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v3.23.2

Accumulated Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
Accumulated Other Comprehensive Income (Loss) | Components of our accumulated other comprehensive loss, after tax, and related changes are as follows:
| Net Unrealized Gain (Loss) on Securities |  | Effect of Change in Discount Rate Assumptions on the LFPB 1 |  | Net Gain (Loss) on Hedges |  | Foreign Currency Translation Adjustment |  | Unrecognized Pension and Postretirement Benefit Costs |  | Total
| (in millions of dollars)
Balance at March 31, 2023 | $ | (2,205.2) |  |  | $ | (260.0) |  |  | $ | 7.8 |  |  | $ | (365.4) |  |  | $ | (339.5) |  |  | $ | (3,162.3) |
Other Comprehensive Income (Loss) Before Reclassifications | (565.5) |  |  | 260.1 |  |  | (34.1) |  |  | 38.3 |  |  | 3.3 |  |  | (297.9) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 8.1 |  |  | — |  |  | (7.0) |  |  | — |  |  | 1.5 |  |  | 2.6 |
Net Other Comprehensive Income (Loss) | (557.4) |  |  | 260.1 |  |  | (41.1) |  |  | 38.3 |  |  | 4.8 |  |  | (295.3) |
Balance at June 30, 2023 | $ | (2,762.6) |  |  | $ | 0.1 |  |  | $ | (33.3) |  |  | $ | (327.1) |  |  | $ | (334.7) |  |  | $ | (3,457.6) |
Balance at March 31, 2022 | $ | 1,120.6 |  |  | $ | (4,912.6) |  |  | $ | 51.4 |  |  | $ | (306.1) |  |  | $ | (391.8) |  |  | $ | (4,438.5) |
Other Comprehensive Income (Loss) Before Reclassifications | (2,683.8) |  |  | 3,371.4 |  |  | 5.5 |  |  | (61.4) |  |  | 2.0 |  |  | 633.7 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 2.8 |  |  | — |  |  | (10.5) |  |  | — |  |  | 3.0 |  |  | (4.7) |
Net Other Comprehensive Income (Loss) | (2,681.0) |  |  | 3,371.4 |  |  | (5.0) |  |  | (61.4) |  |  | 5.0 |  |  | 629.0 |
Balance at June 30, 2022 | $ | (1,560.4) |  |  | $ | (1,541.2) |  |  | $ | 46.4 |  |  | $ | (367.5) |  |  | $ | (386.8) |  |  | $ | (3,809.5) |
Balance at December 31, 2022 | $ | (3,028.4) |  |  | $ | 313.9 |  |  | $ | (9.6) |  |  | $ | (390.1) |  |  | $ | (334.1) |  |  | $ | (3,448.3) |
Other Comprehensive Income (Loss) Before Reclassifications | 257.9 |  |  | (313.8) |  |  | (8.5) |  |  | 63.0 |  |  | (3.4) |  |  | (4.8) |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 7.9 |  |  | — |  |  | (15.2) |  |  | — |  |  | 2.8 |  |  | (4.5) |
Net Other Comprehensive Income (Loss) | 265.8 |  |  | (313.8) |  |  | (23.7) |  |  | 63.0 |  |  | (0.6) |  |  | (9.3) |
Balance at June 30, 2023 | $ | (2,762.6) |  |  | $ | 0.1 |  |  | $ | (33.3) |  |  | $ | (327.1) |  |  | $ | (334.7) |  |  | $ | (3,457.6) |
Balance at December 31, 2021 | $ | 4,014.4 |  |  | $ | (8,570.7) |  |  | $ | 61.8 |  |  | $ | (274.1) |  |  | $ | (396.0) |  |  | $ | (5,164.6) |
Other Comprehensive Income (Loss) Before Reclassifications | (5,587.6) |  |  | 7,029.5 |  |  | 5.9 |  |  | (93.4) |  |  | 3.1 |  |  | 1,357.5 |
Amounts Reclassified from Accumulated Other Comprehensive Income or Loss | 12.8 |  |  | — |  |  | (21.3) |  |  | — |  |  | 6.1 |  |  | (2.4) |
Net Other Comprehensive Income (Loss) | (5,574.8) |  |  | 7,029.5 |  |  | (15.4) |  |  | (93.4) |  |  | 9.2 |  |  | 1,355.1 |
Balance at June 30, 2022 | $ | (1,560.4) |  |  | $ | (1,541.2) |  |  | $ | 46.4 |  |  | $ | (367.5) |  |  | $ | (386.8) |  |  | $ | (3,809.5) |
1 Liability for Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |
The effect of change in discount rate assumptions on the liability for future policy benefits consists of the following components:
|  |  |  |  |  |  |  | Change at June 30, 2023
|  | June 30 |  | March 31 |  | December 31 |  | Three Months |  | Six Months
|  | 2023 |  | 2023 |  | 2022 |  | Ended |  | Ended
|  | (in millions of dollars)
Future Policy Benefits |  | $ | (27.1) |  |  | $ | (437.9) |  |  | $ | 445.0 |  |  | $ | 410.8 |  |  | $ | (472.1) |
Reinsurance Recoverable |  | (666.9) |  |  | (592.3) |  |  | (748.4) |  |  | (74.6) |  |  | 81.5 |
Income Tax |  | 694.1 |  |  | 770.2 |  |  | 617.3 |  |  | (76.1) |  |  | 76.8 |
Total |  | $ | 0.1 |  |  | $ | (260.0) |  |  | $ | 313.9 |  |  | $ | 260.1 |  |  | $ | (313.8) |
|  |  |  |  |  |  |  | Change at June 30, 2022
|  | June 30 |  | March 31 |  | December 31 |  | Three Months |  | Six Months
|  | 2022 |  | 2022 |  | 2021 |  | Ended |  | Ended
|  | (in millions of dollars)
Future Policy Benefits |  | $ | (2,277.5) |  |  | $ | (7,168.8) |  |  | $ | (12,565.6) |  |  | $ | 4,891.3 |  |  | $ | 10,288.1 |
Reinsurance Recoverable |  | (379.8) |  |  | 236.6 |  |  | 992.5 |  |  | (616.4) |  |  | (1,372.3) |
Income Tax |  | 1,116.1 |  |  | 2,019.6 |  |  | 3,002.4 |  |  | (903.5) |  |  | (1,886.3) |
Total |  | $ | (1,541.2) |  |  | $ | (4,912.6) |  |  | $ | (8,570.7) |  |  | $ | 3,371.4 |  |  | $ | 7,029.5 |
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
|  | 2023 |  | 2022 |  | 2023 |  | 2022
|  | (in millions of dollars)
Net Unrealized Loss on Securities |  |  |  |  |  |  |  |
Net Investment Loss |  |  |  |  |  |  |  |
Net Loss on Sales of Fixed Maturity Securities |  | $ | (10.3) |  |  | $ | (3.7) |  |  | $ | (10.0) |  |  | $ | (12.2) |
Credit Losses on Fixed Maturity Securities |  | — |  |  | — |  |  | — |  |  | (4.1) |
|  | (10.3) |  |  | (3.7) |  |  | (10.0) |  |  | (16.3) |
Income Tax Benefit |  | (2.2) |  |  | (0.9) |  |  | (2.1) |  |  | (3.5) |
Total |  | $ | (8.1) |  |  | $ | (2.8) |  |  | $ | (7.9) |  |  | $ | (12.8) |
Net Gain (Loss) on Hedges |  |  |  |  |  |  |  |
Net Investment Income |  |  |  |  |  |  |  |
Gain on Interest Rate Swaps |  | $ | 8.9 |  |  | $ | 13.0 |  |  | $ | 19.3 |  |  | $ | 26.4 |
Gain (Loss) on Foreign Exchange Contracts |  | (0.1) |  |  | 0.2 |  |  | (0.1) |  |  | 0.5 |
Net Investment Gain |  |  |  |  |  |  |  |
Gain on Foreign Exchange Contracts |  | 0.1 |  |  | — |  |  | 0.1 |  |  | — |
|  | 8.9 |  |  | 13.2 |  |  | 19.3 |  |  | 26.9 |
Income Tax Expense |  | 1.9 |  |  | 2.7 |  |  | 4.1 |  |  | 5.6 |
Total |  | $ | 7.0 |  |  | $ | 10.5 |  |  | $ | 15.2 |  |  | $ | 21.3 |
Unrecognized Pension and Postretirement Benefit Costs |  |  |  |  |  |  |  |
Other Expenses |  |  |  |  |  |  |  |
Amortization of Net Actuarial Loss |  | $ | (1.8) |  |  | $ | (3.8) |  |  | $ | (3.6) |  |  | $ | (7.8) |
Amortization of Prior Service Credit |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |
|  | (1.8) |  |  | (3.8) |  |  | (3.5) |  |  | (7.7) |
Income Tax Benefit |  | (0.3) |  |  | (0.8) |  |  | (0.7) |  |  | (1.6) |
Total |  | $ | (1.5) |  |  | $ | (3.0) |  |  | $ | (2.8) |  |  | $ | (6.1) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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