Net Investment Gains (Tables)

12 Months Ended

Dec. 31, 2023

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains were as follows:

(In thousands)	2023		2022		2021
Net investment gains:
Fixed maturity securities:
Gains	$	2,003	$	4,224	$	18,981
Losses	(25,429)		(11,654)		(6,975)
Equity securities (1):
Net realized gains (losses) on investment sales (2)	161,271		(12,879)		16,365
Change in unrealized gains (losses)	70,448		(632)		(38,455)
Investment funds	(25,625)		12,407		44,778
Real estate (3) (4)	(70,934)		293,525		94,911
Loans receivable	(18,841)		(32)		(881)
Other	(45,353)		(67,648)		(21,766)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	47,540		217,311		106,958
Change in allowance for expected credit losses on investments:
Fixed maturity securities	715		(14,841)		(20,045)
Loans receivable	(1,213)		(73)		3,719
Change in allowance for expected credit losses on investments	(498)		(14,914)		(16,326)
Net investment gains	47,042		202,397		90,632
Income tax expense	(10,250)		(42,670)		(17,710)
After-tax net investment gains	$	36,792	$	159,727	$	72,922

Change in unrealized investment gains (losses):
Fixed maturity securities without allowance for expected credit losses	$	389,839	$	(1,216,292)	$	(262,221)
Fixed maturity securities with allowance for expected credit losses	643		(28,370)		10,124
Investment funds	3,989		(2,019)		(1,270)
Other	(1,568)		(1,447)		(1,572)
Total change in unrealized investment gains (losses)	392,903		(1,248,128)		(254,939)
Income tax (expense) benefit	(86,350)		264,325		56,127
Noncontrolling interests	(2)		(2)		(2)
After-tax change in unrealized investment gains (losses)	$	306,551	$	(983,805)	$	(198,814)

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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 gains (losses) 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) In June 2023, the Company completed a sale of the property and casualty insurance services division of Breckenridge IS, Inc. and recognized a pre-tax net realized gain on investment of $89 million on the sale (proceeds from the sale is presented on the business disposition line within the Consolidated Statements of Cash Flows).

(3) The Company recognized impairments on real estate of $72 million in 2023.

(4) 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.