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Investments In Fixed Maturity Securities
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments In Fixed Maturity Securities Investments in Fixed Maturity Securities
    At September 30, 2022 and December 31, 2021, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
September 30, 2022
Held to maturity:
State and municipal$47,139 $(121)$3,522 $— $50,540 $47,018 
Residential mortgage-backed3,816 — 28 — 3,844 3,816 
Total held to maturity50,955 (121)3,550 — 54,384 50,834 
Available for sale:
U.S. government and government agency937,214 — 2,185 (68,807)870,592 870,592 
State and municipal:
Special revenue1,877,116 — 3,235 (128,427)1,751,924 1,751,924 
State general obligation366,596 — 1,907 (22,956)345,547 345,547 
Pre-refunded156,685 — 946 (200)157,431 157,431 
Corporate backed198,649 — — (13,558)185,091 185,091 
Local general obligation449,975 — 2,635 (19,479)433,131 433,131 
Total state and municipal3,049,021 — 8,723 (184,620)2,873,124 2,873,124 
Mortgage-backed:
Residential1,297,413 (21)210 (163,514)1,134,088 1,134,088 
Commercial474,049 — 52 (17,164)456,937 456,937 
Total mortgage-backed1,771,462 (21)262 (180,678)1,591,025 1,591,025 
Asset-backed4,402,479 — 433 (161,474)4,241,438 4,241,438 
Corporate:
Industrial3,408,585 (319)1,604 (278,084)3,131,786 3,131,786 
Financial2,411,487 (660)1,345 (142,620)2,269,552 2,269,552 
Utilities499,140 (220)— (40,823)458,097 458,097 
Other357,472 — 8 (12,171)345,309 345,309 
Total corporate6,676,684 (1,199)2,957 (473,698)6,204,744 6,204,744 
Foreign government1,579,846 (33,375)1,395 (148,687)1,399,179 1,399,179 
Total available for sale18,416,706 (34,595)15,955 (1,217,964)17,180,102 17,180,102 
Total investments in fixed maturity securities$18,467,661 $(34,716)$19,505 $(1,217,964)$17,234,486 $17,230,936 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2021
Held to maturity:
State and municipal$69,539 $(387)$10,813 $— $79,965 $69,152 
Residential mortgage-backed4,829 — 632 — 5,461 4,829 
Total held to maturity74,368 (387)11,445 — 85,426 73,981 
Available for sale:
U.S. government and government agency851,128 — 8,509 (4,294)855,343 855,343 
State and municipal:
Special revenue2,016,382 — 62,961 (5,706)2,073,637 2,073,637 
State general obligation388,110 — 23,152 (1,015)410,247 410,247 
Pre-refunded202,633 — 14,891 (574)216,950 216,950 
Corporate backed166,943 — 7,191 (1,532)172,602 172,602 
Local general obligation401,974 — 29,455 (732)430,697 430,697 
Total state and municipal3,176,042 — 137,650 (9,559)3,304,133 3,304,133 
Mortgage-backed:
Residential 940,744 — 9,896 (11,321)939,319 939,319 
Commercial125,709 — 3,388 (341)128,756 128,756 
Total mortgage-backed securities1,066,453 — 13,284 (11,662)1,068,075 1,068,075 
Asset-backed4,504,950 — 4,409 (18,794)4,490,565 4,490,565 
Corporate:
Industrial3,231,520 (16)62,751 (21,092)3,273,163 3,273,163 
Financial1,739,282 — 30,709 (6,591)1,763,400 1,763,400 
Utilities396,242 — 13,262 (3,202)406,302 406,302 
Other154,210 — 125 (1,525)152,810 152,810 
Total corporate5,521,254 (16)106,847 (32,410)5,595,675 5,595,675 
Foreign government1,277,109 (22,222)7,508 (47,494)1,214,901 1,214,901 
Total available for sale16,396,936 (22,238)278,207 (124,213)16,528,692 16,528,692 
Total investments in fixed maturity securities$16,471,304 $(22,625)$289,652 $(124,213)$16,614,118 $16,602,673 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the nine months ended September 30, 2022 and 2021:
(In thousands)20222021
Allowance for expected credit losses, beginning of period$387 $798 
Provision for expected credit losses(266)(402)
Allowance for expected credit losses, end of period$121 $396 
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2022 and 2021:
(In thousands)20222021
Allowance for expected credit losses, beginning of period$127 $453 
Provision for expected credit losses(6)(57)
Allowance for expected credit losses, end of period$121 $396 
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the nine months ended September 30, 2022 and 2021:
20222021
(In thousands)Foreign GovernmentCorporateMortgage-backedTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$22,222 $16 $— 22,238 $1,264 $518 $1,782 
Expected credit losses on securities for which credit losses were not previously recorded1,897 1,205 21 3,123 19,072 16 19,088 
Expected credit losses (gains) on securities for which credit losses were previously recorded9,289 (22)— 9,267 (2,967)(517)(3,484)
Reduction due to disposals(33)— — (33)(494)(5)(499)
Allowance for expected credit losses, end of period$33,375 $1,199 $21 $34,595 $16,875 $12 $16,887 

During the nine months ended September 30, 2022, the Company increased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to an increase in unrealized losses primarily associated with foreign government securities. During the nine months ended September 30, 2021, the Company increased the allowance for expected credit losses for available for sale securities primarily due to foreign government securities that had no reserve in prior periods.
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended September 30, 2022 and 2021:

20222021
(In thousands)Foreign GovernmentCorporateMortgage-backedTotalForeign GovernmentCorporateTotal
Allowance for expected credit losses, beginning of period$33,096 $182 $— $33,278 $18,899 $12 $18,911 
Expected credit losses on securities for which credit losses were not previously recorded— 1,023 21 1,044 82 — 82 
Expected credit losses (gains) on securities for which credit losses were previously recorded279 (6)— 273 (2,106)— (2,106)
Allowance for expected credit losses, end of period$33,375 $1,199 $21 $34,595 $16,875 $12 $16,887 
The amortized cost and fair value of fixed maturity securities at September 30, 2022, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.  
(In thousands)Amortized
Cost (1)		Fair
Value
Due in one year or less$1,744,722 $1,691,497 
Due after one year through five years8,461,536 7,982,948 
Due after five years through ten years4,388,799 4,041,900 
Due after ten years2,097,205 1,923,272 
Mortgage-backed securities1,775,278 1,594,869 
Total$18,467,540 $17,234,486 
________________
(1) Amortized cost is reduced by the allowance for expected credit losses of $121 thousand related to held to maturity securities.    
At September 30, 2022 and December 31, 2021, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.