XML 56 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments In Fixed Maturity Securities (Tables) - Debt Securities
12 Months Ended
Dec. 31, 2017
Schedule of Marketable Securities [Line Items]  
Investments In Fixed Maturity Securities
At December 31, 2017 and 2016, investments in fixed maturity securities were as follows:
(In thousands)
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Carrying
Value
Gains
 
Losses
December 31, 2017
 
 
 
 
 
 
 
 
 
Held to maturity:
 
 
 
 
 
 
 
 
 
State and municipal
$
65,882

 
$
14,499

 
$

 
$
80,381

 
$
65,882

Residential mortgage-backed
13,450

 
1,227

 

 
14,677

 
13,450

Total held to maturity
79,332

 
15,726

 

 
95,058

 
79,332

Available for sale:
 
 
 
 
 
 
 
 
 
U.S. government and government agency
372,748

 
8,824

 
(3,832
)
 
377,740

 
377,740

State and municipal:
 
 
 
 
 
 
 
 
 
                 Special revenue
2,663,245

 
53,512

 
(10,027
)
 
2,706,730

 
2,706,730

                 State general obligation
439,358

 
16,087

 
(711
)
 
454,734

 
454,734

                 Pre-refunded
436,241

 
22,701

 
(9
)
 
458,933

 
458,933

                 Corporate backed
375,268

 
10,059

 
(860
)
 
384,467

 
384,467

                 Local general obligation
417,955

 
23,242

 
(967
)
 
440,230

 
440,230

       Total state and municipal
4,332,067

 
125,601

 
(12,574
)
 
4,445,094

 
4,445,094

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Residential (1)
1,043,629

 
9,304

 
(13,547
)
 
1,039,386

 
1,039,386

Commercial
261,652

 
1,521

 
(2,628
)
 
260,545

 
260,545

Total mortgage-backed securities
1,305,281

 
10,825

 
(16,175
)
 
1,299,931

 
1,299,931

Asset-backed securities
2,111,132

 
11,024

 
(10,612
)
 
2,111,544

 
2,111,544

Corporate:
 
 
 
 
 
 
 
 
 
                 Industrial
2,574,400

 
52,210

 
(7,718
)
 
2,618,892

 
2,618,892

                 Financial
1,402,161

 
37,744

 
(5,138
)
 
1,434,767

 
1,434,767

                 Utilities
284,886

 
11,316

 
(1,248
)
 
294,954

 
294,954

                 Other
40,560

 
5

 
(66
)
 
40,499

 
40,499

Total corporate
4,302,007

 
101,275

 
(14,170
)
 
4,389,112

 
4,389,112

Foreign government
819,345

 
32,018

 
(2,866
)
 
848,497

 
848,497

Total available for sale
13,242,580

 
289,567

 
(60,229
)
 
13,471,918

 
13,471,918

Total investments in fixed maturity securities
$
13,321,912

 
$
305,293

 
$
(60,229
)
 
$
13,566,976

 
$
13,551,250


(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 government
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

____________________
(1) Gross unrealized gain (losses) for mortgage-backed securities include $76,467 and ($818,691) as of December 31, 2017 and 2016, 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, 2017, 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
$
673,946

 
$
679,822

Due after one year through five years
4,961,661

 
5,051,288

Due after five years through ten years
3,247,109

 
3,360,452

Due after ten years
3,120,465

 
3,160,806

Mortgage-backed securities
1,318,731

 
1,314,608

Total
$
13,321,912

 
$
13,566,976