Net Investment Gains (Losses)

3 Months Ended

Mar. 31, 2023

Realized and Unrealized Investment Gains (Losses) [Abstract]

Net Investment Gains

Net investment gains (losses) were as follows:


	For the Three Months Ended March 31,
(In thousands)	2023		2022
Net investment gains (losses):
Fixed maturity securities:
Gains	$	943	$	1,705
Losses	(18,130)		(2,984)
Equity securities (1):
Net realized gains on investment sales	1,060		905
Change in unrealized gains	43,404		93,213
Investment funds	10		(2,162)
Real estate (2)	10,739		286,192
Loans receivable	—		(32)
Other	(15,415)		(6,955)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	22,611		369,882
Change in allowance for expected credit losses on investments:
Fixed maturity securities	217		(3,906)
Loans receivable	182		289
Change in allowance for expected credit losses on investments	399		(3,617)
Net investment gains	23,010		366,265
Income tax expense	(4,850)		(78,442)
After-tax net investment gains	$	18,160	$	287,823


Change in unrealized investment gains (losses) on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	227,116	$	(540,263)
Fixed maturity securities with allowance for expected credit losses	3,456		293

Investment funds	1,936		469
Other	(487)		52
Total change in unrealized investment gains (losses)	232,021		(539,449)
Income tax (expense) benefit	(51,222)		115,904
Noncontrolling interests	(1)		(1)
After-tax change in unrealized investment gains (losses) of available for sale securities	$	180,798	$	(423,546)

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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.