Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

7. Other Comprehensive Income (Loss)

The following tables provide changes in other comprehensive income (loss).


	Three Months Ended September 30,
	2024									2023
				Tax									Tax
				Benefit			Net of						Benefit			Net of
(in millions)	Pre-Tax			(Expense)			Tax			Pre-Tax			(Expense)			Tax
Changes in net unrealized gains (losses) on investment securities:
Net unrealized gains (losses) arising during period for those having no credit losses in Consolidated Statements of Income (Loss)	$	282.3		$	(59.3	)	$	223.0		$	(144.3	)	$	30.3		$	(114.0	)
Net unrealized gains (losses) arising during period for those having credit losses in Consolidated Statements of Income (Loss)		1.0			(0.1	)		0.9			(0.7	)		0.2			(0.5	)
Amount of losses realized from sales and other recognized in Consolidated Statements of Income (Loss)		24.8			(5.8	)		19.0			0.9			(0.6	)		0.3
Amount of credit-related recoveries on prior impairments recognized in the Consolidated Statements of Income (Loss)		(0.3	)		—			(0.3	)		—			—			—
Amount of additional impairment losses recognized in the Consolidated Statements of Income (Loss)		0.5			(0.1	)		0.4			—			—			—
Net unrealized gains (losses)		308.3			(65.3	)		243.0			(144.1	)		29.9			(114.2	)
Pension and postretirement benefits:
Amortization of net actuarial losses recognized as net periodic benefit cost		1.7			(0.3	)		1.4			1.9			(0.4	)		1.5
Long-duration insurance contracts:
Net change in market risk		(4.0	)		0.9			(3.1	)		4.2			(0.9	)		3.3
Other comprehensive income (loss)	$	306.0		$	(64.7	)	$	241.3		$	(138.0	)	$	28.6		$	(109.4	)


	Nine Months Ended September 30,
	2024									2023
				Tax									Tax
				Benefit			Net of						Benefit			Net of
(in millions)	Pre-Tax			(Expense)			Tax			Pre-Tax			(Expense)			Tax
Changes in net unrealized gains (losses) on investment securities:
Net unrealized gains (losses) arising during period for those having no credit losses in Consolidated Statements of Income (Loss)	$	211.2		$	(44.4	)	$	166.8		$	(120.8	)	$	25.4		$	(95.4	)
Net unrealized gains arising during period for those having credit losses in Consolidated Statements of Income (Loss)		4.0			(0.8	)		3.2			0.3			—			0.3
Amount of losses realized from sales and other recognized in Consolidated Statements of Income (Loss)		56.9			(13.1	)		43.8			1.9			(1.6	)		0.3
Amount of credit-related impairments (recoveries) recognized in the Consolidated Statements of Income (Loss)		(0.7	)		0.1			(0.6	)		0.8			(0.2	)		0.6
Amount of additional impairment losses recognized in the Consolidated Statements of Income (Loss)		2.2			(0.5	)		1.7			10.3			(2.2	)		8.1
Net unrealized gains (losses)		273.6			(58.7	)		214.9			(107.5	)		21.4			(86.1	)
Pension and postretirement benefits:
Amortization of net actuarial losses recognized as net periodic benefit cost		5.1			(1.0	)		4.1			5.9			(1.2	)		4.7
Long-duration insurance contracts:
Net change in market risk		(1.7	)		0.4			(1.3	)		3.3			(0.7	)		2.6
Other comprehensive income (loss)	$	277.0		$	(59.3	)	$	217.7		$	(98.3	)	$	19.5		$	(78.8	)

Reclassifications out of accumulated other comprehensive loss were as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2024			2023			2024				2023
	Amount Reclassified from
Details about Accumulated Other	Accumulated Other														Affected Line Item in the Statement
Comprehensive Loss Components	Comprehensive Loss														Where Net Income (Loss) is Presented
Net unrealized losses on investment securities	$	(24.7	)	$	(0.9	)		$	(56.6	)		$	(1.9	)	Net realized losses from sales and other
		(0.2	)		—				(1.5	)			(11.1	)	Impairments on investments
		(24.9	)		(0.9	)			(58.1	)			(13.0	)	Total before tax
		5.9			0.6				13.5				4.0		Income tax (expense) benefit
		(19.0	)		(0.3	)			(44.6	)			(9.0	)	Continuing operations; net of tax
		(0.1	)		—				(0.3	)			—		Income from discontinued life businesses
		(19.1	)		(0.3	)			(44.9	)			(9.0	)	Net of tax
Amortization of defined benefit pension and postretirement actuarial losses		(1.7	)		(1.9	)			(5.1	)			(5.9	)	Loss adjustment expenses and other operating expenses (1)
		0.3			0.4				1.0				1.2		Income tax (expense) benefit
		(1.4	)		(1.5	)			(4.1	)			(4.7	)	Continuing operations; net of tax
Net change in market risk		0.3			—				0.8				—		Income from discontinued life businesses
		(0.1	)		—				(0.2	)			—		Income tax (expense) benefit
		0.2			—				0.6				—		Discontinued operations; net of tax
Total reclassifications for the period	$	(20.3	)	$	(1.8	)		$	(48.4	)		$	(13.7	)	Benefit (expense) reflected in income (loss), net of tax

(1)

The amount reclassified from accumulated other comprehensive loss for the pension and postretirement benefits was allocated approximately 40% to loss adjustment expenses and 60% to other operating expenses for the three and nine months ended September 30, 2024 and 2023.