Net Investment Income (Tables)

12 Months Ended

Dec. 31, 2014

Net investment income consists of the following:



(In thousands)	2014			2013			2012
Investment income earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	439,489		$	442,287		$	479,035
Equity securities available for sale	6,726			11,380			16,419
Investment funds	131,649			67,712			77,015
Arbitrage trading account	22,438			20,431			8,286
Real estate	10,228			12,498			12,097
Gross investment income	610,530			554,308			592,852
Investment expense	(9,645		)	(10,017		)	(6,089		)
Net investment income	$	600,885		$	544,291		$	586,763

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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