| Other Comprehensive Income (Loss) |
Other Comprehensive Income (Loss)
Other comprehensive income (loss) includes net holding gains (losses) arising during the period, changes in unrealized other-than-temporary impairment losses on fixed maturities arising during the period and reclassification adjustments for net gains included in net income. Other comprehensive income (loss) also includes changes in foreign currency translation adjustments and changes in net actuarial pension loss.
The following table presents the change in accumulated other comprehensive income by component, net of taxes and noncontrolling interests, for the six months ended June 30, 2015 and 2014.
| | | | | | | | | | | | | | | | | (dollars in thousands) | Unrealized Holding Gains on Available-for-Sale Securities | | Foreign Currency | | Net Actuarial Pension Loss | | Total | December 31, 2013 | $ | 1,131,507 |
| | $ | (11,246 | ) | | $ | (30,456 | ) | | $ | 1,089,805 |
| Other comprehensive income before reclassifications | 355,623 |
| | 7,572 |
| | — |
| | 363,195 |
| Amounts reclassified from accumulated other comprehensive income | (10,762 | ) | | — |
| | 644 |
| | (10,118 | ) | Total other comprehensive income | 344,861 |
| | 7,572 |
| | 644 |
| | 353,077 |
| June 30, 2014 | $ | 1,476,368 |
| | $ | (3,674 | ) | | $ | (29,812 | ) | | $ | 1,442,882 |
| | | | | | | | | December 31, 2014 | $ | 1,793,254 |
| | $ | (43,491 | ) | | $ | (45,206 | ) | | $ | 1,704,557 |
| Other comprehensive loss before reclassifications | (109,001 | ) | | (11,373 | ) | | — |
| | (120,374 | ) | Amounts reclassified from accumulated other comprehensive income | (14,037 | ) | | — |
| | 932 |
| | (13,105 | ) | Total other comprehensive income (loss) | (123,038 | ) | | (11,373 | ) | | 932 |
| | (133,479 | ) | June 30, 2015 | $ | 1,670,216 |
| | $ | (54,864 | ) | | $ | (44,274 | ) | | $ | 1,571,078 |
|
The following table summarizes the tax expense (benefit) associated with each component of other comprehensive income (loss).
| | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | (dollars in thousands) | 2015 | | 2014 | | 2015 | | 2014 | Change in net unrealized gains on investments: | | | | | | | | Net holding gains (losses) arising during the period | $ | (113,579 | ) | | $ | 97,681 |
| | $ | (57,997 | ) | | $ | 173,204 |
| Change in unrealized other-than-temporary impairment losses on fixed maturities arising during the period | (3 | ) | | 5 |
| | 38 |
| | 569 |
| Reclassification adjustments for net gains included in net income | (2,576 | ) | | (1,523 | ) | | (5,672 | ) | | (3,677 | ) | Change in net unrealized gains on investments | (116,158 | ) | | 96,163 |
| | (63,631 | ) | | 170,096 |
| Change in foreign currency translation adjustments | 1,872 |
| | 1,124 |
| | 833 |
| | 1,466 |
| Change in net actuarial pension loss | 117 |
| | 81 |
| | 233 |
| | 161 |
| Total | $ | (114,169 | ) | | $ | 97,368 |
| | $ | (62,565 | ) | | $ | 171,723 |
|
The following table presents the details of amounts reclassified from accumulated other comprehensive income into income, by component.
| | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | (dollars in thousands) | 2015 | | 2014 | | 2015 | | 2014 | Unrealized holding gains on available-for-sale securities: | | | | | | | | Other-than-temporary impairment losses | $ | — |
| | $ | (1,007 | ) | | $ | (5,092 | ) | | $ | (1,007 | ) | Net realized investment gains, excluding other-than-temporary impairment losses | 7,560 |
| | 7,348 |
| | 24,801 |
| | 15,446 |
| Total before taxes | 7,560 |
| | 6,341 |
| | 19,709 |
| | 14,439 |
| Income taxes | (2,576 | ) | | (1,523 | ) | | (5,672 | ) | | (3,677 | ) | Reclassification of unrealized holding gains, net of taxes | $ | 4,984 |
| | $ | 4,818 |
| | $ | 14,037 |
| | $ | 10,762 |
| | | | | | | | | Net actuarial pension loss: | | | | |
| |
| Underwriting, acquisition and insurance expenses | $ | (586 | ) | | $ | (406 | ) | | $ | (1,165 | ) | | $ | (805 | ) | Income taxes | 117 |
| | 81 |
| | 233 |
| | 161 |
| Reclassification of net actuarial pension loss, net of taxes | $ | (469 | ) | | $ | (325 | ) | | $ | (932 | ) | | $ | (644 | ) |
|