Net Investment Gains (Losses)

9 Months Ended

Sep. 30, 2022

Realized and Unrealized Investment Gains (Losses) [Abstract]

Net Investment Gains (Losses)

Net Investment (Losses) Gains

     Net investment (losses) gains were as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(In thousands)	2022		2021		2022		2021
Net investment (losses) gains:
Fixed maturity securities:
Gains	$	1,053	$	2,943	$	3,405	$	16,623
Losses	(2,309)		(1,124)		(8,752)		(5,431)
Equity securities (1):
Net realized gains on investment sales	—		2		946		14,830
Change in unrealized losses	(50,384)		(19,244)		(88,701)		(61,818)
Investment funds	(1,717)		2,526		(6,241)		49,897
Real estate (2)	9,026		33,364		295,576		95,765
Loans receivable	—		—		(32)		(881)
Other	(21,951)		(1,280)		(56,537)		(19,578)
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses	(66,282)		17,187		139,664		89,407
Change in allowance for expected credit losses on investments:
Fixed maturity securities	(1,311)		2,081		(12,091)		(14,703)
Loans receivable	183		233		(274)		3,700
Change in allowance for expected credit losses on investments	(1,128)		2,314		(12,365)		(11,003)
Net investment (losses) gains	(67,410)		19,501		127,299		78,404
Income tax benefit (expense)	14,456		(4,266)		(26,466)		(15,417)
After-tax net investment (losses) gains	$	(52,954)	$	15,235	$	100,833	$	62,987

Change in unrealized investment (losses) gains on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	(385,503)	$	(41,041)	$	(1,335,413)	$	(135,099)
Fixed maturity securities with allowance for expected credit losses	(4,005)		111		(20,590)		10,397
Investment funds	(5,031)		(4,098)		(7,863)		(4,355)
Other	(293)		(242)		(1,198)		(1,144)
Total change in unrealized investment losses	(394,832)		(45,270)		(1,365,064)		(130,201)
Income tax benefit	79,168		9,674		288,847		27,747
Noncontrolling interests	—		—		(1)		(1)
After-tax change in unrealized investment losses of available for sale securities	$	(315,664)	$	(35,596)	$	(1,076,218)	$	(102,455)

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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.