Other Comprehensive Income

6 Months Ended

Jun. 30, 2025

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

Other Comprehensive Income

Other Comprehensive Income

The pretax and related income tax benefit (expense) components of our other comprehensive income (loss) for the three and six months ended June 30, 2025 and 2024 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2025		2024		2025		2024
Net unrealized investment gains (losses) arising during the period		$	36,105	$	(9,442)	$	101,511	$	(22,596)
Total income tax benefit (expense)		(7,582)		1,983		(21,317)		4,745
Net of tax		28,523		(7,459)		80,194		(17,851)
Net changes in benefit plan assets and obligations		3,738		681		3,796		1,363
Total income tax benefit (expense)		(785)		(143)		(797)		(286)
Net of tax		2,953		538		2,999		1,077
Total other comprehensive income (loss)		$	39,843	(8,761)		105,307		(21,233)
Total income tax benefit (expense)		(8,367)		1,840		(22,114)		4,459
Total other comprehensive income (loss), net of tax		$	31,476	$	(6,921)	$	83,193	$	(16,774)

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 and six months ended June 30, 2025 and 2024 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)		2025		2024		2025		2024
Reclassification adjustment for net realized (losses) gains (1)		$	(4,432)	$	(2,061)	$	(10,413)	$	(12,034)
Income tax benefit (expense)		931		433		2,187		2,527
Net of tax		(3,501)		(1,628)		(8,226)		(9,507)
Reclassification adjustment related to benefit plan assets and obligations (2)		(3,738)		(681)		(3,796)		(1,363)
Income tax benefit (expense)		785		143		797		286
Net of tax		(2,953)		(538)		(2,999)		(1,077)
Total reclassifications		(8,170)		(2,742)		(14,209)		(13,397)
Income tax benefit (expense)		1,716		576		2,984		2,813
Total reclassifications, net of tax		$	(6,454)	$	(2,166)	$	(11,225)	$	(10,584)

(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.

A rollforward of AOCI for the six months ended June 30, 2025, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Six Months Ended June 30, 2025
(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, 2024, net of tax		$	(257,878)	$	(30,284)	$	(288,162)
Other comprehensive income (loss) before reclassifications		71,968		—		71,968
Less: Amounts reclassified from AOCI		(8,226)		(2,999)		(11,225)
Balance, June 30, 2025, net of tax		$	(177,684)	$	(27,285)	$	(204,969)