Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2024

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

Other comprehensive income

The pretax components of our other comprehensive income (loss) and related income tax benefit (expense) for the years ended December 31, 2024, 2023 and 2022 are included in table 10.1 below.

Components of other comprehensive income (loss)
Table	10.1
(In thousands)		2024		2023		2022
Net unrealized investment (losses) gains arising during the period		$	11,481	$	179,174	$	(707,005)
Income tax benefit (expense)		(2,411)		(37,626)		148,471
Net of taxes		9,070		141,548		(558,534)
Net changes in benefit plan assets and obligations		24,113		29,978		(54,017)
Income tax benefit (expense)		(5,064)		(6,296)		11,343
Net of taxes		19,049		23,682		(42,674)
Total other comprehensive income (loss)		35,594		209,152		(761,022)
Total income tax benefit (expense)		(7,475)		(43,922)		159,814
Total other comprehensive income (loss), net of tax		$	28,119	$	165,230	$	(601,208)

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 years ended December 31, 2024, 2023 and 2022 are included in table 10.2 below.

Reclassifications from Accumulated Other Comprehensive Income (Loss)
Table	10.2
(In thousands)		2024		2023		2022
Reclassification adjustment for net realized (losses) gains (1)		$	(15,069)	$	(27,100)	$	(9,860)
Income tax benefit (expense)		3,164		5,691		2,070
Net of taxes		(11,905)		(21,409)		(7,790)
Reclassification adjustment related to benefit plan assets and obligations (2)		(2,925)		(13,990)		(16,750)
Income tax benefit (expense)		614		2,938		3,518
Net of taxes		(2,311)		(11,052)		(13,232)
Total reclassifications		(17,994)		(41,090)		(26,610)
Income tax benefit (expense)		3,778		8,629		5,588
Total reclassifications, net of tax		$	(14,216)	$	(32,461)	$	(21,022)

(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.

Accumulated other comprehensive income (loss)

A roll-forward of AOCI for the years ended December 31, 2024, 2023, and 2022, 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, 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)
Other comprehensive income (loss) before reclassifications		(2,835)		16,738		13,903
Less: Amounts reclassified from AOCI		(11,905)		(2,311)		(14,216)
Balance, December 31, 2024, net of tax		$	(257,878)	$	(30,284)	$	(288,162)