Net Investment Gains (Tables)

12 Months Ended

Dec. 31, 2022

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains were as follows:

(In thousands)	2022		2021		2020
Net investment gains:
Fixed maturity securities:
Gains	$	4,224	$	18,981	$	27,819
Losses	(11,654)		(6,975)		(56,096)
Equity securities (1):
Net realized (losses) gains on investment sales	(12,879)		16,365		32,647
Change in unrealized losses	(632)		(38,455)		(25,868)
Investment funds	12,407		44,778		31,481
Real estate (2)	293,525		94,911		101,554
Loans receivable	(32)		(881)		—
Other	(67,648)		(21,766)		(38,023)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	217,311		106,958		73,514
Change in allowance for expected credit losses on investments:
Fixed maturity securities	(14,841)		(20,045)		33,134
Loans receivable	(73)		3,719		(3,648)
Change in allowance for expected credit losses on investments	(14,914)		(16,326)		29,486
Net investment gains	202,397		90,632		103,000
Income tax expense	(42,670)		(17,710)		(21,630)
After-tax net investment gains	$	159,727	$	72,922	$	81,370

Change in unrealized investment (losses) gains:
Fixed maturity securities without allowance for expected credit losses	$	(1,216,292)	$	(262,221)	$	134,129
Fixed maturity securities with allowance for expected credit losses	(28,370)		10,124		32,004
Investment funds	(2,019)		(1,270)		2,280
Other	(1,447)		(1,572)		(3,768)
Total change in unrealized investment (losses) gains	(1,248,128)		(254,939)		164,645
Income tax benefit (expense)	264,325		56,127		(24,395)
Noncontrolling interests	(2)		(2)		(2)
After-tax change in unrealized investment (losses) gains	$	(983,805)	$	(198,814)	$	140,248

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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.

(2) During March 2022, the Company realized a gain on the sale of a real estate investment in London, U.K. of $251 million, net of transaction expenses and the foreign currency impact, including the reversal of the currency translation adjustment.