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Investments (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Realized Investment Gains (Losses), Excluding Impairment Losses
The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated.

 
Three Months Ended March 31,
 
2016
 
2015
 
(In thousands)
 
 
 
 
Available for sale debt securities:
 
 
 
Realized gains on disposal
$
677

 
213

Realized losses on disposal
(6
)
 
(9
)
Held to maturity debt securities:
 
 
 
Realized gains on disposal
489

 
724

Realized losses on disposal
(106
)
 
—

Equity securities realized gains (losses)
37

 
50

Real estate gains (losses)
1,290

 
—

Other
—

 
—

 
 
 
 
Totals
$
2,381

 
978
Net Impairment Losses Recognized in Earnings
The table below presents net impairment losses recognized in earnings for the periods indicated.

 
 
Three Months Ended
 
 
March 31,
 
 
2016
 
2015
 
 
(In thousands)
 
 
 
 
 
Total other-than-temporary impairment gains (losses) on debt securities
 
$
26

 
160

Portion of loss (gain) recognized in comprehensive income
 
(26
)
 
(160
)
 
 
 
 
 
Net impairment losses on debt securities recognized in earnings
 
—

 
—

Equity securities impairments
 
—

 
—

 
 
 
 
 
Totals
 
$
—

 
—
Credit Losses on Securities, Also Recorded as Non-Credit Other-than-Temporary Impairments in Other Comprehensive Loss
The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss.

 
For the Three Months Ended March 31, 2016
 
For the Year Ended
December 31,
2015
 
(In thousands)
 
 
 
 
Beginning balance, cumulative credit losses related to other-than-temporary impairments
$
2,278

 
2,298

Reductions for securities sold during current period
(629
)
 
(20
)
Additions for credit losses not previously recognized in other-than-temporary impairments
—

 
—

 
 
 
 
Ending balance, cumulative credit losses related to other-than-temporary impairments
$
1,649

 
2,278
Schedule of Held-to-Maturity Securities
The table below presents amortized costs and fair values of securities held to maturity at December 31, 2015.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
15,019

 
275

 
—

 
15,294

U.S. Treasury
1,927

 
317

 
—

 
2,244

States and political subdivisions
435,941

 
29,129

 
(662
)
 
464,408

Public utilities
1,044,063

 
42,271

 
(6,621
)
 
1,079,713

Corporate
4,160,628

 
114,920

 
(72,913
)
 
4,202,635

Residential mortgage-backed
1,503,021

 
59,013

 
(6,227
)
 
1,555,807

Home equity
11,047

 
1,701

 
—

 
12,748

Manufactured housing
2,321

 
266

 
—

 
2,587

 
 
 
 
 
 
 
 
Totals
$
7,173,967

 
247,892

 
(86,423
)
 
7,335,436

The table below presents amortized costs and fair values of securities held to maturity at March 31, 2016.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
10,015

 
183

 
—

 
10,198

U.S. Treasury
1,928

 
342

 
—

 
2,270

States and political subdivisions
441,630

 
37,605

 
(26
)
 
479,209

Public utilities
1,094,032

 
63,064

 
(2,326
)
 
1,154,770

Corporate
4,159,049

 
177,686

 
(33,112
)
 
4,303,623

Residential mortgage-backed
1,475,990

 
85,835

 
(421
)
 
1,561,404

Home equity
10,639

 
1,618

 
—

 
12,257

Manufactured housing
1,950

 
184

 
—

 
2,134

 
 
 
 
 
 
 
 
Totals
$
7,195,233

 
366,517

 
(35,885
)
 
7,525,865
Schedule of Available-for-Sale Securities
The table below presents amortized costs and fair values of securities available for sale at March 31, 2016.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
584

 
—

 
(20
)
 
564

Foreign governments
9,949

 
636

 
—

 
10,585

Public utilities
162,228

 
7,879

 
(996
)
 
169,111

Corporate
2,586,105

 
113,956

 
(25,493
)
 
2,674,568

Residential mortgage-backed
33,606

 
3,183

 
(35
)
 
36,754

Home equity
13,050

 
357

 
(31
)
 
13,376

Manufactured housing
931

 
21

 
—

 
952

 
2,806,453

 
126,032

 
(26,575
)
 
2,905,910

 
 
 
 
 
 
 
 
Equity securities
13,638

 
5,032

 
(204
)
 
18,466

 
 
 
 
 
 
 
 
Totals
$
2,820,091

 
131,064

 
(26,779
)
 
2,924,376

The table below presents amortized costs and fair values of securities available for sale at December 31, 2015.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
586

 
—

 
(34
)
 
552

Foreign governments
9,947

 
408

 
—

 
10,355

Public utilities
129,980

 
5,354

 
(775
)
 
134,559

Corporate
2,635,536

 
73,132

 
(54,503
)
 
2,654,165

Residential mortgage-backed
36,463

 
3,103

 
—

 
39,566

Home equity
20,123

 
825

 
(12
)
 
20,936

Manufactured housing
1,063

 
26

 
—

 
1,089

 
2,833,698

 
82,848

 
(55,324
)
 
2,861,222

 
 
 
 
 
 
 
 
Equity securities
13,716

 
4,797

 
(152
)
 
18,361

 
 
 
 
 
 
 
 
Totals
$
2,847,414

 
87,645

 
(55,476
)
 
2,879,583
Schedule of Gross Unrealized Losses and Fair Values of Held-to-Maturity Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2016.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
1,336

 
(17
)
 
1,491

 
(9
)
 
2,827

 
(26
)
Public utilities
46,415

 
(1,743
)
 
26,439

 
(583
)
 
72,854

 
(2,326
)
Corporate
528,338

 
(21,958
)
 
311,381

 
(11,154
)
 
839,719

 
(33,112
)
Residential mortgage-backed
—

 
—

 
38,165

 
(421
)
 
38,165

 
(421
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
576,089

 
(23,718
)
 
377,476

 
(12,167
)
 
953,565

 
(35,885
)
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2015.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
16,763

 
(387
)
 
8,723

 
(275
)
 
25,486

 
(662
)
Public utilities
298,962

 
(5,953
)
 
17,840

 
(668
)
 
316,802

 
(6,621
)
Corporate
1,522,544

 
(54,295
)
 
323,567

 
(18,618
)
 
1,846,111

 
(72,913
)
Residential mortgage-backed
148,712

 
(2,726
)
 
95,443

 
(3,501
)
 
244,155

 
(6,227
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
1,986,981

 
(63,361
)
 
445,573

 
(23,062
)
 
2,432,554

 
(86,423
)
Schedule of Gross Unrealized Losses and Fair Values of Available-for-Sale Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2015.

 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
—

 
—

 
552

 
(34
)
 
552

 
(34
)
Public utilities
42,093

 
(775
)
 
—

 
—

 
42,093

 
(775
)
Corporate
843,679

 
(32,500
)
 
151,319

 
(22,003
)
 
994,998

 
(54,503
)
Home equity
—

 
—

 
4,823

 
(12
)
 
4,823

 
(12
)
 
885,772

 
(33,275
)
 
156,694

 
(22,049
)
 
1,042,466

 
(55,324
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
649

 
(124
)
 
102

 
(28
)
 
751

 
(152
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
886,421

 
(33,399
)
 
156,796

 
(22,077
)
 
1,043,217

 
(55,476
)
The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at March 31, 2016.

 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
—

 
—

 
564

 
(20
)
 
564

 
(20
)
Public utilities
26,010

 
(996
)
 
—

 
—

 
26,010

 
(996
)
Corporate
232,775

 
(10,073
)
 
150,985

 
(15,420
)
 
383,760

 
(25,493
)
Residential mortgage-backed
1,566

 
(35
)
 
—

 
—

 
1,566

 
(35
)
Home equity
—

 
—

 
4,804

 
(31
)
 
4,804

 
(31
)
 
260,351

 
(11,104
)
 
156,353

 
(15,471
)
 
416,704

 
(26,575
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
620

 
(153
)
 
181

 
(51
)
 
801

 
(204
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
260,971

 
(11,257
)
 
156,534

 
(15,522
)
 
417,505

 
(26,779
)
Schedule of Mortgage Loans by Loan-to-Value Ratio
The following table represents the mortgage loan portfolio by loan-to-value ratio.

 
March 31, 2016
 
December 31, 2015
 
Amount
 
%
 
Amount
 
%
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage Loans by Loan-to-Value Ratio (1):
 
 
 
 
 
 
 
Less than 50%
$
47,384

 
42.6

 
$
64,986

 
59.7

50% to 60%
9,931

 
8.9

 
9,714

 
8.9

60% to 70%
29,831

 
26.9

 
10,134

 
9.3

70% to 80%
—

 
—

 
4,843

 
4.4

80% to 90%
24,024

 
21.6

 
19,284

 
17.7

Greater than 90%
—

 
—

 
—

 
—

Gross balance
111,170

 
100.0

 
108,961

 
100.0

 
 
 
 
 
 
 
 
Allowance for possible losses
(650
)
 
(0.6
)
 
(650
)
 
(0.6
)
 
 
 
 
 
 
 
 
Totals
$
110,520

 
99.4

 
$
108,311

 
99.4


(1) Loan-to-Value Ratio determined using the most recent appraised value. Appraisals are required at the time of funding and may be updated if a material change occurs from the original loan agreement.
Schedule of Allowance for Mortgage Loans
The following table represents the mortgage loan allowance.
 
March 31, 2016
 
December 31, 2015
 
(In thousands)
 
 
 
 
Balance, beginning of period
$
650

 
650

Provision
—

 
—

Releases
—

 
—

 
 
 
 
Balance, end of period
$
650

 
650
Investments Classified by Contractual Maturity Date