Net Investment Gains (Losses)

3 Months Ended

Mar. 31, 2021

Realized and Unrealized Investment Gains (Losses) [Abstract]

Net investment gains (losses) were as follows:


	For the Three Months Ended March 31,
(In thousands)	2021		2020
Net investment gains (losses):
Fixed maturity securities:
Gains	$	8,240	$	4,931
Losses	(2,071)		(4,847)
Equity securities (1):
Net realized gains on investment sales	8,572		—
Change in unrealized losses	(24,335)		(154,467)
Investment funds	47,671		30,183
Real estate	12,909		(687)

Other	773		(18,398)
Net realized and unrealized gains (losses) on investments in earnings before allowance for expected credit losses	51,759		(143,285)
Change in allowance for expected credit losses on investments:
Fixed maturity securities	(18,159)		(31,750)
Loans receivable	1,239		(2,139)
Change in allowance for expected credit losses on investments	(16,920)		(33,889)
Net investment gains (losses)	34,839		(177,174)
Income tax (expense) benefit	(5,887)		37,207
After-tax net investment gains (losses)	$	28,952	$	(139,967)


Change in unrealized investment losses on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	(122,568)	$	(326,416)
Fixed maturity securities with allowance for expected credit losses	10,355		1,541

Investment funds	(1,020)		(7,646)
Other	(502)		(329)
Total change in unrealized investment losses	(113,735)		(332,850)
Income tax benefit	23,605		73,869
Noncontrolling interests	—		1
After-tax change in unrealized investment losses of available for sale securities	$	(90,130)	$	(258,980)

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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 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.