XML 33 R24.htm IDEA: XBRL DOCUMENT v3.22.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2022
Investments [Abstract]  
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

 

 

At March 31, 2022

 

 

Amortized

 

Allowance for

 

Unrealized

 

Unrealized

 

Market

(Dollars in thousands)

Cost

 

Credit Losses

 

Appreciation

 

Depreciation

 

Value

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

1,387,723

 

$

-

 

$

9,506

 

$

(41,423)

 

$

1,355,806

 

Obligations of U.S. states and political subdivisions

 

560,375

 

 

(151)

 

 

9,538

 

 

(10,574)

 

 

559,188

 

Corporate securities

 

7,510,255

 

 

(20,049)

 

 

64,802

 

 

(263,958)

 

 

7,291,050

 

Asset-backed securities

 

4,046,636

 

 

(7,679)

 

 

13,228

 

 

(54,294)

 

 

3,997,891

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,021,013

 

 

-

 

 

2,762

 

 

(31,904)

 

 

991,871

 

Agency residential

 

2,387,754

 

 

-

 

 

5,354

 

 

(109,611)

 

 

2,283,497

 

Non-agency residential

 

5,759

 

 

-

 

 

-

 

 

(114)

 

 

5,645

 

Foreign government securities

 

1,414,589

 

 

-

 

 

16,763

 

 

(68,970)

 

 

1,362,382

 

Foreign corporate securities

 

4,358,925

 

 

(13,712)

 

 

31,776

 

 

(225,904)

 

 

4,151,085

Total fixed maturity securities

$

22,693,029

 

$

(41,591)

 

$

153,729

 

$

(806,752)

 

$

21,998,415

 

 

At December 31, 2021

 

 

Amortized

 

Allowance for

 

Unrealized

 

Unrealized

 

Market

(Dollars in thousands)

Cost

 

Credit Losses

 

Appreciation

 

Depreciation

 

Value

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

1,407,256

 

$

-

 

$

23,720

 

$

(10,358)

 

$

1,420,618

 

Obligations of U.S. states and political subdivisions

 

558,842

 

 

(151)

 

 

29,080

 

 

(1,150)

 

 

586,621

 

Corporate securities

 

7,443,535

 

 

(19,267)

 

 

195,210

 

 

(62,580)

 

 

7,556,898

 

Asset-backed securities

 

3,579,439

 

 

(7,679)

 

 

21,817

 

 

(11,848)

 

 

3,581,729

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,032,506

 

 

-

 

 

37,550

 

 

(5,690)

 

 

1,064,366

 

Agency residential

 

2,361,208

 

 

-

 

 

32,997

 

 

(18,873)

 

 

2,375,332

 

Non-agency residential

 

6,530

 

 

-

 

 

22

 

 

(16)

 

 

6,536

 

Foreign government securities

 

1,423,634

 

 

-

 

 

41,957

 

 

(28,079)

 

 

1,437,512

 

Foreign corporate securities

 

4,250,642

 

 

(2,641)

 

 

95,195

 

 

(64,536)

 

 

4,278,660

Total fixed maturity securities

$

22,063,592

 

$

(29,738)

 

$

477,548

 

$

(203,130)

 

$

22,308,272
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity

 

At March 31, 2022

 

At December 31, 2021

 

Amortized

 

Market

 

Amortized

 

Market

(Dollars in thousands)

Cost

 

Value

 

Cost

 

Value

Fixed maturity securities – available for sale:

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

1,391,977

 

$

1,391,679

 

$

1,398,742

 

$

1,398,006

Due after one year through five years

 

7,302,421

 

 

7,112,007

 

 

7,075,077

 

 

7,154,468

Due after five years through ten years

 

4,896,715

 

 

4,673,737

 

 

5,003,792

 

 

5,100,672

Due after ten years

 

1,640,754

 

 

1,542,088

 

 

1,606,298

 

 

1,627,163

Asset-backed securities

 

4,046,636

 

 

3,997,891

 

 

3,579,439

 

 

3,581,729

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,021,013

 

 

991,871

 

 

1,032,506

 

 

1,064,366

Agency residential

 

2,387,754

 

 

2,283,497

 

 

2,361,208

 

 

2,375,332

Non-agency residential

 

5,759

 

 

5,645

 

 

6,530

 

 

6,536

Total fixed maturity securities

$

22,693,029

 

$

21,998,415

 

$

22,063,592

 

$

22,308,272
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

2021

Increase (decrease) during the period between the market value and cost

 

 

 

 

 

of investments carried at market value, and deferred taxes thereon:

 

 

 

 

 

Fixed maturity securities and short-term investments

$

(927,407)

 

$

(322,708)

Change in unrealized appreciation (depreciation), pre-tax

 

(927,407)

 

 

(322,708)

Deferred tax benefit (expense)

 

116,408

 

 

40,427

Change in unrealized appreciation (depreciation),

 

 

 

 

 

net of deferred taxes, included in shareholders’ equity

$

(810,999)

 

$

(292,281)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

 

 

Duration of Unrealized Loss at March 31, 2022 By Security Type

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities - available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

735,568

 

$

(31,508)

 

$

140,967

 

$

(9,915)

 

$

876,535

 

$

(41,423)

Obligations of U.S. states and political subdivisions

 

135,080

 

 

(8,844)

 

 

12,751

 

 

(1,683)

 

 

147,831

 

 

(10,527)

Corporate securities

 

3,552,799

 

 

(191,372)

 

 

804,526

 

 

(71,842)

 

 

4,357,325

 

 

(263,214)

Asset-backed securities

 

3,072,751

 

 

(51,294)

 

 

41,984

 

 

(3,000)

 

 

3,114,735

 

 

(54,294)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

696,096

 

 

(29,358)

 

 

19,307

 

 

(2,546)

 

 

715,403

 

 

(31,904)

Agency residential

 

1,405,047

 

 

(67,884)

 

 

511,034

 

 

(41,727)

 

 

1,916,081

 

 

(109,611)

Non-agency residential

 

4,831

 

 

(102)

 

 

815

 

 

(12)

 

 

5,646

 

 

(114)

Foreign government securities

 

868,416

 

 

(37,826)

 

 

173,278

 

 

(31,144)

 

 

1,041,694

 

 

(68,970)

Foreign corporate securities

 

2,674,129

 

 

(177,921)

 

 

444,844

 

 

(47,682)

 

 

3,118,973

 

 

(225,603)

Total

$

13,144,717

 

$

(596,109)

 

$

2,149,506

 

$

(209,551)

 

$

15,294,223

 

$

(805,660)

Securities where an allowance for credit loss was recorded

 

18,830

 

 

(1,092)

 

 

-

 

 

-

 

 

18,830

 

 

(1,092)

Total fixed maturity securities

$

13,163,547

 

$

(597,201)

 

$

2,149,506

 

$

(209,551)

 

$

15,313,053

 

$

(806,752)

 

 

Duration of Unrealized Loss at December 31, 2021 By Security Type

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities - available for sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

504,168

 

$

(6,264)

 

$

91,735

 

$

(4,094)

 

$

595,903

 

$

(10,358)

Obligations of U.S. states and political subdivisions

 

51,094

 

 

(1,038)

 

 

2,558

 

 

(112)

 

 

53,652

 

 

(1,150)

Corporate securities

 

2,132,576

 

 

(38,316)

 

 

472,831

 

 

(24,264)

 

 

2,605,407

 

 

(62,580)

Asset-backed securities

 

1,954,079

 

 

(11,180)

 

 

41,823

 

 

(668)

 

 

1,995,902

 

 

(11,848)

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

221,852

 

 

(2,854)

 

 

40,496

 

 

(2,836)

 

 

262,348

 

 

(5,690)

Agency residential

 

1,101,215

 

 

(12,178)

 

 

279,697

 

 

(6,695)

 

 

1,380,912

 

 

(18,873)

Non-agency residential

 

2,320

 

 

(14)

 

 

156

 

 

(2)

 

 

2,476

 

 

(16)

Foreign government securities

 

392,447

 

 

(9,709)

 

 

100,673

 

 

(18,370)

 

 

493,120

 

 

(28,079)

Foreign corporate securities

 

1,734,510

 

 

(46,247)

 

 

210,722

 

 

(18,289)

 

 

1,945,232

 

 

(64,536)

Total fixed maturity securities

$

8,094,261

 

$

(127,800)

 

$

1,240,691

 

$

(75,330)

 

$

9,334,952

 

$

(203,130)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity

 

 

Duration of Unrealized Loss at March 31, 2022 By Maturity

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

170,052

 

$

(2,305)

 

$

105,909

 

$

(9,957)

 

$

275,961

 

$

(12,262)

Due in one year through five years

 

3,852,436

 

 

(164,170)

 

 

755,276

 

 

(55,787)

 

 

4,607,712

 

 

(219,957)

Due in five years through ten years

 

2,843,780

 

 

(178,654)

 

 

628,985

 

 

(82,375)

 

 

3,472,765

 

 

(261,029)

Due after ten years

 

1,099,724

 

 

(102,342)

 

 

86,196

 

 

(14,147)

 

 

1,185,920

 

 

(116,489)

Asset-backed securities

 

3,072,751

 

 

(51,294)

 

 

41,984

 

 

(3,000)

 

 

3,114,735

 

 

(54,294)

Mortgage-backed securities

 

2,105,974

 

 

(97,344)

 

 

531,156

 

 

(44,285)

 

 

2,637,130

 

 

(141,629)

Total

$

13,144,717

 

$

(596,109)

 

$

2,149,506

 

$

(209,551)

 

$

15,294,223

 

$

(805,660)

Securities where an allowance for credit loss was recorded

 

18,830

 

 

(1,092)

 

 

-

 

 

-

 

 

18,830

 

 

(1,092)

Total fixed maturity securities

$

13,163,547

 

$

(597,201)

 

$

2,149,506

 

$

(209,551)

 

$

15,313,053

 

$

(806,752)

 

 

Duration of Unrealized Loss at December 31, 2021 By Maturity

 

Less than 12 months

 

Greater than 12 months

 

Total

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Gross

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

(Dollars in thousands)

Market Value

 

Depreciation

 

Market Value

 

Depreciation

 

Market Value

 

Depreciation

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

129,860

 

$

(2,415)

 

$

136,827

 

$

(11,832)

 

$

266,687

 

$

(14,247)

Due in one year through five years

 

2,165,467

 

 

(35,264)

 

 

446,247

 

 

(28,685)

 

 

2,611,714

 

 

(63,949)

Due in five years through ten years

 

1,727,823

 

 

(47,413)

 

 

244,454

 

 

(22,038)

 

 

1,972,277

 

 

(69,451)

Due after ten years

 

791,645

 

 

(16,482)

 

 

50,991

 

 

(2,574)

 

 

842,636

 

 

(19,056)

Asset-backed securities

 

1,954,079

 

 

(11,180)

 

 

41,823

 

 

(668)

 

 

1,995,902

 

 

(11,848)

Mortgage-backed securities

 

1,325,387

 

 

(15,046)

 

 

320,349

 

 

(9,533)

 

 

1,645,736

 

 

(24,579)

Total fixed maturity securities

$

8,094,261

 

$

(127,800)

 

$

1,240,691

 

$

(75,330)

 

$

9,334,952

 

$

(203,130)
Summary Of Components Of Net Investment Income

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

2021

Fixed maturities

$

148,226

 

$

140,916

Equity securities

 

4,146

 

 

4,838

Short-term investments and cash

 

159

 

 

180

Other invested assets:

 

 

 

 

 

Limited partnerships

 

88,437

 

 

114,333

Other

 

11,831

 

 

6,019

Gross investment income before adjustments

 

252,799

 

 

266,286

Funds held interest income (expense)

 

3,685

 

 

7,966

Future policy benefit reserve income (expense)

 

(222)

 

 

(291)

Gross investment income

 

256,262

 

 

273,961

Investment expenses

 

(13,432)

 

 

(13,548)

Net investment income

$

242,830

 

$

260,413
Summary Of Components Of Net Realized Capital Gains (Losses)

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

 

2021

Fixed maturity securities, market value:

 

 

 

 

 

Allowance for credit losses

$

(11,853)

 

$

(6,977)

Net realized gains (losses) from dispositions

 

2,799

 

 

9,174

Equity securities, fair value:

 

 

 

 

 

Net realized gains (losses) from dispositions

 

(11,787)

 

 

6,238

Gains (losses) from fair value adjustments

 

(136,860)

 

 

29,056

Other invested assets

 

4,152

 

 

1,346

Short-term investments gain (loss)

 

(78)

 

 

66

Total net gains (losses) on investments

$

(153,627)

 

$

38,902

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

 

 

 

 

 

 

 

Roll Forward of Allowance for Credit Losses

 

 

Three Months Ended March 31, 2022

 

 

 

 

 

 

Obligations of

 

 

 

 

 

 

 

 

 

 

U.S. States

 

Foreign

 

 

 

 

Corporate

 

Asset-Backed

 

and Political

 

Corporate

 

 

 

 

Securities

 

Securities

 

Subdivisions

 

Securities

 

Total

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

 

$

(19,267)

 

$

(7,679)

 

$

(151)

 

$

(2,641)

 

$

(29,738)

Credit losses on securities where credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

losses were not previously recorded

 

 

(1,929)

 

 

-

 

 

-

 

 

(11,184)

 

 

(13,113)

Increases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Decreases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Reduction in allowance due to disposals

 

 

1,147

 

 

-

 

 

-

 

 

113

 

 

1,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2022

 

$

(20,049)

 

$

(7,679)

 

$

(151)

 

$

(13,712)

 

$

(41,591)

 

Roll Forward of Allowance for Credit Losses

 

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

Foreign

 

Foreign

 

 

 

 

Corporate

 

Asset-Backed

 

Government

 

Corporate

 

 

 

 

Securities

 

Securities

 

Securities

 

Securities

 

Total

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Balance

$

(1,220)

 

$

-

 

$

(22)

 

$

(503)

 

$

(1,745)

Credit losses on securities where credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

losses were not previously recorded

 

(2,383)

 

 

(4,915)

 

 

-

 

 

-

 

 

(7,298)

Increases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Decreases in allowance on previously

 

 

 

 

 

 

 

 

 

 

 

 

 

 

impaired securities

 

-

 

 

-

 

 

-

 

 

-

 

 

-

Reduction in allowance due to disposals

 

-

 

 

-

 

 

22

 

 

298

 

 

320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of March 31, 2021

$

(3,603)

 

$

(4,915)

 

$

-

 

$

(205)

 

$

(8,723)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

2021

Proceeds from sales of fixed maturity securities

$

418,988

 

$

228,278

Gross gains from dispositions

 

20,122

 

 

14,864

Gross losses from dispositions

 

(17,324)

 

 

(5,690)

 

 

 

 

 

 

Proceeds from sales of equity securities

$

90,101

 

$

281,313

Gross gains from dispositions

 

3,508

 

 

12,304

Gross losses from dispositions

 

(15,294)

 

 

(6,066)