Debt and Equity Securities (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Investments Debt And Equity Securities [Abstract] |
|
| Investments in Debt Securities, Classified as Available-For-Sale |
Investments in debt securities, classified as available-for-sale, are as follows:
|
(in thousands) |
|
Amortized
cost |
|
|
Gross unrealized |
|
|
Estimated
fair value |
|
|
|
|
|
Gains |
|
|
Losses |
|
|
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
243,585 |
|
|
$ |
1,746 |
|
|
$ |
(49 |
) |
|
$ |
245,282 |
|
|
Municipal bonds |
|
|
1,048,405 |
|
|
|
38,331 |
|
|
|
(205 |
) |
|
|
1,086,531 |
|
|
Foreign government bonds |
|
|
150,800 |
|
|
|
1,904 |
|
|
|
(150 |
) |
|
|
152,554 |
|
|
Governmental agency bonds |
|
|
391,720 |
|
|
|
5,958 |
|
|
|
(514 |
) |
|
|
397,164 |
|
|
Governmental agency mortgage-backed securities |
|
|
3,259,857 |
|
|
|
42,378 |
|
|
|
(9,940 |
) |
|
|
3,292,295 |
|
|
U.S. corporate debt securities |
|
|
526,138 |
|
|
|
15,896 |
|
|
|
(1,051 |
) |
|
|
540,983 |
|
|
Foreign corporate debt securities |
|
|
279,122 |
|
|
|
6,774 |
|
|
|
(783 |
) |
|
|
285,113 |
|
|
|
|
$ |
5,899,627 |
|
|
$ |
112,987 |
|
|
$ |
(12,692 |
) |
|
$ |
5,999,922 |
|
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
162,904 |
|
|
$ |
741 |
|
|
$ |
(1,139 |
) |
|
$ |
162,506 |
|
|
Municipal bonds |
|
|
1,050,134 |
|
|
|
7,210 |
|
|
|
(12,309 |
) |
|
|
1,045,035 |
|
|
Foreign government bonds |
|
|
158,885 |
|
|
|
571 |
|
|
|
(2,159 |
) |
|
|
157,297 |
|
|
Governmental agency bonds |
|
|
319,115 |
|
|
|
1,145 |
|
|
|
(4,093 |
) |
|
|
316,167 |
|
|
Governmental agency mortgage-backed securities |
|
|
3,219,585 |
|
|
|
12,030 |
|
|
|
(29,016 |
) |
|
|
3,202,599 |
|
|
U.S. corporate debt securities |
|
|
575,646 |
|
|
|
1,113 |
|
|
|
(15,499 |
) |
|
|
561,260 |
|
|
Foreign corporate debt securities |
|
|
274,881 |
|
|
|
551 |
|
|
|
(6,485 |
) |
|
|
268,947 |
|
|
|
|
$ |
5,761,150 |
|
|
$ |
23,361 |
|
|
$ |
(70,700 |
) |
|
$ |
5,713,811 |
|
|
| Gross Unrealized Losses on Investments in Debt Securities |
Gross unrealized losses on investments in debt securities are as follows:
|
|
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
|
|
(in thousands) |
|
Estimated
fair value |
|
|
Unrealized
losses |
|
|
Estimated
fair value |
|
|
Unrealized
losses |
|
|
Estimated
fair value |
|
|
Unrealized
losses |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
8,921 |
|
|
$ |
(11 |
) |
|
$ |
14,863 |
|
|
$ |
(38 |
) |
|
$ |
23,784 |
|
|
$ |
(49 |
) |
|
Municipal bonds |
|
|
9,029 |
|
|
|
(46 |
) |
|
|
59,364 |
|
|
|
(159 |
) |
|
|
68,393 |
|
|
|
(205 |
) |
|
Foreign government bonds |
|
|
47,048 |
|
|
|
(79 |
) |
|
|
13,020 |
|
|
|
(71 |
) |
|
|
60,068 |
|
|
|
(150 |
) |
|
Governmental agency bonds |
|
|
15,282 |
|
|
|
(67 |
) |
|
|
45,817 |
|
|
|
(447 |
) |
|
|
61,099 |
|
|
|
(514 |
) |
|
Governmental agency mortgage-backed securities |
|
|
466,134 |
|
|
|
(1,963 |
) |
|
|
891,182 |
|
|
|
(7,977 |
) |
|
|
1,357,316 |
|
|
|
(9,940 |
) |
|
U.S. corporate debt securities |
|
|
66,367 |
|
|
|
(575 |
) |
|
|
48,940 |
|
|
|
(476 |
) |
|
|
115,307 |
|
|
|
(1,051 |
) |
|
Foreign corporate debt securities |
|
|
25,369 |
|
|
|
(400 |
) |
|
|
29,905 |
|
|
|
(383 |
) |
|
|
55,274 |
|
|
|
(783 |
) |
|
|
|
$ |
638,150 |
|
|
$ |
(3,141 |
) |
|
$ |
1,103,091 |
|
|
$ |
(9,551 |
) |
|
$ |
1,741,241 |
|
|
$ |
(12,692 |
) |
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
19,749 |
|
|
$ |
(85 |
) |
|
$ |
55,615 |
|
|
$ |
(1,054 |
) |
|
$ |
75,364 |
|
|
$ |
(1,139 |
) |
|
Municipal bonds |
|
|
172,387 |
|
|
|
(1,772 |
) |
|
|
369,139 |
|
|
|
(10,537 |
) |
|
|
541,526 |
|
|
|
(12,309 |
) |
|
Foreign government bonds |
|
|
23,654 |
|
|
|
(1,037 |
) |
|
|
42,119 |
|
|
|
(1,122 |
) |
|
|
65,773 |
|
|
|
(2,159 |
) |
|
Governmental agency bonds |
|
|
56,270 |
|
|
|
(748 |
) |
|
|
90,631 |
|
|
|
(3,345 |
) |
|
|
146,901 |
|
|
|
(4,093 |
) |
|
Governmental agency mortgage-backed securities |
|
|
850,459 |
|
|
|
(6,955 |
) |
|
|
982,610 |
|
|
|
(22,061 |
) |
|
|
1,833,069 |
|
|
|
(29,016 |
) |
|
U.S. corporate debt securities |
|
|
374,473 |
|
|
|
(10,537 |
) |
|
|
109,844 |
|
|
|
(4,962 |
) |
|
|
484,317 |
|
|
|
(15,499 |
) |
|
Foreign corporate debt securities |
|
|
175,762 |
|
|
|
(4,575 |
) |
|
|
50,802 |
|
|
|
(1,910 |
) |
|
|
226,564 |
|
|
|
(6,485 |
) |
|
|
|
$ |
1,672,754 |
|
|
$ |
(25,709 |
) |
|
$ |
1,700,760 |
|
|
$ |
(44,991 |
) |
|
$ |
3,373,514 |
|
|
$ |
(70,700 |
) |
|
| Investments in Debt Securities by Contractual Maturity |
Investments in debt securities at June 30, 2019, by contractual maturities, are as follows:
|
(in thousands) |
|
Due in one
year or less |
|
|
Due after
one through
five years |
|
|
Due after
five through
ten years |
|
|
Due after
ten years |
|
|
Total |
|
|
U.S. Treasury bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
173,833 |
|
|
$ |
63,118 |
|
|
$ |
109 |
|
|
$ |
6,525 |
|
|
$ |
243,585 |
|
|
Estimated fair value |
|
$ |
173,928 |
|
|
$ |
63,656 |
|
|
$ |
138 |
|
|
$ |
7,560 |
|
|
$ |
245,282 |
|
|
Municipal bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
70,793 |
|
|
$ |
164,852 |
|
|
$ |
256,433 |
|
|
$ |
556,327 |
|
|
$ |
1,048,405 |
|
|
Estimated fair value |
|
$ |
71,018 |
|
|
$ |
166,972 |
|
|
$ |
266,762 |
|
|
$ |
581,779 |
|
|
$ |
1,086,531 |
|
|
Foreign government bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
25,100 |
|
|
$ |
98,871 |
|
|
$ |
18,513 |
|
|
$ |
8,316 |
|
|
$ |
150,800 |
|
|
Estimated fair value |
|
$ |
25,036 |
|
|
$ |
99,847 |
|
|
$ |
19,164 |
|
|
$ |
8,507 |
|
|
$ |
152,554 |
|
|
Governmental agency bonds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
27,209 |
|
|
$ |
120,988 |
|
|
$ |
158,143 |
|
|
$ |
85,380 |
|
|
$ |
391,720 |
|
|
Estimated fair value |
|
$ |
27,196 |
|
|
$ |
121,778 |
|
|
$ |
161,447 |
|
|
$ |
86,743 |
|
|
$ |
397,164 |
|
|
U.S. corporate debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
42,651 |
|
|
$ |
274,338 |
|
|
$ |
183,178 |
|
|
$ |
25,971 |
|
|
$ |
526,138 |
|
|
Estimated fair value |
|
$ |
42,640 |
|
|
$ |
280,571 |
|
|
$ |
189,542 |
|
|
$ |
28,230 |
|
|
$ |
540,983 |
|
|
Foreign corporate debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
24,110 |
|
|
$ |
172,822 |
|
|
$ |
73,892 |
|
|
$ |
8,298 |
|
|
$ |
279,122 |
|
|
Estimated fair value |
|
$ |
24,134 |
|
|
$ |
175,232 |
|
|
$ |
76,848 |
|
|
$ |
8,899 |
|
|
$ |
285,113 |
|
|
Total debt securities excluding mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
$ |
363,696 |
|
|
$ |
894,989 |
|
|
$ |
690,268 |
|
|
$ |
690,817 |
|
|
$ |
2,639,770 |
|
|
Estimated fair value |
|
$ |
363,952 |
|
|
$ |
908,056 |
|
|
$ |
713,901 |
|
|
$ |
721,718 |
|
|
$ |
2,707,627 |
|
|
Total mortgage-backed securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,259,857 |
|
|
Estimated fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,292,295 |
|
|
Total debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,899,627 |
|
|
Estimated fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
5,999,922 |
|
|
| Investments in Equity Securities |
Investments in equity securities are as follows:
|
(in thousands) |
|
Cost |
|
|
Estimated
fair value |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
Preferred stocks |
|
$ |
17,464 |
|
|
$ |
13,440 |
|
|
Common stocks |
|
|
351,595 |
|
|
|
385,608 |
|
|
|
|
$ |
369,059 |
|
|
$ |
399,048 |
|
|
December 31, 2018 |
|
|
|
|
|
|
|
|
|
Preferred stocks |
|
$ |
16,892 |
|
|
$ |
14,162 |
|
|
Common stocks |
|
|
341,460 |
|
|
|
339,373 |
|
|
|
|
$ |
358,352 |
|
|
$ |
353,535 |
|
|
| Composition of Investment Portfolio by Credit Rating Agencies |
The composition of the investment portfolio at June 30, 2019, by credit rating, is as follows:
|
|
|
A- or higher |
|
|
BBB+ to BBB- |
|
|
Non-Investment Grade |
|
|
Total |
|
|
(in thousands, except percentages) |
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury bonds |
|
$ |
245,282 |
|
|
|
100.0 |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
245,282 |
|
|
|
100.0 |
|
|
Municipal bonds |
|
|
1,045,937 |
|
|
|
96.3 |
|
|
|
39,214 |
|
|
|
3.6 |
|
|
|
1,380 |
|
|
|
0.1 |
|
|
|
1,086,531 |
|
|
|
100.0 |
|
|
Foreign government bonds |
|
|
133,639 |
|
|
|
87.6 |
|
|
|
13,453 |
|
|
|
8.8 |
|
|
|
5,462 |
|
|
|
3.6 |
|
|
|
152,554 |
|
|
|
100.0 |
|
|
Governmental agency bonds |
|
|
397,164 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
397,164 |
|
|
|
100.0 |
|
|
Governmental agency mortgage-backed securities |
|
|
3,292,295 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,292,295 |
|
|
|
100.0 |
|
|
U.S. corporate debt securities |
|
|
250,349 |
|
|
|
46.3 |
|
|
|
201,802 |
|
|
|
37.3 |
|
|
|
88,832 |
|
|
|
16.4 |
|
|
|
540,983 |
|
|
|
100.0 |
|
|
Foreign corporate debt securities |
|
|
120,447 |
|
|
|
42.2 |
|
|
|
141,873 |
|
|
|
49.8 |
|
|
|
22,793 |
|
|
|
8.0 |
|
|
|
285,113 |
|
|
|
100.0 |
|
|
Total debt securities |
|
|
5,485,113 |
|
|
|
91.4 |
|
|
|
396,342 |
|
|
|
6.6 |
|
|
|
118,467 |
|
|
|
2.0 |
|
|
|
5,999,922 |
|
|
|
100.0 |
|
|
Preferred stocks |
|
|
47 |
|
|
|
0.3 |
|
|
|
12,230 |
|
|
|
91.0 |
|
|
|
1,163 |
|
|
|
8.7 |
|
|
|
13,440 |
|
|
|
100.0 |
|
|
Total |
|
$ |
5,485,160 |
|
|
|
91.2 |
|
|
$ |
408,572 |
|
|
|
6.8 |
|
|
$ |
119,630 |
|
|
|
2.0 |
|
|
$ |
6,013,362 |
|
|
|
100.0 |
|
|
| Composition of Debt Securities Portfolio in Unrealized Loss Position by Credit Rating Agencies |
The composition of the debt securities portfolio in an unrealized loss position at June 30, 2019, by credit rating, is as follows:
|
|
|
A- or higher |
|
|
BBB+ to BBB- |
|
|
Non-Investment Grade |
|
|
Total |
|
|
(in thousands, except percentages) |
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
Estimated
fair value |
|
|
Percentage |
|
|
U.S. Treasury bonds |
|
$ |
23,784 |
|
|
|
100.0 |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
23,784 |
|
|
|
100.0 |
|
|
Municipal bonds |
|
|
68,393 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
68,393 |
|
|
|
100.0 |
|
|
Foreign government bonds |
|
|
58,156 |
|
|
|
96.8 |
|
|
|
— |
|
|
|
— |
|
|
|
1,912 |
|
|
|
3.2 |
|
|
|
60,068 |
|
|
|
100.0 |
|
|
Governmental agency bonds |
|
|
61,099 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,099 |
|
|
|
100.0 |
|
|
Governmental agency mortgage-backed securities |
|
|
1,357,316 |
|
|
|
100.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,357,316 |
|
|
|
100.0 |
|
|
U.S. corporate debt securities |
|
|
38,572 |
|
|
|
33.4 |
|
|
|
24,435 |
|
|
|
21.2 |
|
|
|
52,300 |
|
|
|
45.4 |
|
|
|
115,307 |
|
|
|
100.0 |
|
|
Foreign corporate debt securities |
|
|
23,366 |
|
|
|
42.3 |
|
|
|
19,679 |
|
|
|
35.6 |
|
|
|
12,229 |
|
|
|
22.1 |
|
|
|
55,274 |
|
|
|
100.0 |
|
|
Total |
|
$ |
1,630,686 |
|
|
|
93.7 |
|
|
$ |
44,114 |
|
|
|
2.5 |
|
|
$ |
66,441 |
|
|
|
3.8 |
|
|
$ |
1,741,241 |
|
|
|
100.0 |
|
|