Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2025

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 and nine months ended September 30, 2025 and 2024 are included in table 9.1 below.

Components of other comprehensive income (loss)
Table	9.1
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2025		2024		2025		2024
Net unrealized investment (losses) gains arising during the period		$	56,568	$	162,601	$	158,079	$	140,005
Total income tax benefit (expense)		(11,879)		(34,146)		(33,196)		(29,401)
Net of tax		44,689		128,455		124,883		110,604
Net changes in benefit plan assets and obligations		1,341		682		5,137		2,045
Total income tax benefit (expense)		(282)		(143)		(1,079)		(429)
Net of tax		1,059		539		4,058		1,616
Total other comprehensive income (loss)		$	57,909	163,283		163,216		142,050
Total income tax benefit (expense)		(12,161)		(34,289)		(34,275)		(29,830)
Total other comprehensive income (loss), net of tax		$	45,748	$	128,994	$	128,941	$	112,220

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 and nine months ended September 30, 2025 and 2024 are included in table 9.2 below.

Reclassifications from AOCI
Table	9.2
		Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)		2025		2024		2025		2024
Reclassification adjustment for net realized (losses) gains (1)		$	347	$	(2,368)	$	(10,066)	$	(14,402)
Income tax benefit (expense)		(73)		497		2,114		3,024
Net of tax		274		(1,871)		(7,952)		(11,378)
Reclassification adjustment related to benefit plan assets and obligations (2)		(1,341)		(682)		(5,137)		(2,045)
Income tax benefit (expense)		282		143		1,079		429
Net of tax		(1,059)		(539)		(4,058)		(1,616)
Total reclassifications		(994)		(3,050)		(15,203)		(16,447)
Income tax benefit (expense)		209		640		3,193		3,453
Total reclassifications, net of tax		$	(785)	$	(2,410)	$	(12,010)	$	(12,994)

(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 nine months ended September 30, 2025, including amounts reclassified from AOCI, are included in table 9.3 below.

Rollforward of AOCI
Table	9.3
		Nine Months Ended September 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		116,931		—		116,931
Less: Amounts reclassified from AOCI		(7,952)		(4,058)		(12,010)
Balance, September 30, 2025, net of tax		$	(132,995)	$	(26,226)	$	(159,221)