Investments In Fixed Maturity Securities

6 Months Ended

Jun. 30, 2011

Investments In Fixed Maturity Securities

Investments In Fixed Maturity Securities

(5) Investments in Fixed Maturity Securities

At June 30, 2011 and December 31, 2010, investments in fixed maturity securities were as follows:

(Dollars in thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
June 30, 2011
Held to maturity:
State and municipal	$	74,086	$	6,272	$	—		$	80,358	$	74,086
Residential mortgage-backed		37,151		5,577		—			42,728		37,151
Corporate		4,995		728		—			5,723		4,995
Total held to maturity		116,232		12,577		—			128,809		116,232
Available for sale:
U.S. government and government agency		1,115,586		62,294		(591	)		1,177,289		1,177,289
State and municipal		5,178,823		233,040		(25,249	)		5,386,614		5,386,614
Mortgage-backed securities:
Residential (1)		1,339,725		56,022		(12,258	)		1,383,489		1,383,489
Commercial		54,076		2,208		(186	)		56,098		56,098
Corporate		2,524,002		109,208		(23,925	)		2,609,285		2,609,285
Foreign		521,681		29,102		(281	)		550,502		550,502
Total available for sale		10,733,893		491,874		(62,490	)		11,163,277		11,163,277
Total investments in fixed maturity securities	$	10,850,125	$	504,451	$	(62,490	)	$	11,292,086	$	11,279,509
December 31, 2010
Held to maturity:
State and municipal	$	71,998	$	3,440	$	(1,129	)	$	74,309	$	71,998
Residential mortgage-backed		39,002		3,667		—			42,669		39,002
Corporate		4,995		185		—			5,180		4,995
Total held to maturity		115,995		7,292		(1,129	)		122,158		115,995
Available for sale:
U.S. government and government agency		1,289,669		58,658		(452	)		1,347,875		1,347,875
State and municipal		5,302,513		203,221		(44,288	)		5,461,446		5,461,446
Mortgage-backed securities:
Residential (1)		1,319,289		52,165		(13,278	)		1,358,176		1,358,176
Commercial		57,057		2,207		(5,594	)		53,670		53,670
Corporate		2,307,987		102,306		(30,031	)		2,380,262		2,380,262
Foreign		460,683		31,283		(236	)		491,730		491,730
Total available for sale		10,737,198		449,840		(93,879	)		11,093,159		11,093,159
Total investments in fixed maturity securities	$	10,853,193	$	457,132	$	(95,008	)	$	11,215,317	$	11,209,154

(1) Gross unrealized losses for residential mortgage-backed securities include $4,720,000 and $4,064,000 as of June 30, 2011 and December 31, 2010, respectively, related to the non-credit portion of other-than-temporary impairments ("OTTI") recognized in other comprehensive income.

         The amortized cost and fair value of fixed maturity securities at June 30, 2011, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations:

(Dollars in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	730,457	$	741,743
Due after one year through five years		3,144,418		3,295,379
Due after five years through ten years		2,750,416		2,911,151
Due after ten years		2,793,882		2,861,498
Mortgage-backed securities		1,430,952		1,482,315
Total	$	10,850,125	$	11,292,086

At June 30, 2011, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders' equity.