Investments In Fixed Maturity Securities

6 Months Ended

Jun. 30, 2015

Debt Securities [Member]

Schedule of Marketable Securities [Line Items]

Investments In Fixed Maturity Securities

Investments in Fixed Maturity Securities

At June 30, 2015 and December 31, 2014, investments in fixed maturity securities were as follows:

(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
June 30, 2015
Held to maturity:
State and municipal	$	75,066	$	15,029	$	—		$	90,095	$	75,066
Residential mortgage-backed	21,241		2,655		—			23,896		21,241
Corporate	4,999		142		—			5,141		4,999
Total held to maturity	101,306		17,826		—			119,132		101,306
Available for sale:
U.S. government and government agency	691,250		27,672		(3,555		)	715,367		715,367
State and municipal:
Special revenue	2,345,401		91,768		(8,386		)	2,428,783		2,428,783
State general obligation	640,845		25,694		(6,113		)	660,426		660,426
Pre-refunded	444,165		28,606		(133		)	472,638		472,638
Corporate backed	419,572		13,850		(998		)	432,424		432,424
Local general obligation	283,988		21,023		(431		)	304,580		304,580
Total state and municipal	4,133,971		180,941		(16,061		)	4,298,851		4,298,851
Mortgage-backed securities:
Residential (1)	1,085,961		24,498		(10,514		)	1,099,945		1,099,945
Commercial	68,378		1,053		(93		)	69,338		69,338
Total mortgage-backed securities	1,154,339		25,551		(10,607		)	1,169,283		1,169,283
Corporate:
Asset-backed	1,644,366		17,816		(10,027		)	1,652,155		1,652,155
Industrial	1,780,193		96,890		(10,238		)	1,866,845		1,866,845
Financial	1,296,370		32,050		(10,412		)	1,318,008		1,318,008
Utilities	182,282		10,412		(2,212		)	190,482		190,482
Other	116,146		756		(539		)	116,363		116,363
Total corporate	5,019,357		157,924		(33,428		)	5,143,853		5,143,853
Foreign	918,738		65,344		(16,932		)	967,150		967,150
Total available for sale	11,917,655		457,432		(80,583		)	12,294,504		12,294,504
Total investments in fixed maturity securities	$	12,018,961	$	475,258	$	(80,583	)	$	12,413,636	$	12,395,810

(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
December 31, 2014
Held to maturity:
State and municipal	$	72,901	$	17,501	$	—		$	90,402	$	72,901
Residential mortgage-backed	23,278		2,854		—			26,132		23,278
Corporate	4,998		291		—			5,289		4,998
Total held to maturity	101,177		20,646		—			121,823		101,177
Available for sale:
U.S. government and government agency	773,192		33,353		(3,157		)	803,388		803,388
State and municipal:
Special revenue	2,264,210		111,841		(2,084		)	2,373,967		2,373,967
State general obligation	674,022		37,615		(787		)	710,850		710,850
Pre-refunded	504,778		35,619		(289		)	540,108		540,108
Corporate backed	413,234		18,976		(855		)	431,355		431,355
Local general obligation	281,622		25,099		(5		)	306,716		306,716
Total state and municipal	4,137,866		229,150		(4,020		)	4,362,996		4,362,996
Mortgage-backed securities:
Residential (1)	1,201,924		27,124		(9,449		)	1,219,599		1,219,599
Commercial	74,479		1,610		(52		)	76,037		76,037
Total mortgage-backed securities	1,276,403		28,734		(9,501		)	1,295,636		1,295,636
Corporate:
Asset-backed	2,019,032		18,868		(11,974		)	2,025,926		2,025,926
Industrial	1,606,724		117,206		(5,131		)	1,718,799		1,718,799
Financial	1,140,801		38,080		(7,673		)	1,171,208		1,171,208
Utilities	184,107		12,436		(1		)	196,542		196,542
Other	86,294		1,370		(2		)	87,662		87,662
Total corporate	5,036,958		187,960		(24,781		)	5,200,137		5,200,137
Foreign	897,668		62,223		(18,065		)	941,826		941,826
Total available for sale	12,122,087		541,420		(59,524		)	12,603,983		12,603,983
Total investments in fixed maturity securities	$	12,223,264	$	562,066	$	(59,524	)	$	12,725,806	$	12,705,160

____________

(1) Gross unrealized losses for residential mortgage-backed securities include $1,073,002 and $1,095,671 as of June 30, 2015 and December 31, 2014, respectively, related to the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income.

The amortized cost and fair value of fixed maturity securities at June 30, 2015, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.

(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	818,912	$	825,584
Due after one year through five years	3,934,376		4,091,220
Due after five years through ten years	3,612,449		3,754,639
Due after ten years	2,477,644		2,549,014
Mortgage-backed securities	1,175,580		1,193,179
Total	$	12,018,961	$	12,413,636

At June 30, 2015, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity.