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Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Other Comprehensive Income (Loss)

8. OTHER COMPREHENSIVE INCOME (LOSS)

The following table provides changes in other comprehensive income (loss).

YEARS ENDED DECEMBER 31

 

2023

 

2022

 

2021

 

 

 

 

 

Tax

 

 

 

 

 

Tax

 

 

 

 

 

Tax

 

 

 

 

 

Pre-

 

Benefit

 

Net of

 

Pre-

 

Benefit

 

Net of

 

Pre-

 

Benefit

 

Net of

 

(in millions)

 

Tax

 

(Expense)

 

Tax

 

Tax

 

(Expense)

 

Tax

 

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
   Statements of Income

 

$

203.7

 

$

(42.7

)

$

161.0

 

$

(1,079.4

)

$

226.6

 

$

(852.8

)

$

(300.1

)

$

63.0

 

$

(237.1

)

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

 

 

3.7

 

 

(0.7

)

 

3.0

 

 

(10.2

)

 

2.2

 

 

(8.0

)

 

(0.2

)

 

0.1

 

 

(0.1

)

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

 

 

9.1

 

 

(3.2

)

 

5.9

 

 

26.9

 

 

(7.0

)

 

19.9

 

 

(3.0

)

 

(3.9

)

 

(6.9

)

Amount of credit-related
   impairments recognized
   in Consolidated Statements
   of Income

 

 

0.8

 

 

(0.2

)

 

0.6

 

 

3.7

 

 

(0.8

)

 

2.9

 

 

0.2

 

 

(0.1

)

 

0.1

 

Amount of additional
   impairment losses
   recognized in
   Consolidated
   Statements of Income

 

 

10.3

 

 

(2.2

)

 

8.1

 

 

14.8

 

 

(3.1

)

 

11.7

 

 

1.0

 

 

(0.2

)

 

0.8

 

Net unrealized gains (losses)

 

 

227.6

 

 

(49.0

)

 

178.6

 

 

(1,044.2

)

 

217.9

 

 

(826.3

)

 

(302.1

)

 

58.9

 

 

(243.2

)

Pension and postretirement
   benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) arising in
   the period from net
   actuarial gains (losses)

 

 

3.9

 

 

(0.8

)

 

3.1

 

 

(7.2

)

 

1.5

 

 

(5.7

)

 

(12.4

)

 

2.6

 

 

(9.8

)

Amortization of net actuarial
   losses recognized as net
   periodic benefit cost

 

 

7.9

 

 

(1.7

)

 

6.2

 

 

5.5

 

 

(1.2

)

 

4.3

 

 

3.4

 

 

(0.7

)

 

2.7

 

Total pension and postretirement
   benefits

 

 

11.8

 

 

(2.5

)

 

9.3

 

 

(1.7

)

 

0.3

 

 

(1.4

)

 

(9.0

)

 

1.9

 

 

(7.1

)

Long-duration insurance
   contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in market risk

 

 

(4.6

)

 

1.0

 

 

(3.6

)

 

21.6

 

 

(4.6

)

 

17.0

 

 

5.3

 

 

(1.1

)

 

4.2

 

Other comprehensive
    income (loss)

 

$

234.8

 

$

(50.5

)

$

184.3

 

$

(1,024.3

)

$

213.6

 

$

(810.7

)

$

(305.8

)

$

59.7

 

$

(246.1

)

 

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

YEARS ENDED DECEMBER 31

 

2023

 

 

2022

 

 

2021

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount Reclassified from

 

 

 

Details about Accumulated Other

 

Accumulated

 

 

Affected Line Item in the Statement

Comprehensive Income (Loss) Components

 

Other Comprehensive Income (Loss)

 

 

Where Net Income is Presented

Net unrealized gains (losses) on
  investment securities

 

$

(9.1

)

 

$

(26.7

)

 

$

3.0

 

 

Net realized gains (losses) from sales and other

 

 

(11.1

)

 

 

(18.5

)

 

 

(1.3

)

 

Impairments losses on investments

 

 

(20.2

)

 

 

(45.2

)

 

 

1.7

 

 

Total before tax

 

 

5.6

 

 

 

10.9

 

 

 

4.2

 

 

Income tax benefit

 

 

(14.6

)

 

 

(34.3

)

 

 

5.9

 

 

Continuing operations, net of tax

 

 

—

 

 

 

(0.2

)

 

 

0.1

 

 

Discontinued life businesses, net of tax

 

 

(14.6

)

 

 

(34.5

)

 

 

6.0

 

 

Total, net of tax

Amortization of defined benefit
   pension and postretirement
   actuarial losses

 

 

(7.9

)

 

 

(5.5

)

 

 

(3.4

)

 

Loss adjustment expenses and other operating
   expenses (1)

 

 

1.7

 

 

 

1.2

 

 

 

0.7

 

 

Income tax benefit

 

 

(6.2

)

 

 

(4.3

)

 

 

(2.7

)

 

Continuing operations, net of tax

Net change in market risk

 

 

1.6

 

 

 

—

 

 

 

5.1

 

 

Discontinued life businesses

 

 

(0.3

)

 

 

—

 

 

 

(1.0

)

 

Income tax benefit (expense)

 

 

 

1.3

 

 

 

—

 

 

 

4.1

 

 

Discontinued life businesses, net of tax

Total reclassifications for the period

 

$

(19.5

)

 

$

(38.8

)

 

$

7.4

 

 

Benefit (expense) reflected in income,
   net of tax
(1)
The amount reclassified from accumulated other comprehensive income (loss) for the pension and postretirement benefits was allocated approximately 40% to loss adjustment expenses and 60% to other operating expenses for each of the years ended December 31, 2023, 2022 and 2021.