Net Investment (Losses) Gains

3 Months Ended

Mar. 31, 2024

Realized and Unrealized Investment Gains (Losses) [Abstract]

Net Investment (Losses) Gains

Net Investment Gains

     Net investment gains were as follows:

	For the Three Months Ended March 31,
(In thousands)	2024		2023
Net investment gains:
Fixed maturity securities:
Gains	$	3,557	$	943
Losses	(2,323)		(18,130)
Equity securities (1):
Net realized gains on investment sales	40,277		1,060
Change in unrealized gains	25,812		43,404
Investment funds	993		10
Real estate	(2,216)		10,739
Loans receivable	—		—
Other (2)	(54,597)		(15,415)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	11,503		22,611
Change in allowance for expected credit losses on investments:
Fixed maturity securities	13,882		217
Loans receivable	395		182
Change in allowance for expected credit losses on investments	14,277		399
Net investment gains	25,780		23,010
Income tax expense	(6,633)		(4,850)
After-tax net investment gains	$	19,147	$	18,160

Change in unrealized investment (losses) gains on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	(88,594)	$	227,116
Fixed maturity securities with allowance for expected credit losses	987		3,456
Investment funds	(1,703)		1,936
Other	13		(487)
Total change in unrealized investment (losses) gains	(89,297)		232,021
Income tax benefit (expense)	19,175		(51,222)
Noncontrolling interests	—		(1)
After-tax change in unrealized investment (losses) gains of available for sale securities	$	(70,122)	$	180,798

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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) Primarily relates to realized foreign currency losses upon the disposition of fixed maturity securities.