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Investments (Tables)
 6 Months Ended
Jun. 30, 2017
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 June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
 
(In thousands)
 
 
 
 
 
 
 
 
Available for sale debt securities:
 
 
 
 
 
 
 
Realized gains on disposal
$
1,635

 
5

 
2,608

 
682

Realized losses on disposal
—

 
—

 
—

 
(6
)
Held to maturity debt securities:
 
 
 
 
 
 
 
Realized gains on disposal
1,982

 
997

 
3,539

 
1,486

Realized losses on disposal
(35
)
 
—

 
(69
)
 
(106
)
Equity securities realized gains (losses)
8

 
169

 
97

 
206

Real estate gains (losses)
2,657

 
1,611

 
2,657

 
2,901

 
 
 
 
 
 
 
 
Totals
$
6,247

 
2,782

 
8,832

 
5,163
Net Impairment Losses Recognized in Earnings
The table below presents net impairment losses recognized in earnings for the periods indicated.

 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2017
 
2016
 
2017
 
2016
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairment gains (losses) on debt securities
 
$
23

 
27

 
43

 
53

Portion of loss (gain) recognized in comprehensive income
 
(23
)
 
(27
)
 
(43
)
 
(53
)
 
 
 
 
 
 
 
 
 
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.

 
Three Months Ended June 30, 2017
 
Six Months Ended June 30, 2017
 
Year Ended
December 31,
2016
 
(In thousands)
 
 
 
 
 
 
Beginning balance, cumulative credit losses related to other-than-temporary impairments
$
1,440

 
1,440

 
2,278

Reductions for securities sold during current period
—

 
—

 
(838
)
Additions for credit losses not previously recognized in other-than-temporary impairments
—

 
—

 
—

 
 
 
 
 
 
Ending balance, cumulative credit losses related to other-than-temporary impairments
$
1,440

 
1,440

 
1,440
Schedule of Held-to-Maturity Securities
The table below presents amortized costs and fair values of securities held to maturity at December 31, 2016.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. Treasury
$
1,333

 
235

 
—

 
1,568

States and political subdivisions
456,069

 
22,697

 
(2,841
)
 
475,925

Public utilities
1,087,176

 
36,904

 
(3,133
)
 
1,120,947

Corporate
4,237,029

 
116,720

 
(29,701
)
 
4,324,048

Residential mortgage-backed
1,367,270

 
42,345

 
(6,468
)
 
1,403,147

Home equity
8,826

 
1,462

 
—

 
10,288

Manufactured housing
1,556

 
132

 
—

 
1,688

 
 
 
 
 
 
 
 
Totals
$
7,159,259

 
220,495

 
(42,143
)
 
7,337,611

The table below presents amortized costs and fair values of securities held to maturity at June 30, 2017.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. Treasury
$
1,335

 
218

 
—

 
1,553

States and political subdivisions
449,964

 
23,622

 
(790
)
 
472,796

Public utilities
1,114,289

 
37,840

 
(716
)
 
1,151,413

Corporate
4,327,597

 
145,011

 
(9,862
)
 
4,462,746

Residential mortgage-backed
1,327,836

 
42,565

 
(3,415
)
 
1,366,986

Home equity
7,881

 
1,376

 
—

 
9,257

Manufactured housing
1,285

 
104

 
—

 
1,389

 
 
 
 
 
 
 
 
Totals
$
7,230,187

 
250,736

 
(14,783
)
 
7,466,140
Schedule of Available-for-Sale Securities
The table below presents amortized costs and fair values of securities available for sale at December 31, 2016.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
580

 
—

 
(6
)
 
574

Foreign governments
9,956

 
380

 
—

 
10,336

Public utilities
127,181

 
4,745

 
(232
)
 
131,694

Corporate
2,802,852

 
80,414

 
(22,603
)
 
2,860,663

Residential mortgage-backed
27,110

 
2,137

 
(91
)
 
29,156

Home equity
9,341

 
286

 
—

 
9,627

Manufactured housing
—

 
—

 
—

 
—

 
2,977,020

 
87,962

 
(22,932
)
 
3,042,050

 
 
 
 
 
 
 
 
Equity securities
14,022

 
4,657

 
(366
)
 
18,313

 
 
 
 
 
 
 
 
Totals
$
2,991,042

 
92,619

 
(23,298
)
 
3,060,363

The table below presents amortized costs and fair values of securities available for sale at June 30, 2017.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
578

 
13

 
—

 
591

Foreign governments
9,960

 
427

 
—

 
10,387

Public utilities
103,919

 
4,877

 
—

 
108,796

Corporate
2,782,502

 
97,657

 
(10,748
)
 
2,869,411

Residential mortgage-backed
23,278

 
1,911

 
(73
)
 
25,116

Home equity
8,581

 
258

 
—

 
8,839

Manufactured housing
—

 
—

 
—

 
—

 
2,928,818

 
105,143

 
(10,821
)
 
3,023,140

 
 
 
 
 
 
 
 
Equity securities
14,508

 
5,286

 
(176
)
 
19,618

 
 
 
 
 
 
 
 
Totals
$
2,943,326

 
110,429

 
(10,997
)
 
3,042,758
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 December 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
$
80,507

 
(2,841
)
 
—

 
—

 
80,507

 
(2,841
)
Public utilities
162,587

 
(3,133
)
 
—

 
—

 
162,587

 
(3,133
)
Corporate
1,063,194

 
(22,867
)
 
179,113

 
(6,834
)
 
1,242,307

 
(29,701
)
Residential mortgage-backed
274,045

 
(5,989
)
 
8,943

 
(479
)
 
282,988

 
(6,468
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
1,580,333

 
(34,830
)
 
188,056

 
(7,313
)
 
1,768,389

 
(42,143
)
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 June 30, 2017.
 
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
$
31,453

 
(790
)
 
—

 
—

 
31,453

 
(790
)
Public utilities
71,504

 
(716
)
 
—

 
—

 
71,504

 
(716
)
Corporate
481,789

 
(7,580
)
 
146,064

 
(2,282
)
 
627,853

 
(9,862
)
Residential mortgage-backed
190,466

 
(3,061
)
 
9,053

 
(354
)
 
199,519

 
(3,415
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
775,212

 
(12,147
)
 
155,117

 
(2,636
)
 
930,329

 
(14,783
)
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, 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
$
574

 
(6
)
 
—

 
—

 
574

 
(6
)
Public utilities
10,765

 
(232
)
 
—

 
—

 
10,765

 
(232
)
Corporate
680,988

 
(16,427
)
 
106,969

 
(6,176
)
 
787,957

 
(22,603
)
Residential mortgage-backed
1,292

 
(91
)
 
—

 
—

 
1,292

 
(91
)
 
693,619

 
(16,756
)
 
106,969

 
(6,176
)
 
800,588

 
(22,932
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
4,154

 
(305
)
 
422

 
(61
)
 
4,576

 
(366
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
697,773

 
(17,061
)
 
107,391

 
(6,237
)
 
805,164

 
(23,298
)
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 June 30, 2017.

 
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
$
—

 
—

 
—

 
—

 
—

 
—

Public utilities
—

 
—

 
—

 
—

 
—

 
—

Corporate
344,846

 
(6,825
)
 
89,807

 
(3,923
)
 
434,653

 
(10,748
)
Residential mortgage-backed
—

 
—

 
1,151

 
(73
)
 
1,151

 
(73
)
 
344,846

 
(6,825
)
 
90,958

 
(3,996
)
 
435,804

 
(10,821
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
582

 
(94
)
 
414

 
(82
)
 
996

 
(176
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
345,428

 
(6,919
)
 
91,372

 
(4,078
)
 
436,800

 
(10,997
)
Schedule of Mortgage Loans by Loan-to-Value Ratio
The following table represents the mortgage loan portfolio by loan-to-value ratio.

 
June 30, 2017
 
December 31, 2016
 
Amount
 
%
 
Amount
 
%
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage Loans by Loan-to-Value Ratio (1):
 
 
 
 
 
 
 
Less than 50%
$
78,042

 
42.4

 
$
54,783

 
31.3

50% to 60%
23,958

 
13.0

 
12,946

 
7.4

60% to 70%
63,211

 
34.3

 
76,959

 
43.9

70% to 80%
6,511

 
3.5

 
6,192

 
3.5

80% to 90%
7,066

 
3.8

 
18,688

 
10.7

Greater than 90%
5,560

 
3.0

 
5,616

 
3.2

Gross balance
184,348

 
100.0

 
175,184

 
100.0

 
 
 
 
 
 
 
 
Allowance for possible losses
(650
)
 
(0.4
)
 
(650
)
 
(0.4
)
 
 
 
 
 
 
 
 
Totals
$
183,698

 
99.6

 
$
174,534

 
99.6


(1) Loan-to-Value Ratio is 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.
 
June 30, 2017
 
December 31, 2016
 
(In thousands)
 
 
 
 
Balance, beginning of period
$
650

 
650

Provision
—

 
—

Releases
—

 
—

 
 
 
 
Balance, end of period
$
650

 
650
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of investments in debt securities at June 30, 2017, by contractual maturity, are shown below.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 
Debt Securities Available for Sale
 
Debt Securities Held to Maturity
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
 
(In thousands)
 
 
 
 
 
 
 
 
Due in 1 year or less
$
169,917

 
174,185

 
309,089

 
316,721

Due after 1 year through 5 years
1,059,942

 
1,116,477

 
1,929,678

 
2,035,764

Due after 5 years through 10 years
1,623,956

 
1,654,760

 
3,285,962

 
3,352,813

Due after 10 years
43,144

 
43,763

 
368,456

 
383,210

 
2,896,959

 
2,989,185

 
5,893,185

 
6,088,508

 
 
 
 
 
 
 
 
Mortgage and asset-backed securities
31,859

 
33,955

 
1,337,002

 
1,377,632

 
 
 
 
 
 
 
 
Total
$
2,928,818

 
3,023,140

 
7,230,187

 
7,466,140