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Net Investment Income
 12 Months Ended
Dec. 31, 2015
Net Investment Income [Abstract]  
Net Investment Income
Net Investment Income
Net investment income consists of the following:
(In thousands)
2015
 
2014
 
2013
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
428,325

 
$
439,489

 
$
442,287

Equity securities available for sale
4,624

 
6,726

 
11,380

Investment funds
62,228

 
131,649

 
67,712

Arbitrage trading account
16,891

 
22,438

 
20,431

Real estate
11,294

 
10,228

 
12,498

Gross investment income
523,362

 
610,530

 
554,308

Investment expense
(10,717
)
 
(9,645
)
 
(10,017
)
Net investment income
$
512,645

 
$
600,885

 
$
544,291