Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended March 31,
(In thousands)		2024		2023
Net unrealized investment (losses) gains arising during the period		$	(13,154)	$	102,099
Total income tax benefit (expense)		2,762		(21,440)
Net of tax		(10,392)		80,659
Net changes in benefit plan assets and obligations		682		6,776
Total income tax benefit (expense)		(143)		(1,423)
Net of tax		539		5,353
Total other comprehensive income (loss)		$	(12,472)	108,875
Total income tax benefit (expense)		2,619		(22,863)
Total other comprehensive income (loss), net of tax		$	(9,853)	$	86,012

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, 2024 and 2023 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended March 31,
(In thousands)		2024		2023
Reclassification adjustment for net realized (losses) gains(1)		$	(9,973)	$	(4,164)
Income tax benefit (expense)		2,094		874
Net of tax		(7,879)		(3,290)
Reclassification adjustment related to benefit plan assets and obligations (2)		(682)		(8,932)
Income tax benefit (expense)		143		1,876
Net of tax		(539)		(7,056)
Total reclassifications		(10,655)		(13,096)
Income tax benefit (expense)		2,237		2,750
Total reclassifications, net of tax		$	(8,418)	$	(10,346)

(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, 2024, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Three Months Ended March 31, 2024
(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, 2023, net of tax		$	(266,948)	$	(49,333)	$	(316,281)
Other comprehensive income (loss) before reclassifications		(18,271)		—		(18,271)
Less: Amounts reclassified from AOCI		(7,879)		(539)		(8,418)
Balance, March 31, 2024, net of tax		$	(277,340)	$	(48,794)	$	(326,134)