(11) Comprehensive Income
Comprehensive income is defined as all changes in shareholders’ equity, except those arising from transactions with shareholders. Comprehensive income includes net income and other comprehensive income or loss, which for the Corporation consists of changes in unrealized appreciation or depreciation of investments carried at fair value, changes in unrealized other-than-temporary impairment losses of fixed maturities, changes in postretirement benefit costs not yet recognized in net income and changes in foreign currency translation gains or losses.
The components of other comprehensive income or loss were as follows:
| Years Ended December 31 | ||||||||||||||||||||||||||||||||||||
| 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
| Before Tax |
Income Tax |
Net of Tax |
Before Tax |
Income Tax |
Net of Tax |
Before Tax |
Income Tax |
Net of Tax |
||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||||||
|
Net unrealized holding
gains (losses) arising |
$ | (1,000 | ) | $ | (350 | ) | $ | (650 | ) | $ | 556 | $ | 195 | $ | 361 | $ | 1,029 | $ | 359 | $ | 670 | |||||||||||||||
|
Unrealized
other-than-temporary |
— | — | — | (2 | ) | (1 | ) | (1 | ) | (1 | ) | — | (1 | ) | ||||||||||||||||||||||
|
Reclassification adjustment
for net realized |
212 | 74 | 138 | 127 | 44 | 83 | 81 | 28 | 53 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net unrealized gains (losses) recognized in other comprehensive income or loss |
(1,212 | ) | (424 | ) | (788 | ) | 427 | 150 | 277 | 947 | 331 | 616 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Postretirement benefit gain
(loss) not yet |
622 | 218 | 404 | (128 | ) | (45 | ) | (83 | ) | (400 | ) | (140 | ) | (260 | ) | |||||||||||||||||||||
|
Reclassification adjustment
for the |
(93 | ) | (33 | ) | (60 | ) | (83 | ) | (30 | ) | (53 | ) | (71 | ) | (26 | ) | (45 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net change in
postretirement benefit |
715 | 251 | 464 | (45 | ) | (15 | ) | (30 | ) | (329 | ) | (114 | ) | (215 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Foreign currency translation gains (losses) |
(111 | ) | (39 | ) | (72 | ) | (16 | ) | (5 | ) | (11 | ) | 6 | 2 | 4 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total other comprehensive income (loss) |
$ | (608 | ) | $ | (212 | ) | $ | (396 | ) | $ | 366 | $ | 130 | $ | 236 | $ | 624 | $ | 219 | $ | 405 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) | Postretirement benefit costs recognized in net income during the period are included among several of the loss and expense components presented in the consolidated statements of income. |