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Net Investment Income
 12 Months Ended
Dec. 31, 2017
Net Investment Income [Abstract]  
Net Investment Income
Net Investment Income
Net investment income consists of the following:
(In thousands)
2017
 
2016
 
2015
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
473,101

 
$
444,247

 
$
428,325

Investment funds
68,169

 
99,301

 
62,228

Arbitrage trading account
19,145

 
18,693

 
16,891

Real estate
19,975

 
7,054

 
11,294

Equity securities available for sale
2,350

 
4,028

 
4,624

Gross investment income
582,740

 
573,323

 
523,362

Investment expense
(6,952
)
 
(9,160
)
 
(10,717
)
Net investment income
$
575,788

 
$
564,163

 
$
512,645