Net Investment Income

12 Months Ended

Dec. 31, 2012

Net investment income consists of the following:



(In thousands)	2012			2011			2010
Investment income earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	479,035		$	483,905		$	501,750
Equity securities available for sale	16,419			12,416			11,661
Investment funds	77,015			9,452			(6,481		)
Arbitrage trading account	8,286			16,576			27,155
Real estate	12,097			7,471			—
Gross investment income	592,852			529,820			534,085
Investment expense	(6,089		)	(3,469		)	(3,560		)
Net investment income	$	586,763		$	526,351		$	530,525

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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