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Realized And Unrealized Investment Gains and Losses (Tables)
 12 Months Ended
Dec. 31, 2019
Realized and Unrealized Investment Gains (Losses) [Abstract]  
Realized and Unrealized Investment Gains (Losses)
Net realized and unrealized gains (losses) on investments are as follows:
(In thousands)
2019
 
2018
 
2017
Net realized and unrealized gains (losses) on investments in earnings
 

 
 

 
 

Fixed maturity securities:
 

 
 

 
 

Gains
$
23,900

 
$
26,752

 
$
28,217

Losses
(13,636
)
 
(13,733
)
 
(5,342
)
Equity securities (1):
 
 
 
 
 
Net realized gains on investment sales
23,306

 
435,150

 
154,539

Change in unrealized gains (losses)
85,292

 
(320,413
)
 
—

Investment funds (2)
(2,825
)
 
(212
)
 
125,423

Real estate
5,965

 
27,816

 
12,880

Loans receivable
(970
)
 
2,838

 
—

Other
(329
)
 
1,977

 
20,141

Net realized and unrealized gains on investments in earnings before OTTI
120,703

 
160,175

 
335,858

Other-than-temporary impairments (3)
—

 
(5,687
)
 
—

Net realized and unrealized gains on investments in earnings
120,703

 
154,488

 
335,858

Income tax expense
(25,348
)
 
(32,442
)
 
(117,550
)
  After-tax net realized and unrealized gains on investments in earnings
$
95,355

 
$
122,046

 
$
218,308
Change In Unrealized Gains (Losses)
Change in unrealized investment gains (losses) of available for sales securities:
 

 
 

 
 

Fixed maturity securities
$
271,825

 
$
(297,084
)
 
$
(2,192
)
Previously impaired fixed maturity securities
369

 
(132
)
 
895

Equity securities available for sale (4)
—

 
—

 
(77,971
)
Investment funds
(2,299
)
 
(5,672
)
 
10,179

Other
(7,925
)
 
151

 
(336
)
Total change in unrealized investment gains (losses)
261,970

 
(302,737
)
 
(69,425
)
Income tax (expense) benefit
(46,068
)
 
50,410

 
17,673

Noncontrolling interests
103

 
(46
)
 
19

 After-tax change in unrealized investment gains (losses) of available for sale securities
$
216,005

 
$
(252,373
)
 
$
(51,733
)

____________________
(1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.
(2) Investment funds includes a gain of $124 million from the sale of an investment in an office building located in Washington, D.C. for the year ended December 31, 2017.
(3) There were no OTTI for the years ended December 31, 2019 and 2017. For the year ended December 31, 2018, OTTI related to fixed maturity securities was $6 million.
(4) Effective January 1, 2018, the Company adopted accounting guidance that requires all equity investments with readily determinable fair values (subject to certain exceptions) to be measured at fair value, with changes in the fair value recognized in net income. The Company recorded an adjustment of $291 million to opening AOCI net of tax as a result of this guidance.