Schedule of investments in fixed maturity securities |
At March 31, 2016 and December 31, 2015, investments in fixed maturity securities were as follows: | | | | | | | | | | | | | | | | | | | | | (In thousands) | Amortized Cost | | Gross Unrealized | | Fair Value | | Carrying Value | Gains | | Losses | | March 31, 2016 | | | | | | | | | | Held to maturity: | | | | | | | | | | State and municipal | $ | 78,264 |
| | $ | 17,340 |
| | $ | — |
| | $ | 95,604 |
| | $ | 78,264 |
| Residential mortgage-backed | 18,405 |
| | 2,470 |
| | — |
| | 20,875 |
| | 18,405 |
| Total held to maturity | 96,669 |
| | 19,810 |
| | — |
| | 116,479 |
| | 96,669 |
| Available for sale: | | | | | | | | | | U.S. government and government agency | 571,330 |
| | 27,602 |
| | (981 | ) | | 597,951 |
| | 597,951 |
| State and municipal: | | | | | | | | | | Special revenue | 2,613,723 |
| | 120,174 |
| | (2,047 | ) | | 2,731,850 |
| | 2,731,850 |
| State general obligation | 595,465 |
| | 30,624 |
| | (1,817 | ) | | 624,272 |
| | 624,272 |
| Pre-refunded | 407,586 |
| | 32,630 |
| | — |
| | 440,216 |
| | 440,216 |
| Corporate backed | 388,408 |
| | 15,034 |
| | (618 | ) | | 402,824 |
| | 402,824 |
| Local general obligation | 356,266 |
| | 29,357 |
| | (17 | ) | | 385,606 |
| | 385,606 |
| Total state and municipal | 4,361,448 |
| | 227,819 |
| | (4,499 | ) | | 4,584,768 |
| | 4,584,768 |
| Mortgage-backed securities: | | | | | | | | | | Residential (1) | 1,067,877 |
| | 27,520 |
| | (5,548 | ) | | 1,089,849 |
| | 1,089,849 |
| Commercial | 65,138 |
| | 778 |
| | (616 | ) | | 65,300 |
| | 65,300 |
| Total mortgage-backed securities | 1,133,015 |
| | 28,298 |
| | (6,164 | ) | | 1,155,149 |
| | 1,155,149 |
| Asset-backed | 1,855,301 |
| | 11,949 |
| | (22,846 | ) | | 1,844,404 |
| | 1,844,404 |
| Corporate: | | | | | | | | | | Industrial | 2,007,460 |
| | 106,650 |
| | (20,538 | ) | | 2,093,572 |
| | 2,093,572 |
| Financial | 1,176,238 |
| | 39,566 |
| | (13,664 | ) | | 1,202,140 |
| | 1,202,140 |
| Utilities | 197,336 |
| | 10,771 |
| | (1,958 | ) | | 206,149 |
| | 206,149 |
| Other | 66,289 |
| | 426 |
| | — |
| | 66,715 |
| | 66,715 |
| Total corporate | 3,447,323 |
| | 157,413 |
| | (36,160 | ) | | 3,568,576 |
| | 3,568,576 |
| Foreign | 849,800 |
| | 54,580 |
| | (6,461 | ) | | 897,919 |
| | 897,919 |
| Total available for sale | 12,218,217 |
| | 507,661 |
| | (77,111 | ) | | 12,648,767 |
| | 12,648,767 |
| Total investments in fixed maturity securities | $ | 12,314,886 |
| | $ | 527,471 |
| | $ | (77,111 | ) | | $ | 12,765,246 |
| | $ | 12,745,436 |
|
| | | | | | | | | | | | | | | | | | | | | (In thousands) | Amortized Cost | | Gross Unrealized | | Fair Value | | Carrying Value | Gains | | Losses | December 31, 2015 | | | | | | | | | | Held to maturity: | | | | | | | | | | State and municipal | $ | 77,129 |
| | $ | 16,246 |
| | $ | — |
| | $ | 93,375 |
| | $ | 77,129 |
| Residential mortgage-backed | 19,138 |
| | 2,207 |
| | — |
| | 21,345 |
| | 19,138 |
| Total held to maturity | 96,267 |
| | 18,453 |
| | — |
| | 114,720 |
| | 96,267 |
| Available for sale: | | | | | | | | | | U.S. government and government agency | 645,092 |
| | 27,660 |
| | (2,333 | ) | | 670,419 |
| | 670,419 |
| State and municipal: | | | | | | | | | | Special revenue | 2,510,816 |
| | 102,909 |
| | (3,737 | ) | | 2,609,988 |
| | 2,609,988 |
| State general obligation | 583,456 |
| | 28,068 |
| | (2,070 | ) | | 609,454 |
| | 609,454 |
| Pre-refunded | 439,772 |
| | 32,056 |
| | (31 | ) | | 471,797 |
| | 471,797 |
| Corporate backed | 388,904 |
| | 14,039 |
| | (402 | ) | | 402,541 |
| | 402,541 |
| Local general obligation | 342,158 |
| | 24,270 |
| | (29 | ) | | 366,399 |
| | 366,399 |
| Total state and municipal | 4,265,106 |
| | 201,342 |
| | (6,269 | ) | | 4,460,179 |
| | 4,460,179 |
| Mortgage-backed securities: | | | | | | | | | | Residential (1) | 1,126,382 |
| | 18,935 |
| | (11,180 | ) | | 1,134,137 |
| | 1,134,137 |
| Commercial | 64,975 |
| | 875 |
| | (128 | ) | | 65,722 |
| | 65,722 |
| Total mortgage-backed securities | 1,191,357 |
| | 19,810 |
| | (11,308 | ) | | 1,199,859 |
| | 1,199,859 |
| Asset-backed | 1,706,694 |
| | 12,892 |
| | (14,414 | ) | | 1,705,172 |
| | 1,705,172 |
| Corporate: | | | | | | | | | | Industrial | 1,976,393 |
| | 75,168 |
| | (30,027 | ) | | 2,021,534 |
| | 2,021,534 |
| Financial | 1,153,096 |
| | 31,744 |
| | (11,819 | ) | | 1,173,021 |
| | 1,173,021 |
| Utilities | 192,857 |
| | 8,321 |
| | (2,527 | ) | | 198,651 |
| | 198,651 |
| Other | 81,607 |
| | 245 |
| | (20 | ) | | 81,832 |
| | 81,832 |
| Total corporate | 3,403,953 |
| | 115,478 |
| | (44,393 | ) | | 3,475,038 |
| | 3,475,038 |
| Foreign | 799,839 |
| | 50,310 |
| | (12,689 | ) | | 837,460 |
| | 837,460 |
| Total available for sale | 12,012,041 |
| | 427,492 |
| | (91,406 | ) | | 12,348,127 |
| | 12,348,127 |
| Total investments in fixed maturity securities | $ | 12,108,308 |
|
| $ | 445,945 |
| | $ | (91,406 | ) | | $ | 12,462,847 |
| | $ | 12,444,394 |
|
____________ | | (1) | Gross unrealized losses for residential mortgage-backed securities include $1,324,214 and $1,269,491 as of March 31, 2016 and December 31, 2015, respectively, related to the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income. |
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