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Net Investment Income (Tables)
 12 Months Ended
Dec. 31, 2016
Net Investment Income [Abstract]  
Net Investment Income
Net investment income consists of the following:
(In thousands)
2016
 
2015
 
2014
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
444,247

 
$
428,325

 
$
439,489

Investment funds
99,301

 
62,228

 
131,649

Arbitrage trading account
18,693

 
16,891

 
22,438

Real estate
7,054

 
11,294

 
10,228

Equity securities available for sale
4,028

 
4,624

 
6,726

Gross investment income
573,323

 
523,362

 
610,530

Investment expense
(9,160
)
 
(10,717
)
 
(9,645
)
Net investment income
$
564,163

 
$
512,645

 
$
600,885