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Net Investment Gains (Tables)
12 Months Ended
Dec. 31, 2021
Realized and Unrealized Investment Gains (Losses) [Abstract]  
Realized And Unrealized Investment Gains (Losses)
Net investment gains were as follows:
(In thousands)202120202019
Net investment gains:   
Fixed maturity securities:   
Gains$18,981 $27,819 $23,900 
Losses(6,975)(56,096)(13,636)
Equity securities (1):
Net realized gains on investment sales16,365 32,647 23,306 
Change in unrealized (losses) gains (38,455)(25,868)85,292 
Investment funds44,778 31,481 (2,825)
Real estate94,911 101,554 5,965 
Loans receivable(881)— (970)
Other(21,766)(38,023)(329)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses106,958 73,514 120,703 
Change in allowance for expected credit losses on investments (2):
    Fixed maturity securities(20,045)33,134 — 
    Loans receivable3,719 (3,648)— 
Change in allowance for expected credit losses on investments(16,326)29,486 — 
Net investment gains 90,632 103,000 120,703 
Income tax expense(17,710)(21,630)(25,348)
  After-tax net investment gains$72,922 $81,370 $95,355 
Change in unrealized investment (losses) gains:   
Fixed maturity securities without allowance for expected credit losses$(262,221)$134,129 $271,825 
Fixed maturity securities with allowance for expected credit losses10,124 32,004 369 
Investment funds(1,270)2,280 (2,299)
Other(1,572)(3,768)(7,925)
Total change in unrealized investment (losses) gains (254,939)164,645 261,970 
Income tax benefit (expense)56,127 (24,395)(46,068)
Noncontrolling interests(1)(2)103 
 After-tax change in unrealized investment (losses) gains$(198,813)$140,248 $216,005 
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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) The inclusion of the allowance for expected credit losses on investments commenced on January 1, 2020 due to the adoption of ASU 2016-13.