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Net Investment Income
 12 Months Ended
Dec. 31, 2019
Net Investment Income [Abstract]  
Net Investment Income Net Investment Income
Net investment income consists of the following:
(In thousands)
2019
 
2018
 
2017
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
517,925

 
$
519,269

 
$
473,101

Investment funds
69,194

 
109,349

 
68,169

Arbitrage trading account
34,585

 
28,157

 
19,145

Real estate
24,218

 
18,591

 
19,975

Equity securities
5,439

 
3,230

 
2,350

Gross investment income
651,361

 
678,596

 
582,740

Investment expense
(5,747
)
 
(4,361
)
 
(6,952
)
Net investment income
$
645,614

 
$
674,235

 
$
575,788