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Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Changes in Other Comprehensive Income (Loss)

The following tables provide changes in other comprehensive income (loss).

 

 

 

Three Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

Tax

 

 

 

 

 

 

 

 

Tax

 

 

 

 

 

 

 

 

 

Benefit

 

 

Net of

 

 

 

 

 

Benefit

 

 

Net of

 

(in millions)

 

Pre-Tax

 

 

(Expense)

 

 

Tax

 

 

Pre-Tax

 

 

(Expense)

 

 

Tax

 

Changes in net unrealized gains (losses) on investment
   securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) arising during period for
   those having no credit losses in Consolidated
   Statement of Income

 

$

(349.7

)

 

$

73.4

 

 

$

(276.3

)

 

$

84.3

 

 

$

(17.8

)

 

$

66.5

 

Net unrealized gains (losses) arising during period for
   those having credit losses in Consolidated
   Statement of Income

 

 

(5.1

)

 

 

1.1

 

 

 

(4.0

)

 

 

0.3

 

 

 

(0.1

)

 

 

0.2

 

Amount of (gains) losses realized from sales and
   other recognized in Consolidated Statement
   of Income

 

 

19.6

 

 

 

(4.9

)

 

 

14.7

 

 

 

(4.8

)

 

 

—

 

 

 

(4.8

)

Amount of credit-related impairments recognized in
   the Consolidated Statement of Income

 

 

1.3

 

 

 

(0.3

)

 

 

1.0

 

 

 

—

 

 

 

—

 

 

 

—

 

Amount of additional impairment losses
   recognized in the Consolidated Statement
   of Income

 

 

0.2

 

 

 

—

 

 

 

0.2

 

 

 

0.2

 

 

 

—

 

 

 

0.2

 

Net unrealized gains (losses)

 

 

(333.7

)

 

 

69.3

 

 

 

(264.4

)

 

 

80.0

 

 

 

(17.9

)

 

 

62.1

 

Pension and postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial losses
   recognized as net periodic benefit cost

 

 

1.3

 

 

 

(0.2

)

 

 

1.1

 

 

 

0.9

 

 

 

(0.2

)

 

 

0.7

 

Other comprehensive income (loss)

 

$

(332.4

)

 

$

69.1

 

 

$

(263.3

)

 

$

80.9

 

 

$

(18.1

)

 

$

62.8

 

 

 

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

Tax

 

 

 

 

 

 

 

 

Tax

 

 

 

 

 

 

 

 

 

Benefit

 

 

Net of

 

 

 

 

 

Benefit

 

 

Net of

 

(in millions)

 

Pre-Tax

 

 

(Expense)

 

 

Tax

 

 

Pre-Tax

 

 

(Expense)

 

 

Tax

 

Changes in net unrealized gains (losses) on
   investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Net unrealized losses arising during period for
   those having no credit losses in Consolidated
   Statement of Income

 

$

(827.2

)

 

$

173.7

 

 

$

(653.5

)

 

$

(149.8

)

 

$

31.4

 

 

$

(118.4

)

Net unrealized gains (losses) arising during period for
   those having credit losses in Consolidated
   Statement of Income

 

 

(6.3

)

 

 

1.3

 

 

 

(5.0

)

 

 

0.3

 

 

 

(0.1

)

 

 

0.2

 

 Amount of (gains) losses realized from sales and
   other recognized in Consolidated Statement of
   Income

 

 

16.6

 

 

 

(4.3

)

 

 

12.3

 

 

 

(3.2

)

 

 

(2.2

)

 

 

(5.4

)

Amount of credit-related impairments
   recognized in the Consolidated Statement of
   Income

 

 

1.9

 

 

 

(0.4

)

 

 

1.5

 

 

 

—

 

 

 

—

 

 

 

—

 

 Amount of additional impairment losses
   recognized in the Consolidated Statement
   of Income

 

 

0.5

 

 

 

(0.1

)

 

 

0.4

 

 

 

0.2

 

 

 

—

 

 

 

0.2

 

 Net unrealized losses

 

 

(814.5

)

 

 

170.2

 

 

 

(644.3

)

 

 

(152.5

)

 

 

29.1

 

 

 

(123.4

)

 Pension and postretirement benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial losses
   recognized as net periodic benefit cost

 

 

2.7

 

 

 

(0.5

)

 

 

2.2

 

 

 

1.7

 

 

 

(0.3

)

 

 

1.4

 

 Other comprehensive loss

 

$

(811.8

)

 

$

169.7

 

 

$

(642.1

)

 

$

(150.8

)

 

$

28.8

 

 

$

(122.0

)

 
Reclassifications Out of Accumulated Other Comprehensive Income

Reclassifications out of accumulated other comprehensive income (loss) were as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

June 30,

 

 

June 30,

 

 

 

(in millions)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

Amount Reclassified from

 

 

 

Details about Accumulated Other

 

Accumulated Other

 

 

Affected Line Item in the Statement

Comprehensive Income Components

 

Comprehensive Income

 

 

Where Net Income is Presented

Net unrealized gains (losses) on
     investment securities

 

$

(19.7

)

 

$

4.8

 

 

 

$

(16.7

)

 

 

$

3.2

 

 

Net realized gains (losses) from sales
   and other

 

 

 

(1.5

)

 

 

(0.2

)

 

 

 

(2.4

)

 

 

 

(0.2

)

 

Recoveries (impairments) on
   investments

 

 

 

(21.2

)

 

 

4.6

 

 

 

 

(19.1

)

 

 

 

3.0

 

 

Total before tax

 

 

 

5.2

 

 

 

—

 

 

 

 

4.8

 

 

 

 

2.2

 

 

Income tax benefit (expense)

 

 

 

(16.0

)

 

 

4.6

 

 

 

 

(14.3

)

 

 

 

5.2

 

 

Continuing operations; net of tax

 

 

 

0.1

 

 

 

—

 

 

 

 

0.1

 

 

 

 

—

 

 

Discontinued operations - loss from
   discontinued life businesses

 

 

 

(15.9

)

 

 

4.6

 

 

 

 

(14.2

)

 

 

 

5.2

 

 

Net of tax

Amortization of defined benefit pension
   and postretirement actuarial losses

 

 

(1.3

)

 

 

(0.9

)

 

 

 

(2.7

)

 

 

 

(1.7

)

 

Loss adjustment expenses and other
   operating expenses (1)

 

 

 

0.2

 

 

 

0.2

 

 

 

 

0.5

 

 

 

 

0.3

 

 

Income tax benefit (expense)

 

 

 

(1.1

)

 

 

(0.7

)

 

 

 

(2.2

)

 

 

 

(1.4

)

 

Continuing operations; net of tax

Total reclassifications for the period

 

$

(17.0

)

 

$

3.9

 

 

 

$

(16.4

)

 

 

$

3.8

 

 

Benefit (expense) reflected in income,
   net of tax

 

The amount reclassified from accumulated other comprehensive income for the pension and postretirement benefits was allocated approximately 40% to loss adjustment expenses and 60% to other operating expenses for the three and six months ended June 30, 2022 and 2021.