Net Investment Gains (Losses) (Tables)

9 Months Ended

Sep. 30, 2020

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains (losses) were as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2020		2019		2020		2019
Net investment gains (losses):
Fixed maturity securities:
Gains	$	3,811	$	2,100	$	23,586	$	10,503
Losses	(39,162)		(4,984)		(53,243)		(11,879)
Equity securities (1):
Net realized (losses) gains on investment sales	(176)		(11)		5,551		23,328
Change in unrealized gains (losses)	30,693		4,226		(61,859)		115,722
Investment funds	203		(456)		31,299		(398)
Real estate	3,841		417		(3,983)		6,184
Loans receivable	—		—		—		(970)
Other	(6,982)		173		(30,755)		1,201
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses	(7,772)		1,465		(89,404)		143,691
Change in allowance for expected credit losses on investments (2):
Fixed maturity securities	43,874		—		33,147		—
Loans receivable	2,876		—		(4,054)		—
Change in allowance for expected credit losses on investments	46,750		—		29,093		—
Net investment gains (losses)	38,978		1,465		(60,311)		143,691
Income tax (expense) benefit	(8,855)		(308)		13,622		(30,175)
After-tax net investment gains (losses)	$	30,123	$	1,157	$	(46,689)	$	113,516

Change in unrealized investment gains (losses) on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	46,164	$	(12,178)	$	89,363	$	308,945
Fixed maturity securities with allowance for expected credit losses	5,036		384		30,027		396
Investment funds	(198)		(2,689)		(3,632)		4,863
Other	(2,022)		(14,109)		(4,002)		(26,465)
Total change in unrealized investment gains (losses)	48,980		(28,592)		111,756		287,739
Income tax (expense) benefit	(10,707)		3,847		(13,740)		(68,060)
Noncontrolling interests	(3)		123		(2)		105
After-tax change in unrealized investment gains (losses) of available for sale securities	$	38,270	$	(24,622)	$	98,014	$	219,784

______________________

(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 (losses) 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) The inclusion of the allowance for expected credit losses on investments commenced January 1, 2020 due to the adoption of ASU 2016-13. See Note 3 for more details.