| Schedule of 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) | 2017 | | 2016 | | 2017 | | 2016 | Investment income earned on: | | | | | | | | Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 118,834 |
| | $ | 114,271 |
| | $ | 347,976 |
| | $ | 331,448 |
| Investment funds | 15,200 |
| | 25,293 |
| | 50,744 |
| | 60,385 |
| Arbitrage trading account | 4,418 |
| | 6,441 |
| | 16,235 |
| | 12,883 |
| Real estate | 5,042 |
| | 585 |
| | 14,894 |
| | 4,552 |
| Equity securities available for sale | 604 |
| | 1,069 |
| | 1,845 |
| | 3,217 |
| Gross investment income | 144,098 |
| | 147,659 |
| | 431,694 |
| | 412,485 |
| Investment expense | (1,619 | ) | | (1,991 | ) | | (5,093 | ) | | (7,635 | ) | Net investment income | $ | 142,479 |
| | $ | 145,668 |
| | $ | 426,601 |
| | $ | 404,850 |
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