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Net Investment Income Net Investment Income
9 Months Ended
Sep. 30, 2015
Income Statement [Abstract]  
Net Investment Income
Net Investment Income
Net investment income consists of the following: 
 
For the Three Months
 
For the Nine Months
 
Ended September 30,
 
Ended September 30,
(In thousands)
2015
 
2014
 
2015
 
2014
Investment income earned on:
 
 
 
 
 
 
 
Fixed maturity securities, including cash and cash equivalents and loans receivable
$
104,936

 
$
117,289

 
$
318,095

 
$
331,947

Investment funds
22,926

 
59,077

 
50,838

 
135,232

Arbitrage trading account
2,608

 
47

 
11,470

 
12,508

Equity securities available for sale
1,109

 
1,369

 
3,513

 
5,418

Real estate
4,389

 
3,042

 
9,270

 
9,207

Gross investment income
135,968

 
180,824

 
393,186

 
494,312

Investment expense
(2,754
)
 
(1,599
)
 
(8,150
)
 
(7,647
)
Net investment income
$
133,214

 
$
179,225

 
$
385,036

 
$
486,665