Net Investment Gains (Losses) (Tables)

3 Months Ended

Mar. 31, 2022

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains (losses) were as follows:

	For the Three Months Ended March 31,
(In thousands)	2022		2021
Net investment gains (losses):
Fixed maturity securities:
Gains	$	1,705	$	8,240
Losses	(2,984)		(2,071)
Equity securities (1):
Net realized gains on investment sales	905		8,572
Change in unrealized gains (losses)	93,213		(24,335)
Investment funds	(2,162)		47,671
Real estate (2)	286,192		12,909
Loans receivable	(32)		—
Other	(6,955)		773
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	369,882		51,759
Change in allowance for expected credit losses on investments:
Fixed maturity securities	(3,906)		(18,159)
Loans receivable	289		1,239
Change in allowance for expected credit losses on investments	(3,617)		(16,920)
Net investment gains	366,265		34,839
Income tax expense	(78,442)		(5,887)
After-tax net investment gains	$	287,823	$	28,952

Change in unrealized investment losses on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	(540,263)	$	(122,568)
Fixed maturity securities with allowance for expected credit losses	293		10,355
Investment funds	469		(1,020)
Other	52		(502)
Total change in unrealized investment losses	(539,449)		(113,735)
Income tax benefit	115,904		23,605
Noncontrolling interests	(1)		—
After-tax change in unrealized investment losses of available for sale securities	$	(423,546)	$	(90,130)

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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.