Net Investment Gains (Losses) (Tables)

6 Months Ended

Jun. 30, 2022

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment (losses) gains were as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Net investment (losses) gains:
Fixed maturity securities:
Gains	$	647	$	5,440	$	2,352	$	13,680
Losses	(3,459)		(2,236)		(6,443)		(4,307)
Equity securities (1):
Net realized gains on investment sales	41		6,256		946		14,828
Change in unrealized losses	(131,530)		(18,239)		(38,317)		(42,574)
Investment funds	(2,362)		(300)		(4,524)		47,371
Real estate (2)	358		49,492		286,550		62,401
Loans receivable	—		(881)		(32)		(881)
Other	(27,630)		(19,071)		(34,585)		(18,299)
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses	(163,935)		20,461		205,947		72,219
Change in allowance for expected credit losses on investments:
Fixed maturity securities	(6,874)		1,375		(10,780)		(16,783)
Loans receivable	(746)		2,228		(457)		3,467
Change in allowance for expected credit losses on investments	(7,620)		3,603		(11,237)		(13,316)
Net investment (losses) gains	(171,555)		24,064		194,710		58,903
Income tax benefit (expense)	37,519		(5,264)		(40,923)		(11,151)
After-tax net investment (losses) gains	$	(134,036)	$	18,800	$	153,787	$	47,752

Change in unrealized investment (losses) gains on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	(409,647)	$	28,511	$	(949,910)	$	(94,058)
Fixed maturity securities with allowance for expected credit losses	(16,878)		(69)		(16,585)		10,286
Investment funds	(3,302)		762		(2,833)		(257)
Other	(957)		(400)		(904)		(902)
Total change in unrealized investment (losses) gains	(430,784)		28,804		(970,232)		(84,931)
Income tax benefit (expense)	93,776		(5,532)		209,679		18,073
Noncontrolling interests	—		(1)		(1)		(1)
After-tax change in unrealized investment (losses) gains of available for sale securities	$	(337,008)	$	23,271	$	(760,554)	$	(66,859)

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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.