Investments in Fixed Maturity Securities

At September 30, 2018 and December 31, 2017, investments in fixed maturity securities were as follows:



(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
September 30, 2018
Held to maturity:
State and municipal	$	67,513	$	11,081	$	—		$	78,594	$	67,513
Residential mortgage-backed	11,276		1,171		—			12,447		11,276
Total held to maturity	78,789		12,252		—			91,041		78,789
Available for sale:
U.S. government and government agency	490,679		4,258		(7,895		)	487,042		487,042
State and municipal:
Special revenue	2,486,490		23,982		(32,046		)	2,478,426		2,478,426
State general obligation	380,200		8,917		(2,742		)	386,375		386,375
Pre-refunded	427,429		15,213		(55		)	442,587		442,587
Corporate backed	294,243		4,833		(2,596		)	296,480		296,480
Local general obligation	403,879		13,988		(3,841		)	414,026		414,026
Total state and municipal	3,992,241		66,933		(41,280		)	4,017,894		4,017,894
Mortgage-backed securities:
Residential (1)	1,237,787		4,400		(33,896		)	1,208,291		1,208,291
Commercial	345,826		670		(6,565		)	339,931		339,931
Total mortgage-backed securities	1,583,613		5,070		(40,461		)	1,548,222		1,548,222
Asset-backed	2,556,499		10,753		(17,378		)	2,549,874		2,549,874
Corporate:
Industrial	2,303,206		16,555		(41,783		)	2,277,978		2,277,978
Financial	1,436,530		16,786		(21,688		)	1,431,628		1,431,628
Utilities	303,260		2,222		(6,010		)	299,472		299,472
Other	56,474		6		(389		)	56,091		56,091
Total corporate	4,099,470		35,569		(69,870		)	4,065,169		4,065,169
Foreign	838,834		10,427		(23,849		)	825,412		825,412
Total available for sale	13,561,336		133,010		(200,733		)	13,493,613		13,493,613
Total investments in fixed maturity securities	$	13,640,125	$	145,262	$	(200,733	)	$	13,584,654	$	13,572,402



(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	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	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

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(1) Gross unrealized gains for residential mortgage-backed securities include $81,006 and $76,467 as of September 30, 2018 and December 31, 2017, respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income.

The amortized cost and fair value of fixed maturity securities at September 30, 2018, 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	$	948,532	$	948,471
Due after one year through five years	4,526,907		4,523,008
Due after five years through ten years	2,958,685		2,959,406
Due after ten years	3,611,112		3,593,100
Mortgage-backed securities	1,594,889		1,560,669
Total	$	13,640,125	$	13,584,654

At September 30, 2018 and December 31, 2017, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.