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Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2013
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
The balance of and changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the six months ended June 30, 2013 and 2012 are as follows (dollars in thousands):
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 
 
Accumulated     
Currency
Translation
Adjustments
 
Unrealized
Appreciation
(Depreciation)
of Investments(1)    
 
Pension and
Postretirement    
Benefits
 
Total
Balance, December 31, 2012
 
$
267,475

 
$
1,877,657

 
$
(36,230
)
 
$
2,108,902

Other comprehensive income (loss) before reclassifications
 
(102,937
)
 
(819,019
)
 
206

 
(921,750
)
Amounts reclassified from AOCI
 
—

 
(6,512
)
 
1,494

 
(5,018
)
Net current-period other comprehensive income (loss)
 
(102,937
)
 
(825,531
)
 
1,700

 
(926,768
)
Balance, June 30, 2013
 
$
164,538

 
$
1,052,126

 
$
(34,530
)
 
$
1,182,134

 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Income Tax
 
 
Accumulated     
Currency
Translation
Adjustments
 
Unrealized
Appreciation
(Depreciation)
of Investments(1)    
 
Pension and
Postretirement    
Benefits
 
Total
Balance, December 31, 2011
 
$
229,795

 
$
1,419,318

 
$
(30,960
)
 
$
1,618,153

Change in component during the period
 
7,215

 
172,329

 
1,501

 
181,045

Balance, June 30, 2012
 
$
237,010

 
$
1,591,647

 
$
(29,459
)
 
$
1,799,198

 
(1)
Includes cash flow hedges. See Note 5 - “Derivative Instruments” for additional information on cash flow hedges.
The following table presents the amounts reclassified out of AOCI for the three and six months ended June 30, 2013 (dollars in thousands):
 
Amount Reclassified from AOCI
 
 
Details about AOCI Components
Three months ended June 30, 2013
 
Six months ended June 30, 2013
 
Affected Line Item in Statement of Income         
Unrealized gains and losses on available-for-sale securities
$
13,510

 
$
23,858

 
Investment related gains (losses), net
Gains and losses on cash flow hedge - interest rate swap
201

 
506

 
Investment income
Deferred policy acquisition costs attributed to unrealized gains and losses(1)
(13,283
)
 
(14,831
)
 
 
 
428

 
9,533

 
Total before tax
 
(87
)
 
(3,021
)
 
Tax expense
 
$
341

 
$
6,512

 
Net of tax
Amortization of unrealized pension and postretirement benefits:
 
 
 
 
 
Prior service cost(2)
$
(213
)
 
$
(307
)
 
 
Actuarial gains/(losses)(2)
(968
)
 
(1,991
)
 
 
 
(1,181
)
 
(2,298
)
 
Total before tax
 
413

 
804

 
Tax benefit
 
$
(768
)
 
$
(1,494
)
 
Net of tax
 
 
 


 
 
Total reclassifications for the period
$
(427
)
 
$
5,018

 
Net of tax
 
(1)
This AOCI component is included in the computation of the deferred policy acquisition cost. See Note 8 – “Deferred Policy Acquisition Costs” of the 2012 Annual Report for additional details.
(2)
These AOCI components are included in the computation of the net periodic pension cost. See Note 9 – “Employee Benefit Plans” for additional details