Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Other Comprehensive Income (Loss), Tax [Abstract]

Other comprehensive income includes changes in net unrealized gains (losses) on available-for-sale investments, which is comprised of net holding gains (losses) arising during the period, changes in unrealized other-than-temporary impairment losses, if any, and reclassification adjustments for net realized gains included in net income. Other comprehensive income also includes changes in the discount rate for life and annuity benefits, changes in foreign currency translation adjustments and changes in net actuarial pension loss. The following table presents the change in accumulated other comprehensive income (loss) by component, net of noncontrolling interests.


(dollars in thousands)	Net unrealized gains (losses) on available-for-sale investments		Life and annuity discount rate assumption		Foreign currency		Net actuarial pension loss		Accumulated other comprehensive income (loss)
December 31, 2020	$	698,810	$	—	$	(56,420)	$	(58,014)	$	584,376
Cumulative effect of adoption of ASU No. 2018-12	94,443		(109,702)		—		—		(15,259)
January 1, 2021	793,253		(109,702)		(56,420)		(58,014)		569,117
Total other comprehensive income (loss) before income taxes	(513,084)		62,546		(2,091)		10,663		(441,966)
Income tax (expense) benefit	108,385		(13,135)		1,880		(2,273)		94,857
Total other comprehensive income (loss)	(404,699)		49,411		(211)		8,390		(347,109)
December 31, 2021	$	388,554	$	(60,291)	$	(56,631)	$	(49,624)	$	222,008
Total other comprehensive income (loss) before income taxes	(1,463,876)		189,714		(9,677)		31,222		(1,252,617)
Income tax (expense) benefit	309,046		(39,840)		401		(6,492)		263,115
Total other comprehensive income (loss)	(1,154,830)		149,874		(9,276)		24,730		(989,502)
December 31, 2022	$	(766,276)	$	89,583	$	(65,907)	$	(24,894)	$	(767,494)
Total other comprehensive income (loss) before income taxes	390,558		(28,281)		4,650		94		367,021
Income tax (expense) benefit	(83,655)		5,938		—		(20)		(77,737)
Total other comprehensive income (loss)	306,903		(22,343)		4,650		74		289,284
December 31, 2023	$	(459,373)	$	67,240	$	(61,257)	$	(24,820)	$	(478,210)