11 Other Comprehensive Income (Loss)
The components of other comprehensive income (loss) for the years ended December 31 were as follows:
 2009 |
2008 | 2007 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (millions) | Pretax | Tax (Provision) Benefit |
After Tax |
Pretax | Tax (Provision) Benefit |
After Tax |
Pretax | Tax (Provision) Benefit |
After Tax |
|||||||||
| Unrealized gains (losses) arising during period: | ||||||||||||||||||
| Fixed maturities | $ | 535.4 | $ | (187.4) | $ | 348.0 | $ | (407.6) | $ | 142.7 | $ | (264.9) | $ | 52.1 | $ | (18.2) | $ | 33.9 |
| Non-credit related OTTI1 | (40.1) | 14.0 | (26.1) | — | — | — | — | — | — | |||||||||
| Equity securities | 671.7 | (235.1) | 436.6 | (238.6) | 83.5 | (155.1) | (189.2) | 66.2 | (123.0) | |||||||||
| Reclassification adjustment for (gains) losses realized in net income: | ||||||||||||||||||
| Fixed maturities | (8.5) | 3.0 | (5.5) | 9.7 | (3.4) | 6.3 | (2.3) | .8 | (1.5) | |||||||||
| Equity securities | (86.7) | 30.3 | (56.4) | (197.1) | 69.0 | (128.1) | (63.4) | 22.2 | (41.2) | |||||||||
| Change in unrealized gains (losses)2 | 1,071.8 | (375.2) | 696.6 | (833.6) | 291.8 | (541.8) | (202.8) | 71.0 | (131.8) | |||||||||
| Net unrealized gains on forecasted transactions3 | (5.1) | 1.8 | (3.3) | (4.4) | 1.5 | (2.9) | 31.2 | (10.9) | 20.3 | |||||||||
| Foreign currency translation adjustment4 | 1.4 | — | 1.4 | — | — | — | — | — | — | |||||||||
| Other comprehensive income (loss) | $ | 1,068.1 | $ | (373.4) | $ | 694.7 | $ | (838.0) | $ | 293.3 | $ | (544.7) | $ | (171.6) | $ | 60.1 | $ | (111.5) |
1) Portion of other-than-temporary impairment losses that were non-credit related (see Note 2 – Investments for further discussion).
2) Excludes the $189.6 million ($291.8 million pretax) cumulative effect of change in accounting principle we recorded in June 2009 in accordance with the new accounting guidance for other-than-temporary impairments we adopted during the second quarter 2009 (see Note 2 – Investments for further discussion).
3) Entered into for the purpose of managing interest rate risk associated with our debt issuances (see Note 4 – Debt for further discussion), and managing foreign currency risk associated with our forecasted foreign currency transaction (see Note 2 – Investments for further discussion). We expect to reclassify $5.2 million into income within the next 12 months.
4) Foreign currency translation adjustments have no tax effect.