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Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended
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Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive income (loss), after tax, and related changes are as follows:
|  | Net Unrealized Gain (Loss) on Securities |  | Net Gain on Hedges |  | Foreign Currency Translation Adjustment |  | Unrecognized Pension and Postretirement Benefit Costs |  | Total
|  | (in millions of dollars)
Balance at March 31, 2022 |  | $ | 66.1 |  |  | $ | 51.4 |  |  | $ | (305.8) |  |  | $ | (391.8) |  |  | $ | (580.1) |
Other Comprehensive Income (Loss) Before Reclassifications |  | (1,133.8) |  |  | 5.5 |  |  | (61.1) |  |  | 2.0 |  |  | (1,187.4) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 2.8 |  |  | (10.5) |  |  | — |  |  | 3.0 |  |  | (4.7) |
Net Other Comprehensive Income (Loss) |  | (1,131.0) |  |  | (5.0) |  |  | (61.1) |  |  | 5.0 |  |  | (1,192.1) |
Balance at June 30, 2022 |  | $ | (1,064.9) |  |  | $ | 46.4 |  |  | $ | (366.9) |  |  | $ | (386.8) |  |  | $ | (1,772.2) |
Balance at March 31, 2021 |  | $ | 678.2 |  |  | $ | 77.1 |  |  | $ | (254.0) |  |  | $ | (526.2) |  |  | $ | (24.9) |
Other Comprehensive Income (Loss) Before Reclassifications |  | 231.4 |  |  | 13.7 |  |  | 9.3 |  |  | (0.5) |  |  | 253.9 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 1.8 |  |  | (13.3) |  |  | — |  |  | 4.6 |  |  | (6.9) |
Net Other Comprehensive Income |  | 233.2 |  |  | 0.4 |  |  | 9.3 |  |  | 4.1 |  |  | 247.0 |
Balance at June 30, 2021 |  | $ | 911.4 |  |  | $ | 77.5 |  |  | $ | (244.7) |  |  | $ | (522.1) |  |  | $ | 222.1 |
Balance at December 31, 2021 |  | $ | 962.2 |  |  | $ | 61.8 |  |  | $ | (273.9) |  |  | $ | (396.0) |  |  | $ | 354.1 |
Other Comprehensive Income (Loss) Before Reclassifications |  | (2,039.9) |  |  | 5.9 |  |  | (93.0) |  |  | 3.1 |  |  | (2,123.9) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 12.8 |  |  | (21.3) |  |  | — |  |  | 6.1 |  |  | (2.4) |
Net Other Comprehensive Income (Loss) |  | (2,027.1) |  |  | (15.4) |  |  | (93.0) |  |  | 9.2 |  |  | (2,126.3) |
Balance at June 30, 2022 |  | $ | (1,064.9) |  |  | $ | 46.4 |  |  | $ | (366.9) |  |  | $ | (386.8) |  |  | $ | (1,772.2) |
Balance at December 31, 2020 |  | $ | 1,067.7 |  |  | $ | 97.8 |  |  | $ | (261.3) |  |  | $ | (530.0) |  |  | $ | 374.2 |
Other Comprehensive Income (Loss) Before Reclassifications |  | (215.8) |  |  | 6.9 |  |  | 16.6 |  |  | (1.0) |  |  | (193.3) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss |  | 59.5 |  |  | (27.2) |  |  | — |  |  | 8.9 |  |  | 41.2 |
Net Other Comprehensive Income (Loss) |  | (156.3) |  |  | (20.3) |  |  | 16.6 |  |  | 7.9 |  |  | (152.1) |
Balance at June 30, 2021 |  | $ | 911.4 |  |  | $ | 77.5 |  |  | $ | (244.7) |  |  | $ | (522.1) |  |  | $ | 222.1 |
Schedule of Components of Unrealized Gain (Loss) on Securities | The net unrealized gain (loss) on securities consists of the following components:
|  |  |  |  |  |  |  | Change at June 30, 2022
|  | June 30 |  | March 31 |  | December 31 |  | Three Months |  | Six Months
|  | 2022 |  | 2022 |  | 2021 |  | Ended |  | Ended
|  | (in millions of dollars)
Fixed Maturity Securities |  | $ | (1,122.0) |  |  | $ | 2,280.4 |  |  | $ | 5,949.3 |  |  | $ | (3,402.4) |  |  | $ | (7,071.3) |
Deferred Acquisition Costs |  | (8.1) |  |  | (33.6) |  |  | (70.4) |  |  | 25.5 |  |  | 62.3 |
Reserves for Future Policy and Contract Benefits |  | (104.2) |  |  | (2,104.4) |  |  | (4,659.5) |  |  | 2,000.2 |  |  | 4,555.3 |
Reinsurance Recoverable |  | 19.7 |  |  | 74.8 |  |  | 132.1 |  |  | (55.1) |  |  | (112.4) |
Income Tax |  | 149.7 |  |  | (151.1) |  |  | (389.3) |  |  | 300.8 |  |  | 539.0 |
Total |  | $ | (1,064.9) |  |  | $ | 66.1 |  |  | $ | 962.2 |  |  | $ | (1,131.0) |  |  | $ | (2,027.1) |
|  |  |  |  |  |  |  | Change at June 30, 2021
|  | June 30 |  | March 31 |  | December 31 | Three Months |  | Six Months
|  | 2021 |  | 2021 |  | 2020 |  | Ended |  | Ended
|  | (in millions of dollars)
Fixed Maturity Securities |  | $ | 6,603.1 |  |  | $ | 5,517.4 |  |  | $ | 7,597.6 |  |  | $ | 1,085.7 |  |  | $ | (994.5) |
Deferred Acquisition Costs |  | (79.8) |  |  | (66.6) |  |  | (85.1) |  |  | (13.2) |  |  | 5.3 |
Reserves for Future Policy and Contract Benefits |  | (5,386.6) |  |  | (4,588.9) |  |  | (6,225.6) |  |  | (797.7) |  |  | 839.0 |
Reinsurance Recoverable |  | 152.8 |  |  | 133.3 |  |  | 200.2 |  |  | 19.5 |  |  | (47.4) |
Income Tax |  | (378.1) |  |  | (317.0) |  |  | (419.4) |  |  | (61.1) |  |  | 41.3 |
Total |  | $ | 911.4 |  |  | $ | 678.2 |  |  | $ | 1,067.7 |  |  | $ | 233.2 |  |  | $ | (156.3) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income (Loss) | Amounts reclassified from accumulated other comprehensive income (loss) were recognized in our consolidated statements of income as follows:
|  | Three Months Ended June 30 |  | Six Months Ended June 30
|  | 2022 |  | 2021 |  | 2022 |  | 2021
|  | (in millions of dollars)
Net Unrealized Loss on Securities |  |  |  |  |  |  |  |
Net Investment Gain (Loss) |  |  |  |  |  |  |  |
Gain (Loss) on Sales of Securities |  | $ | (3.7) |  |  | $ | (0.6) |  |  | $ | (12.2) |  |  | $ | 67.7 |
Credit Losses on Fixed Maturity Securities |  | — |  |  | (1.0) |  |  | (4.1) |  |  | (9.3) |
Loss on Benefits and Change in Reserves for Future Benefits |  | — |  |  | — |  |  | — |  |  | (133.1) |
|  | (3.7) |  |  | (1.6) |  |  | (16.3) |  |  | (74.7) |
Income Tax Expense (Benefit) |  | (0.9) |  |  | 0.2 |  |  | (3.5) |  |  | (15.2) |
Total |  | $ | (2.8) |  |  | $ | (1.8) |  |  | $ | (12.8) |  |  | $ | (59.5) |
Net Gain on Hedges |  |  |  |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps and Forwards |  | $ | 13.0 |  |  | $ | 16.4 |  |  | $ | 26.4 |  |  | $ | 31.7 |
Gain on Foreign Exchange Contracts |  | 0.2 |  |  | 0.4 |  |  | 0.5 |  |  | 0.9 |
Net Investment Gain |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps |  | — |  |  | — |  |  | — |  |  | 1.8 |
|  | 13.2 |  |  | 16.8 |  |  | 26.9 |  |  | 34.4 |
Income Tax Expense |  | 2.7 |  |  | 3.5 |  |  | 5.6 |  |  | 7.2 |
Total |  | $ | 10.5 |  |  | $ | 13.3 |  |  | $ | 21.3 |  |  | $ | 27.2 |
Unrecognized Pension and Postretirement Benefit Costs |  |  |  |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  |
Amortization of Net Actuarial Loss |  | $ | (3.8) |  |  | $ | (5.8) |  |  | $ | (7.8) |  |  | $ | (11.4) |
Amortization of Prior Service Credit |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
|  | (3.8) |  |  | (5.8) |  |  | (7.7) |  |  | (11.3) |
Income Tax Benefit |  | (0.8) |  |  | (1.2) |  |  | (1.6) |  |  | (2.4) |
Total |  | $ | (3.0) |  |  | $ | (4.6) |  |  | $ | (6.1) |  |  | $ | (8.9) |

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