XML 56 R44.htm IDEA: XBRL DOCUMENT v3.6.0.2
Investments In Fixed Maturity Securities (Tables) - Debt Securities
12 Months Ended
Dec. 31, 2016
Dec. 31, 2014
Schedule of Marketable Securities [Line Items]    
Investments In Fixed Maturity Securities
At December 31, 2016 and 2015, investments in fixed maturity securities were as follows:
(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
December 31, 2016
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
72,582

 
$
12,453

 
$

 
$
85,035

 
$
72,582

Residential mortgage-backed
15,944

 
1,693

 

 
17,637

 
15,944

Total held to maturity
88,526

 
14,146

 

 
102,672

 
88,526

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
496,187

 
20,208

 
(2,593
)
 
513,802

 
513,802

State and municipal:
 
 
 
 
 
 
 
 
 
                 Special revenue
2,791,211

 
58,559

 
(26,315
)
 
2,823,455

 
2,823,455

                 State general obligation
524,682

 
16,964

 
(5,139
)
 
536,507

 
536,507

                 Pre-refunded
356,535

 
19,181

 
(165
)
 
375,551

 
375,551

                 Corporate backed
410,933

 
6,172

 
(6,452
)
 
410,653

 
410,653

                 Local general obligation
360,022

 
15,682

 
(2,367
)
 
373,337

 
373,337

       Total state and municipal
4,443,383

 
116,558

 
(40,438
)
 
4,519,503

 
4,519,503

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,034,301

 
15,431

 
(12,950
)
 
1,036,782

 
1,036,782

Commercial
155,540

 
304

 
(2,981
)
 
152,863

 
152,863

Total mortgage-backed securities
1,189,841

 
15,735

 
(15,931
)
 
1,189,645

 
1,189,645

Asset-backed securities
1,913,830

 
5,971

 
(11,941
)
 
1,907,860

 
1,907,860

Corporate:
 
 
 
 
 
 
 
 
 
                 Industrial
2,315,567

 
71,007

 
(7,174
)
 
2,379,400

 
2,379,400

                 Financial
1,369,001

 
39,543

 
(11,270
)
 
1,397,274

 
1,397,274

                 Utilities
229,154

 
10,801

 
(2,411
)
 
237,544

 
237,544

                 Other
54,073

 
299

 
(63
)
 
54,309

 
54,309

Total corporate
3,967,795

 
121,650

 
(20,918
)
 
4,068,527

 
4,068,527

Foreign
858,773

 
46,794

 
(2,762
)
 
902,805

 
902,805

Total available for sale
12,869,809

 
326,916

 
(94,583
)
 
13,102,142

 
13,102,142

Total investments in fixed maturity securities
$
12,958,335

 
$
341,062

 
$
(94,583
)
 
$
13,204,814

 
$
13,190,668



(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 securities
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 mortgage-backed securities include $818,691 and $1,269,491, as of December 31, 2016 and 2015, respectively, related to the non-credit portion of OTTI recognized in other comprehensive income.
 
The Amortized Cost And Fair Value of Fixed Maturity Securities  
The amortized cost and fair value of fixed maturity securities at December 31, 2016, 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
$
1,023,413

 
$
1,042,713

Due after one year through five years
5,100,876

 
5,223,935

Due after five years through ten years
3,157,579

 
3,249,731

Due after ten years
2,470,682

 
2,481,153

Mortgage-backed securities
1,205,785

 
1,207,282

Total
$
12,958,335

 
$
13,204,814