Net Investment Gains (Losses)

9 Months Ended

Sep. 30, 2021

Realized and Unrealized Investment Gains (Losses) [Abstract]

Net investment gains (losses) were as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
Net investment gains (losses):
Fixed maturity securities:
Gains	$	2,943	$	3,811	$	16,623	$	23,586
Losses	(1,124)		(39,162)		(5,431)		(53,243)
Equity securities (1):
Net realized gains on investment sales	2		(176)		14,830		5,551
Change in unrealized (losses) gains	(19,244)		30,693		(61,818)		(61,859)
Investment funds	2,526		203		49,897		31,299
Real estate	33,364		3,841		95,765		(3,983)
Loans receivable	—		—		(881)		—
Other	(1,280)		(6,982)		(19,578)		(30,755)
Net realized and unrealized gains (losses) on investments in earnings before allowance for expected credit losses	17,187		(7,772)		89,407		(89,404)
Change in allowance for expected credit losses on investments:
Fixed maturity securities	2,081		43,874		(14,703)		33,147
Loans receivable	233		2,876		3,700		(4,054)
Change in allowance for expected credit losses on investments	2,314		46,750		(11,003)		29,093
Net investment gains (losses)	19,501		38,978		78,404		(60,311)
Income tax expense	(4,266)		(8,855)		(15,417)		13,622
After-tax net investment gains (losses)	$	15,235	$	30,123	$	62,987	$	(46,689)


Change in unrealized investment (losses) gains on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	(41,041)	$	46,164	$	(135,099)	$	89,363
Fixed maturity securities with allowance for expected credit losses	111		5,036		10,397		30,027

Investment funds	(4,098)		(198)		(4,355)		(3,632)
Other	(242)		(2,022)		(1,144)		(4,002)
Total change in unrealized investment (losses) gains	(45,270)		48,980		(130,201)		111,756
Income tax benefit (expense)	9,674		(10,707)		27,747		(13,740)
Noncontrolling interests	—		(3)		(1)		(2)
After-tax change in unrealized investment (losses) gains of available for sale securities	$	(35,596)	$	38,270	$	(102,455)	$	98,014

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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) 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.