Net Investment Income

9 Months Ended

Sep. 30, 2023

Net investment income consisted of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

(In thousands)	2023		2022		2023		2022
Investment income (loss) earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	239,727	$	146,051	$	653,200	$	371,724
Arbitrage trading account (1)	17,876		10,694		53,168		24,008
Equity securities	12,714		14,650		41,714		38,303
Investment funds	4,450		36,045		5,444		121,919
Real estate	(1,986)		(2,297)		(7,821)		(1,702)

Gross investment income	272,781		205,143		745,705		554,252
Investment expense	(1,837)		(2,327)		(6,211)		(6,350)
Net investment income	$	270,944	$	202,816	$	739,494	$	547,902

(1) Net investment income includes earnings from trading account receivables from brokers and clearing organizations.