Fixed Maturity Securities in an Unrealized Loss Position

The following tables summarize all fixed maturity securities in an unrealized loss position at June 30, 2018 and December 31, 2017 by the length of time those securities have been continuously in an unrealized loss position:



	Less Than 12 Months				12 Months or Greater				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
June 30, 2018
U.S. government and government agency	$	245,718	$	2,852	$	93,232	$	3,411	$	338,950	$	6,263
State and municipal	1,406,792		22,540		302,403		9,679		1,709,195		32,219
Mortgage-backed securities	859,133		17,171		328,074		14,699		1,187,207		31,870
Asset-backed securities	1,538,222		12,216		160,722		868		1,698,944		13,084
Corporate	2,171,776		61,233		155,159		8,988		2,326,935		70,221
Foreign government	181,036		4,754		67,869		1,116		248,905		5,870
Fixed maturity securities	$	6,402,677	$	120,766	$	1,107,459	$	38,761	$	7,510,136	$	159,527

December 31, 2017
U.S. government and government agency	$	92,167	$	1,491	$	72,055	$	2,341	$	164,222	$	3,832
State and municipal	735,972		5,944		345,755		6,630		1,081,727		12,574
Mortgage-backed securities	480,435		5,110		373,956		11,065		854,391		16,175
Asset-backed securities	1,127,309		8,298		167,412		2,314		1,294,721		10,612
Corporate	1,103,747		8,224		170,858		5,946		1,274,605		14,170
Foreign government	244,139		2,615		25,824		251		269,963		2,866
Fixed maturity securities	$	3,783,769	$	31,682	$	1,155,860	$	28,547	$	4,939,629	$	60,229

A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2018 is presented in the table below:



($ in thousands)	Number of Securities	Aggregate Fair Value		Gross Unrealized Loss
Corporate	13	$	97,985	$	4,199
Foreign government	12	51,383		2,773
Asset-backed securities	3	268		104
Mortgage-backed securities	4	3,477		28
State and municipal	1	3,622		2
Total	33	$	156,735	$	7,106

For OTTI of fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due and does not consider any of these securities to be OTTI.