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Net Investment Income
 12 Months Ended
Dec. 31, 2018
Net Investment Income [Abstract]  
Net Investment Income Net Investment Income
Net investment income consists of the following:
(In thousands)
2018
 
2017
 
2016
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
519,269

 
$
473,101

 
$
444,247

Investment funds
109,349

 
68,169

 
99,301

Arbitrage trading account
28,157

 
19,145

 
18,693

Real estate
18,591

 
19,975

 
7,054

Equity securities
3,230

 
2,350

 
4,028

Gross investment income
678,596

 
582,740

 
573,323

Investment expense
(4,361
)
 
(6,952
)
 
(9,160
)
Net investment income
$
674,235

 
$
575,788

 
$
564,163