XML 31 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Realized And Unrealized Investment Gains and Losses
12 Months Ended
Dec. 31, 2017
Realized and Unrealized Investment Gains (Losses) [Abstract]  
Realized and Unrealized Investment Gains and Losses
Realized and Unrealized Investment Gains (Losses)
Realized and unrealized investment gains (losses) are as follows:
(In thousands)
2017
 
2016
 
2015
Realized investment gains (losses):
 

 
 

 
 

Fixed maturity securities:
 

 
 

 
 

Gains
$
28,217

 
$
72,215

 
$
23,755

Losses
(5,342
)
 
(6,434
)
 
(4,065
)
Equity securities available for sale
154,539

 
14,201

 
9,639

Investment funds (1)
125,423

 
58,861

 
93,529

Real estate
12,880

 
7,757

 

Other (2)
20,141

 
138,519

 
2,775

Net realized gains on investments sales
335,858

 
285,119

 
125,633

Other-than-temporary impairments (3)

 
(18,114
)
 
(33,309
)
Net investment gains
335,858

 
267,005

 
92,324

Income tax expense
(117,550
)
 
(93,452
)
 
(32,313
)
  After-tax realized investment gains
$
218,308

 
$
173,553

 
$
60,011


Change in unrealized gains (losses) of available for sales securities:
 

 
 

 
 

Fixed maturity securities
$
(2,192
)
 
$
(107,094
)
 
$
(144,445
)
Previously impaired fixed maturity securities
895

 
451

 
(174
)
Equity securities available for sale
(77,971
)
 
465,727

 
(27,809
)
Investment funds
9,843

 
12,631

 
(19,758
)
Total change in unrealized investment gains (losses)
(69,425
)
 
371,715

 
(192,186
)
Income tax benefit (expense)
17,673

 
(125,315
)
 
66,644

Noncontrolling interests
19

 
59

 
38

 After-tax change in unrealized investment gains (losses) of available for sale securities
$
(51,733
)
 
$
246,459

 
$
(125,504
)

____________________
(1) Investment funds includes a gain of $124.3 million from the sale of an investment in an office building located in Washington, D.C. for the year ended December 31, 2017.

(2) Other includes a gain of $134.9 million from the sale of Aero Precision Industries and certain related aviation services business for the year ended December 31, 2016.

(3) There were no other than temporary impairments (OTTI) for the year ended December 31, 2017. For the year ended December 31, 2016, OTTI related to equity securities was $18.1 million. For the year ended December 31, 2015, OTTI related to equity securities was $24.3 million and related to fixed maturity securities was $9.0 million.