Net Investment Income (Tables)

12 Months Ended

Dec. 31, 2020

Net Investment Income [Abstract]

Net Investment Income

Net investment income consists of the following:

(In thousands)	2020		2019		2018
Investment income earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	426,563	$	517,925	$	519,269
Investment funds	54,253		69,194		109,349
Arbitrage trading account	77,931		34,585		28,157
Real estate	24,027		24,218		18,591
Equity securities	10,172		5,439		3,230
Gross investment income	592,946		651,361		678,596
Investment expense	(9,125)		(5,747)		(4,361)
Net investment income	$	583,821	$	645,614	$	674,235