ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued The components of comprehensive income (loss) for the years ending December 31, 2004, 2003 and 2002 are shown in the following table (in thousands): 2004 2003 2002 Net income $186,899 $249,225 $208,177 Other comprehensive income, before tax: Unrealized net gains on securities arising during the period 75,872 97,883 62,687 Reclassification adjustment for realized gains  included in net income (59,478) (21,239) (20,279) Foreign currency translation adjustments 21,178 64,766 11,009 Minimum pension liability (5) (1,880) — Other comprehensive income, before tax 37,567 139,530 53,417 Tax (expense) benefit: Unrealized net gains on securities arising during the period (26,555) (34,260) (21,941) Reclassification adjustment for realized gains  included in net income 20,817 7,434 7,098 Foreign currency translation adjustments (7,412) (22,668) (3,853) Minimum pension liability 2 658 — Total tax expense (13,148) (48,836) (18,696) Other comprehensive income, net of tax 24,419 90,694 34,721 Comprehensive income $211,318 $339,919 $242,898 64