Comprehensive Income

6 Months Ended

Jun. 30, 2011

3. Comprehensive Income

The following table presents the components of the Company's comprehensive income (dollars in thousands):


				Three months ended				Six months ended
				June 30,		June 30,		June 30,		June 30,
				2011		2010		2011		2010
Net income			$	132,888	$	127,019	$	293,704	$	249,458
Other comprehensive income (loss), net of income tax:
	Unrealized investment gains, net of reclassification
		adjustment for gains included in net income		151,582		217,369		115,764		367,341
	Reclassification adjustment for other-than-temporary
		impairments		(190)		91		(190)		(1,433)
Currency translation adjustments				14,140		(63,564)		41,127		(36,893)
Unrealized pension and postretirement benefit adjustment				358		58		572		118
		Comprehensive income	$	298,778	$	280,973	$	450,977	$	578,591

The balance of and changes in each component of accumulated other comprehensive income (loss) for the six months ended June 30, 2011 are as follows (dollars in thousands):

		Accumulated Other Comprehensive Income (Loss), Net of Income Tax
			Accumulated
			Currency		Unrealized		Pension and
			Translation		Appreciation		Postretirement
			Adjustments		of Securities		Benefits		Total
Balance, December 31, 2010		$	270,526	$	651,449	$	(14,560)	$	907,415
	Change in component during the period		41,127		115,574		572		157,273
Balance, June 30, 2011		$	311,653	$	767,023	$	(13,988)	$	1,064,688

- Definition

This label may include the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains and losses on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains and losses on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains and losses on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain or loss and net prior service cost or credit for pension plans and other postretirement benefit plans.

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