Total other comprehensive income (loss)		209,152		(761,022)		(122,942)
Total income tax benefit (expense)		(43,922)		159,814		25,818
Total other comprehensive income (loss), net of tax		$	165,230	$	(601,208)	$	(97,124)

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 years ended December 31, 2023, 2022 and 2021 are included in table 10.2 below.

Reclassifications from Accumulated Other Comprehensive Income (Loss)
Table	10.2
(In thousands)		2023		2022		2021
Reclassification adjustment for net realized (losses) gains (1)		$	(27,100)	$	(9,860)	$	10,455
Income tax benefit (expense)		5,691		2,070		(2,195)
Net of taxes		(21,409)		(7,790)		8,260
Reclassification adjustment related to benefit plan assets and obligations (2)		(13,990)		(16,750)		(9,779)
Income tax benefit (expense)		2,938		3,518		2,053
Net of taxes		(11,052)		(13,232)		(7,726)
Total reclassifications		(41,090)		(26,610)		676
Income tax benefit (expense)		8,629		5,588		(142)
Total reclassifications, net of tax		$	(32,461)	$	(21,022)	$	534

(1)(Decreases) increases Net gains (losses) on investments and other financial instruments on the consolidated statements of operations.

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

A roll-forward of AOCI for the years ended December 31, 2023, 2022, and 2021, including amounts reclassified from AOCI, is included in table 10.3 below.

Roll-forward of Accumulated Other Comprehensive Income (Loss)
Table	10.3
(In thousands)		Net unrealized gains and losses on available-for-sale securities		Net benefit plan assets and obligations recognized in shareholders' equity		Total AOCI
Balance, December 31, 2020, net of tax		$	272,137	$	(55,316)	$	216,821
Other comprehensive income (loss) before reclassifications		(113,839)		17,249		(96,590)
Less: Amounts reclassified from AOCI		8,260		(7,726)		534
Balance, December 31, 2021, net of tax		150,038		(30,341)		119,697
Other comprehensive income (loss) before reclassifications		(566,324)		(55,906)		(622,230)
Less: Amounts reclassified from AOCI		(7,790)		(13,232)		(21,022)
Balance, December 31, 2022, net of tax		(408,496)		(73,015)		(481,511)
Other comprehensive income (loss) before reclassifications		120,139		12,630		132,769
Less: Amounts reclassified from AOCI		(21,409)		(11,052)		(32,461)
Balance, December 31, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)