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SUMMARY OF INVESTMENTS
12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
SUMMARY OF INVESTMENTS
SUMMARY OF INVESTMENTS
Fair Value of Investments

The table that follows is a reconciliation of the amortized cost (cost for equity securities) to fair value of investments in held-to-maturity and available-for-sale fixed maturity and available-for-sale equity securities, presented on a consolidated basis, including both continuing and discontinued operations as of December 31, 2017 and 2016.




 
December 31, 2017
 
Type of Investment
Cost or Amortized Cost
 
Gross Unrealized Appreciation
 
Gross Unrealized Depreciation
 
Fair Value
HELD-TO-MATURITY
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
Corporate bonds - financial services
$
150

 
$

 
$

 
$
150

Mortgage-backed securities
34

 

 

 
34

Total Held-to-Maturity Fixed Maturities
$
184

 
$

 
$

 
$
184

AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
U.S. Treasury
$
17,073

 
$
4

 
$
186

 
$
16,891

U.S. government agency
121,574

 
1,311

 
717

 
122,168

States, municipalities and political subdivisions
 
 
 
 
 
 
 
  General obligations:
 
 
 
 
 
 
 
     Midwest
107,689

 
2,446

 
439

 
109,696

     Northeast
47,477

 
1,174

 
10

 
48,641

     South
139,870

 
2,462

 
813

 
141,519

     West
111,123

 
2,351

 
463

 
113,011

   Special revenue:
 
 
 
 
 
 
 
     Midwest
155,475

 
3,620

 
351

 
158,744

     Northeast
79,028

 
1,351

 
619

 
79,760

     South
260,145

 
5,218

 
1,851

 
263,512

     West
156,576

 
2,929

 
1,198

 
158,307

Foreign bonds
51,361

 
1,441

 
49

 
52,753

Public utilities
206,028

 
3,386

 
270

 
209,144

Corporate bonds
 
 
 
 
 
 
 
Energy
93,191

 
1,972

 
110

 
95,053

Industrials
218,067

 
3,881

 
241

 
221,707

Consumer goods and services
183,253

 
3,498

 
494

 
186,257

Health care
74,125

 
1,312

 
29

 
75,408

Technology, media and telecommunications
146,853

 
2,376

 
250

 
148,979

Financial services
277,824

 
5,769

 
442

 
283,151

Mortgage-backed securities
13,828

 
101

 
238

 
13,691

Collateralized mortgage obligations
 
 
 
 
 
 
 
Government national mortgage association
157,836

 
1,921

 
2,274

 
157,483

Federal home loan mortgage corporation
201,320

 
1,879

 
4,047

 
199,152

Federal national mortgage association
104,903

 
1,703

 
1,174

 
105,432

Asset-backed securities
4,282

 
362

 
8

 
4,636

Total Available-For-Sale Fixed Maturities
$
2,928,901

 
$
52,467

 
$
16,273

 
$
2,965,095

Equity securities
 
 
 
 
 
 
 
Common stocks
 
 
 
 
 
 
 
Public utilities
$
6,394

 
$
16,075

 
$
30

 
$
22,439

Energy
6,514

 
8,171

 
120

 
14,565

Industrials
13,117

 
53,522

 
120

 
66,519

Consumer goods and services
10,110

 
15,742

 
164

 
25,688

Health care
7,763

 
32,340

 

 
40,103

Technology, media and telecommunications
6,067

 
11,556

 
115

 
17,508

Financial services
11,529

 
104,985

 
67

 
116,447

Nonredeemable preferred stocks
992

 
305

 

 
1,297

Total Available-for-Sale Equity Securities
$
62,486

 
$
242,696

 
$
616

 
$
304,566

Total Available-for-Sale Securities
$
2,991,387

 
$
295,163

 
$
16,889

 
$
3,269,661

December 31, 2016
 
Type of Investment
Cost or Amortized Cost
 
Gross Unrealized Appreciation
 
Gross Unrealized Depreciation
 
Fair Value
HELD-TO-MATURITY
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
Corporate bonds - financial services
$
150

 
$

 
$

 
$
150

Mortgage-backed securities
48

 
1

 

 
49

Total Held-to-Maturity Fixed Maturities
$
198

 
$
1

 
$

 
$
199

AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
U.S. Treasury
$
23,216

 
$
87

 
$
108

 
$
23,195

U.S. government agency
76,692

 
1,445

 
540

 
77,597

States, municipalities and political subdivisions
 
 
 
 
 
 
 
   General obligations:
 
 
 
 
 
 
 
      Midwest
143,747

 
1,808

 
1,412

 
144,143

      Northeast
57,731

 
909

 
231

 
58,409

      South
129,475

 
1,249

 
2,355

 
128,369

      West
114,524

 
1,380

 
2,173

 
113,731

   Special revenue:
 
 
 
 
 
 
 
      Midwest
167,430

 
2,313

 
1,433

 
168,310

      Northeast
70,202

 
487

 
2,624

 
68,065

      South
244,225

 
1,753

 
6,791

 
239,187

      West
134,287

 
1,509

 
4,052

 
131,744

Foreign bonds
62,995

 
2,239

 

 
65,234

Public utilities
212,360

 
3,761

 
447

 
215,674

Corporate bonds
 
 
 
 
 
 
 
Energy
107,084

 
2,195

 
419

 
108,860

Industrials
225,526

 
5,359

 
982

 
229,903

Consumer goods and services
178,135

 
3,847

 
295

 
181,687

Health care
81,211

 
2,063

 
151

 
83,123

Technology, media and telecommunications
143,402

 
2,029

 
819

 
144,612

Financial services
269,981

 
5,328

 
1,358

 
273,951

Mortgage-backed securities
17,288

 
201

 
241

 
17,248

Collateralized mortgage obligations
 
 
 
 
 
 
 
Government national mortgage association
145,947

 
1,279

 
2,766

 
144,460

Federal home loan mortgage corporation
176,226

 
1,638

 
3,406

 
174,458

Federal national mortgage association
101,414

 
1,816

 
1,334

 
101,896

Asset-backed securities
4,407

 
145

 
282

 
4,270

Total Available-For-Sale Fixed Maturities
$
2,887,505

 
$
44,840

 
$
34,219

 
$
2,898,126

Equity securities
 
 
 
 
 
 
 
Common stocks
 
 
 
 
 
 
 
Public utilities
$
6,394

 
$
13,465

 
$
188

 
$
19,671

Energy
6,514

 
8,555

 
22

 
15,047

Industrials
13,252

 
38,715

 
173

 
51,794

Consumer goods and services
10,324

 
13,851

 
58

 
24,117

Health care
7,763

 
19,657

 

 
27,420

Technology, media and telecommunications
5,931

 
9,476

 
38

 
15,369

Financial services
17,289

 
98,728

 
67

 
115,950

Nonredeemable preferred stocks
1,037

 
11

 

 
1,048

Total Available-for-Sale Equity Securities
$
68,504

 
$
202,458

 
$
546

 
$
270,416

Total Available-for-Sale Securities
$
2,956,009

 
$
247,298

 
$
34,765

 
$
3,168,542


The following table is a reconciliation of the amortized cost (cost for equity securities) to fair value of investments in held-to-maturity and available-for-sale fixed maturity and equity securities for continuing and discontinued operations by investment type at December 31, 2017 and 2016.

December 31, 2017
 
Type of Investment
Cost or Amortized Cost
 
Gross Unrealized Appreciation
 
Gross Unrealized Depreciation
 
Fair Value
HELD-TO-MATURITY
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Continuing operations
$
150

 
$

 
$

 
$
150

Discontinued operations
34

 

 

 
34

Total Held-to-Maturity Fixed Maturities
$
184

 
$

 
$

 
184

AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Continuing operations
$
1,516,610

 
$
27,412

 
$
8,952

 
$
1,535,070

Discontinued operations
1,412,291

 
25,055

 
7,321

 
1,430,025

Total Available-for-Sale Fixed Maturities
$
2,928,901

 
$
52,467

 
$
16,273

 
$
2,965,095

Equity securities:
 
 
 
 
 
 
 
Continuing operations
$
57,387

 
$
224,065

 
$
539

 
$
280,913

Discontinued operations
5,099

 
18,631

 
77

 
23,653

Total Available-for-Sale Equity Securities
$
62,486

 
$
242,696

 
$
616

 
$
304,566

Total Available-for-Sale Securities
$
2,991,387

 
$
295,163

 
$
16,889

 
$
3,269,661


December 31, 2016
 
Type of Investment
Cost or Amortized Cost
 
Gross Unrealized Appreciation
 
Gross Unrealized Depreciation
 
Fair Value
HELD-TO-MATURITY
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Continuing operations
$
150

 
$

 
$

 
$
150

Discontinued operations
48

 
1

 

 
49

Total Held-to-Maturity Fixed Maturities
$
198

 
$
1

 
$

 
$
199

AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
Continuing operations
$
1,458,235

 
$
18,725

 
$
23,674

 
$
1,453,286

Discontinued operations
1,429,270

 
26,115

 
10,545

 
1,444,840

Total Available-for-Sale Fixed Maturities
$
2,887,505

 
$
44,840

 
$
34,219

 
$
2,898,126

Equity securities:
 
 
 
 
 
 
 
Continuing operations
$
59,994

 
$
186,692

 
$
316

 
$
246,370

Discontinued operations
8,510

 
15,766

 
230

 
24,046

Total Available-for-Sale Equity Securities
$
68,504

 
$
202,458

 
$
546

 
$
270,416

Total Available-for-Sale Securities
$
2,956,009

 
$
247,298

 
$
34,765

 
$
3,168,542



Maturities
The amortized cost and fair value of held-to-maturity, available-for-sale and trading fixed maturity securities at December 31, 2017, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Asset-backed securities, mortgage-backed securities and collateralized mortgage obligations may be subject to prepayment risk and are therefore not categorized by contractual maturity.
Maturities - Consolidated:
 
 
 
 
 
 
 
 
 
 
 
 
Held-To-Maturity
 
Available-For-Sale
 
Trading
December 31, 2017
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$

 
$

 
$
97,450

 
$
97,994

 
$
2,225

 
$
2,835

Due after one year through five years
150

 
150

 
749,372

 
763,260

 
9,055

 
10,547

Due after five years through 10 years

 

 
823,257

 
839,360

 
1,302

 
1,156

Due after 10 years

 

 
776,653

 
784,087

 
2,000

 
2,304

Asset-backed securities

 

 
4,282

 
4,636

 

 

Mortgage-backed securities
34

 
34

 
13,828

 
13,691

 

 

Collateralized mortgage obligations

 

 
464,059

 
462,067

 

 

 
$
184

 
$
184

 
$
2,928,901

 
$
2,965,095

 
$
14,582

 
$
16,842



Maturities - Continuing Operations:
 
 
 
 
 
 
 
 
 
Held-To-Maturity
 
Available-For-Sale
 
Trading
December 31, 2017
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$

 
$

 
$
37,899

 
$
38,144

 
$
2,225

 
$
2,835

Due after one year through five years
150

 
150

 
204,494

 
208,353

 
9,055

 
10,547

Due after five years through 10 years

 

 
394,107

 
402,799

 
1,302

 
1,156

Due after 10 years

 

 
694,850

 
700,879

 
2,000

 
2,304

Asset-backed securities

 

 
3,175

 
3,535

 

 

Mortgage-backed securities

 

 
9,205

 
9,231

 

 

Collateralized mortgage obligations

 

 
172,880

 
172,129

 

 

 
$
150

 
$
150

 
$
1,516,610

 
$
1,535,070

 
$
14,582

 
$
16,842


Maturities - Discontinued Operations:
 
 
 
 
 
 
 
 
 
Held-To-Maturity
 
Available-For-Sale
 
Trading
December 31, 2017
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
$

 
$

 
$
59,551

 
$
59,850

 
$

 
$

Due after one year through five years

 

 
544,878

 
554,907

 

 

Due after five years through 10 years

 

 
429,150

 
436,561

 

 

Due after 10 years

 

 
81,803

 
83,208

 

 

Asset-backed securities

 

 
1,107

 
1,101

 

 

Mortgage-backed securities
34

 
34

 
4,623

 
4,460

 

 

Collateralized mortgage obligations

 

 
291,179

 
289,938

 

 

 
$
34

 
$
34

 
$
1,412,291

 
$
1,430,025

 
$

 
$





Net Realized Investment Gains and Losses
Net realized gains (losses) on disposition of investments are computed using the specific identification method and are included in the computation of net income. A summary of net realized investment gains (losses) for 2017, 2016 and 2015, is as follows:
 
2017
 
2016
 
2015
Net realized investment gains (losses) from continuing operations
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
Available-for-sale
$
829

 
$
1,004

 
$
814

Trading securities
 
 
 
 
 
Change in fair value
924

 
189

 
(1,352
)
Sales
244

 
931

 
1,381

Equity securities:
 
 
 
 
 
Available-for-sale
1,553

 
2,359

 
1,977

Trading securities
 
 
 
 
 
Change in fair value
332

 
301

 
(448
)
Sales
57

 
(6
)
 
66

Other long-term investments

 

 
(1,314
)
Other-than-temporary-impairment charges:
 
 
 
 
 
Fixed maturities

 

 

Cash equivalents

 
169

 

   Real Estate
116

 

 

   Total net realized investment gains from continuing operations
$
4,055


$
4,947


$
1,124

   Total net realized investment gains from discontinued operations
4,008

 
1,156

 
1,722

Total net realized investment gains
$
8,063

 
$
6,103

 
$
2,846


The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities from continuing operations for 2017, 2016 and 2015, are as follows:
 
2017
 
2016
 
2015
Proceeds from sales
$
7,404

 
$
1,968

 
$
478

Gross realized gains
1,046

 
920

 
451

Gross realized losses
(20
)
 

 


The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities from discontinued operations for 2017, 2016 and 2015, are as follows:
 
2017
 
2016
 
2015
Proceeds from sales
$
7,315

 
$
12,354

 
$
11,066

Gross realized gains
1,264

 
65

 
683

Gross realized losses
(78
)
 
(639
)
 



There were no sales of held-to-maturity securities in 2017, 2016 and 2015.
Our investment portfolio includes trading securities with embedded derivatives. These securities are primarily convertible securities which are recorded at fair value. Income or loss, including the change in the fair value of these trading securities, is recognized currently in earnings as a component of net realized investment gains and losses. Our portfolio of trading securities had a fair value of $23,273 and $20,034 at December 31, 2017 and 2016, respectively.


Net Investment Income
Net investment income for the years ended December 31, 2017, 2016 and 2015, is comprised of the following:
Years Ended December 31,
2017
 
2016
 
2015
Investment income from continuing operations:
 
 
 
 
 
Interest on fixed maturities
$
44,784

 
$
43,147

 
$
41,859

Dividends on equity securities
7,108

 
6,448

 
6,421

Income on other long-term investments
 
 
 
 
 
Investment income
6,870

 
1,200

 
1,200

Change in value (1)
(2,812
)
 
10,178

 
2,313

Interest on short-term investments
120

 
47

 
3

Interest on cash and cash equivalents
1,125

 
352

 
234

Other
300

 
422

 
433

Total investment income from continuing operations
$
57,495

 
$
61,794

 
$
52,463

Less investment expenses
6,305

 
6,510

 
5,904

Net investment income from continuing operations
$
51,190

 
$
55,284

 
$
46,559

Net investment income from discontinued operations
$
49,720

 
$
51,538

 
$
54,222

Net investment income
$
100,910

 
$
106,822

 
$
100,781

(1)
Represents the change in value of our interests in limited liability partnerships that are recorded on the equity method of accounting.
Funding Commitment
At December 31, 2017, pursuant to an agreement with our limited liability partnership investments, we are contractually committed to make capital contributions up to $2,175 upon request of the partnerships through December 31, 2023.
Unrealized Appreciation and Depreciation
A summary of changes in net unrealized investment appreciation for 2017, 2016 and 2015, is as follows for continuing operations and discontinued operations:
 
2017
 
2016
 
2015
Change in net unrealized investment appreciation
 
 
 
 
 
Available-for-sale fixed maturities
$
25,573


$
(21,271
)
 
$
(37,621
)
Available-for-sale equity securities
40,168

 
34,179

 
(6,459
)
Deferred policy acquisition costs
119

 
(4,410
)
 
11,380

Income tax effect
(21,545
)
 
(2,975
)
 
11,446

Accumulated effect of change in enacted tax rate
36,658

 

 

Total change in net unrealized investment appreciation, net of tax
$
80,973

 
$
5,523


$
(21,254
)

We continually monitor the difference between our cost basis and the estimated fair value of our investments. Our accounting policy for impairment recognition requires other-than-temporary impairment ("OTTI") charges to be recorded when we determine that it is more likely than not that we will be unable to collect all amounts due according to the contractual terms of the fixed maturity security or that the anticipated recovery in fair value of the equity security will not occur in a reasonable amount of time. Impairment charges on investments are recorded based on the fair value of the investments at the measurement date or based on the value calculated using a discounted cash flow model. Credit-related impairments on fixed maturity securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net income. Any non-credit related impairment is recognized as a component of other comprehensive income. Factors considered in evaluating whether a decline in value is other-than-temporary include: the length of time and the extent to which fair value has been less than cost; the financial condition and near-term prospects of the issuer; our intention to hold the investment; and the likelihood that we will be required to sell the investment.
The tables on the following pages summarize our fixed maturity and equity securities that were in an unrealized loss position at December 31, 2017 and 2016 for continuing operations and discontinued operations. The securities are presented by the length of time they have been continuously in an unrealized loss position. It is possible that we could recognize OTTI charges in future periods on securities held at December 31, 2017 if future events or information cause us to determine that a decline in fair value is other-than-temporary.
We have evaluated the near-term prospects of the issuers of our fixed maturity securities in relation to the severity and duration of the unrealized loss and determined that these losses did not warrant the recognition of an OTTI charge in 2017 or 2016. In 2015, we recognized a $1,300 credit loss OTTI on an energy sector fixed maturity security in our Consolidated Statements of Income and Comprehensive Income. This security was in our discontinued operations portfolio. All fixed maturity securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. We believe the unrealized depreciation in value of other securities in our fixed maturity portfolio is primarily attributable to changes in market interest rates and not the credit quality of the issuer. We have no intention to sell and it is more likely than not that we will not be required to sell these securities until the fair value recovers to at least equal to our cost basis or the securities mature.
We have evaluated the near-term prospects of the issuers of our equity securities in relation to the severity and duration of the unrealized loss and, unless otherwise noted, these losses do not warrant the recognition of an OTTI charge at December 31, 2017. There were no OTTI losses on equity securities recognized in 2017, 2016 or 2015. Our largest unrealized loss greater than 12 months on an individual equity security at December 31, 2017, 2016 and 2015 was $158, $188 and $225, respectively. We have no intention to sell any of these securities prior to a recovery in value, but will continue to monitor the fair value reported for these securities as part of our overall process to evaluate investments for OTTI recognition.


















 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
Less than 12 months
 
12 months or longer
 
Total
Type of Investment
Number
of Issues
 
Fair
Value
 
Gross Unrealized
Depreciation
 
Number
of Issues
 
Fair
Value
 
Gross Unrealized Depreciation
 
Fair
Value
 
Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
5

 
$
10,370

 
$
67

 
2

 
$
5,765

 
$
119

 
$
16,135

 
$
186

U.S. government agency
11

 
64,842

 
390

 
5

 
19,372

 
327

 
84,214

 
717

States, municipalities and political subdivisions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   General obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Midwest
2

 
2,177

 
8

 
3

 
19,729

 
431

 
21,906

 
439

      Northeast

 

 

 
1

 
3,644

 
10

 
3,644

 
10

      South
3

 
7,959

 
32

 
11

 
29,545

 
781

 
37,504

 
813

      West
2

 
5,944

 
18

 
8

 
25,755

 
445

 
31,699

 
463

   Special revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Midwest
2

 
3,486

 
15

 
7

 
19,130

 
336

 
22,616

 
351

      Northeast
1

 
4,471

 
37

 
11

 
28,476

 
582

 
32,947

 
619

      South
8

 
7,749

 
107

 
27

 
69,917

 
1,744

 
77,666

 
1,851

      West
3

 
5,424

 
16

 
22

 
56,753

 
1,182

 
62,177

 
1,198

Foreign bonds
1

 
857

 
49

 

 

 

 
857

 
49

Public utilities
8

 
19,186

 
79

 
5

 
8,446

 
191

 
27,632

 
270

Corporate bonds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy
1

 
2,236

 
13

 
1

 
1,606

 
97

 
3,842

 
110

Industrials
10

 
27,773

 
146

 
2

 
4,275

 
95

 
32,048

 
241

Consumer goods and services
14

 
32,781

 
248

 
3

 
6,813

 
246

 
39,594

 
494

Health care
4

 
9,947

 
29

 

 

 

 
9,947

 
29

Technology, media and telecommunications
12

 
35,319

 
122

 
3

 
10,413

 
128

 
45,732

 
250

Financial services
22

 
50,144

 
256

 
4

 
11,389

 
186

 
61,533

 
442

Mortgage-backed securities
10

 
2,458

 
18

 
10

 
6,641

 
220

 
9,099

 
238

Collateralized mortgage obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government national mortgage association
20

 
49,764

 
629

 
17

 
46,969

 
1,645

 
96,733

 
2,274

Federal home loan mortgage corporation
11

 
37,543

 
577

 
20

 
75,679

 
3,470

 
113,222

 
4,047

Federal national mortgage association
11

 
31,958

 
342

 
11

 
20,123

 
832

 
52,081

 
1,174

Asset-backed securities
1

 
992

 
8

 

 

 

 
992

 
8

Total Available-for-Sale Fixed Maturities
162

 
$
413,380

 
$
3,206

 
173

 
$
470,440

 
$
13,067

 
$
883,820

 
$
16,273

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Public utilities

 
$

 
$

 
1

 
$
278

 
$
30

 
$
278

 
$
30

Energy
2

 
528

 
120

 

 

 

 
528

 
120

Industrials
1

 
99

 
13

 
5

 
193

 
107

 
292

 
120

Consumer goods and services

 

 

 
2

 
151

 
164

 
151

 
164

Technology, media and telecommunications
2

 
466

 
95

 
1

 
4

 
20

 
470

 
115

Financial services
2

 
193

 
55

 
1

 
9

 
12

 
202

 
67

Total Available-for-Sale Equity Securities
7

 
$
1,286

 
$
283

 
10

 
$
635

 
$
333

 
$
1,921

 
$
616

Total Available-for-Sale Securities
169

 
$
414,666

 
$
3,489

 
183

 
$
471,075

 
$
13,400

 
$
885,741

 
$
16,889


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Less than 12 months
 
12 months or longer
 
Total
Type of Investment
Number
of Issues
 
Fair
Value
 
Gross Unrealized Depreciation
 
Number
of Issues
 
Fair
Value
 
Gross Unrealized Depreciation
 
Fair
Value
 
Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bonds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
9

 
$
10,800

 
$
108

 

 
$

 
$

 
$
10,800

 
$
108

U.S. government agency
10

 
36,593

 
540

 

 

 

 
36,593

 
540

States, municipalities and political subdivisions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   General obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Midwest
27

 
40,545

 
1,412

 

 

 

 
40,545

 
1,412

      Northeast
9

 
9,874

 
231

 

 

 

 
9,874

 
231

      South
37

 
53,699

 
2,355

 

 

 

 
53,699

 
2,355

      West
30

 
55,265

 
2,173

 

 

 

 
55,265

 
2,173

   Special revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      Midwest
41

 
62,937

 
1,433

 

 

 

 
62,937

 
1,433

      Northeast
22

 
54,993

 
2,624

 

 

 

 
54,993

 
2,624

      South
79

 
152,979

 
6,791

 

 

 

 
152,979

 
6,791

      West
44

 
81,676

 
4,052

 

 

 

 
81,676

 
4,052

Public utilities
20

 
38,511

 
423

 
2

 
2,122

 
24

 
40,633

 
447

Corporate bonds
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy
8

 
15,938

 
313

 
3

 
8,232

 
106

 
24,170

 
419

Industrials
24

 
42,854

 
596

 
3

 
5,641

 
386

 
48,495

 
982

Consumer goods and services
11

 
21,059

 
295

 

 

 

 
21,059

 
295

Health care
9

 
20,918

 
151

 

 

 

 
20,918

 
151

Technology, media and telecommunications
16

 
41,230

 
516

 
3

 
10,241

 
303

 
51,471

 
819

Financial services
37

 
75,286

 
1,358

 

 

 

 
75,286

 
1,358

Mortgage-backed securities
16

 
9,611

 
187

 
5

 
1,198

 
54

 
10,809

 
241

Collateralized mortgage obligations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government national mortgage association
36

 
82,430

 
2,261

 
9

 
13,603

 
505

 
96,033

 
2,766

Federal home loan mortgage corporation
41

 
105,775

 
3,165

 
3

 
5,141

 
241

 
110,916

 
3,406

Federal national mortgage association
27

 
46,633

 
1,091

 
4

 
4,341

 
243

 
50,974

 
1,334

Asset-backed securities
1

 
971

 
29

 
1

 
2,559

 
253

 
3,530

 
282

Total Available-for-Sale Fixed Maturities
554

 
$
1,060,577

 
$
32,104

 
33

 
$
53,078

 
$
2,115

 
$
1,113,655

 
$
34,219

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stocks
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Public utilities

 
$

 
$

 
3

 
$
120

 
$
188

 
$
120

 
$
188

Energy

 

 

 
1

 
163

 
22

 
163

 
22

Industrials

 

 

 
6

 
239

 
173

 
239

 
173

Consumer goods and services
3

 
282

 
55

 
2

 
15

 
3

 
297

 
58

Technology, media and telecommunications
7

 
26

 
5

 
8

 
33

 
33

 
59

 
38

Financial services
3

 
53

 
3

 
2

 
150

 
64

 
203

 
67

Total Available-for-Sale Equity Securities
13

 
$
361

 
$
63

 
22

 
$
720

 
$
483

 
$
1,081

 
$
546

Total Available-for-Sale Securities
567

 
$
1,060,938

 
$
32,167

 
55

 
$
53,798

 
$
2,598

 
$
1,114,736

 
$
34,765

The following tables are a reconciliation for continuing and discontinued operations of our total fixed maturity and equity securities that were in an unrealized loss position at December 31, 2017 and December 31, 2016. The securities are presented by the length of time they have been continuously in an unrealized loss position:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
Less than 12 months
 
12 months or longer
 
Total
Type of Investment
Number
of Issues
 
Fair
Value
 
Gross Unrealized
Depreciation
 
Number
of Issues
 
Fair
Value
 
Gross Unrealized Depreciation
 
Fair
Value
 
Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
88

 
232,489

 
1,791

 
112

 
302,815

 
7,161

 
$
535,304

 
$
8,952

Discontinued operations
74

 
180,891

 
1,415

 
61

 
167,625

 
5,906

 
348,516

 
7,321

Total Available-for-Sale Fixed Maturities
162

 
$
413,380

 
$
3,206

 
173

 
$
470,440

 
$
13,067

 
$
883,820

 
$
16,273

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
5

 
1,129

 
236

 
6

 
385

 
303

 
$
1,514

 
$
539

Discontinued operations
2

 
157

 
47

 
4

 
250

 
30

 
407

 
77

Total Available-for-Sale Equity Securities
7

 
$
1,286

 
$
283

 
10

 
$
635

 
$
333

 
$
1,921

 
$
616

Total Available-for-Sale Securities
169

 
$
414,666

 
$
3,489

 
183

 
$
471,075

 
$
13,400

 
$
885,741

 
$
16,889


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
Less than 12 months
 
12 months or longer
 
Total
Type of Investment
Number
of Issues
 
Fair
Value
 
Gross Unrealized
Depreciation
 
Number
of Issues
 
Fair
Value
 
Gross Unrealized Depreciation
 
Fair
Value
 
Gross Unrealized Depreciation
AVAILABLE-FOR-SALE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
404

 
$
654,235

 
$
23,359

 
12

 
$
6,288

 
$
315

 
$
660,523

 
$
23,674

Discontinued operations
150

 
406,342

 
8,745

 
21

 
46,790

 
1,800

 
453,132

 
10,545

Total Available-for-Sale Fixed Maturities
554

 
$
1,060,577

 
$
32,104

 
33

 
$
53,078

 
$
2,115

 
$
1,113,655

 
$
34,219

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
12

 
$
351

 
$
62

 
17

 
$
477

 
$
254

 
$
828

 
$
316

Discontinued operations
1

 
10

 
1

 
5

 
243

 
229

 
253

 
230

Total Available-for-Sale Equity Securities
13

 
$
361

 
$
63

 
22

 
$
720

 
$
483

 
$
1,081

 
$
546

Total Available-for-Sale Securities
567

 
$
1,060,938

 
$
32,167

 
55

 
$
53,798

 
$
2,598

 
$
1,114,736

 
$
34,765