Net Investment Gains (Tables)

12 Months Ended

Dec. 31, 2020

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains are as follows:

(In thousands)	2020		2019		2018
Net investment gains:
Fixed maturity securities:
Gains	$	27,819	$	23,900	$	26,752
Losses	(56,096)		(13,636)		(13,733)
Equity securities (1):
Net realized gains on investment sales	32,647		23,306		435,150
Change in unrealized (losses) gains	(25,868)		85,292		(320,413)
Investment funds	31,481		(2,825)		(212)
Real estate (2)	101,554		5,965		27,816
Loans receivable	—		(970)		2,838
Other	(38,023)		(329)		1,977
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	73,514		120,703		160,175
Change in allowance for expected credit losses on investments (3):
Fixed maturity securities	33,134		—		(5,687)
Loans receivable	(3,648)		—		—
Change in allowance for expected credit losses on investments	29,486		—		(5,687)
Net investment gains	103,000		120,703		154,488
Income tax expense	(21,630)		(25,348)		(32,442)
After-tax net investment gains	$	81,370	$	95,355	$	122,046

Change in unrealized investment gains (losses) of available for sales securities:
Fixed maturity securities without allowance for expected credit losses	$	134,129	$	271,825	$	(297,084)
Fixed maturity securities with allowance for expected credit losses	32,004		369		(132)
Investment funds	2,280		(2,299)		(5,672)
Other	(3,768)		(7,925)		151
Total change in unrealized investment gains (losses)	164,645		261,970		(302,737)
Income tax (expense) benefit	(24,395)		(46,068)		50,410
Noncontrolling interests	(2)		103		(46)
After-tax change in unrealized investment gains (losses) of available for sale securities	$	140,248	$	216,005	$	(252,373)

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(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) For 2020, net investment gains on real estate includes an $105 million gain from the sale of a New York City complex that occurred during the fourth quarter.

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