Investments (Tables)

9 Months Ended

Sep. 30, 2019

Investments, Debt and Equity Securities [Abstract]

Realized investment gains and losses, excluding impairment losses

The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(In thousands)
Available for sale debt securities:
Realized gains on disposal	$	197	1,191		2,548		3,212
Realized losses on disposal	—		(6	)	(84	)	(6	)
Held to maturity debt securities:
Realized gains on disposal	1,246		1,090		2,197		2,395
Realized losses on disposal	—		—		—		(19	)
Real estate gains (losses)	—		—		6,888		—
Totals	$	1,443	2,275		11,549		5,582

Schedule of net impairment losses recognized in earnings

The table below presents net impairment losses recognized in earnings for the periods indicated.

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019		2018
	(In thousands)
Total other-than-temporary impairment gains (losses) on debt securities	$	(1,943	)	3		(7,840	)	9
Portion of loss (gain) recognized in comprehensive income	(2		)	(3	)	(7	)	(9	)
Net impairment losses on debt securities recognized in earnings	(1,945		)	—		(7,847	)	—
Totals	$	(1,945	)	—		(7,847	)	—

Credit losses on securities, also recorded 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 September 30, 2019		Nine Months Ended September 30, 2019	Year Ended December 31, 2018
	(In thousands)
Beginning balance, cumulative credit losses related to other-than-temporary impairments	$	627	627	627
Reductions for securities sold during current period	—		—	—
Additions for credit losses not previously recognized in other-than-temporary impairments	—		—	—
Ending balance, cumulative credit losses related to other-than-temporary impairments	$	627	627	627

Schedule of debt securities, available-for-sale securities

The table below presents amortized costs and fair values of securities available for sale at December 31, 2018.

	Securities Available for Sale
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
States and political subdivisions	$	570	—	(4	)	566
Foreign governments	9,974		30	—		10,004
Public utilities	82,943		1,045	(517	)	83,471
Corporate	2,893,221		15,473	(79,638	)	2,829,056
Residential mortgage-backed	15,947		937	(84	)	16,800
Asset-backed	5,969		193	—		6,162
Totals	$	3,008,624	17,678	(80,243	)	2,946,059

The table below presents amortized costs and fair values of debt securities available for sale at September 30, 2019.

	Debt Securities Available for Sale
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
States and political subdivisions	$	100,595	6,178	(2	)	106,771
Foreign governments	9,981		244	—		10,225
Public utilities	76,916		3,914	—		80,830
Corporate	2,960,272		133,840	(5,343	)	3,088,769
Commercial mortgage-backed	28,902		1,375	—		30,277
Residential mortgage-backed	13,621		1,213	(107	)	14,727
Asset-backed	75,520		2,347	—		77,867
Totals	$	3,265,807	149,111	(5,452	)	3,409,466

Schedule of held-to-maturity securities

The table below presents amortized costs and fair values of securities held to maturity at December 31, 2018.

	Securities Held to Maturity
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
U.S. Treasury	$	1,341	116	—		1,457
States and political subdivisions	457,404		9,764	(2,376	)	464,792
Public utilities	930,629		5,928	(12,944	)	923,613
Corporate	4,715,775		27,652	(87,043	)	4,656,384
Residential mortgage-backed	1,176,216		13,771	(11,932	)	1,178,055
Asset-backed	3,889		88	(10	)	3,967
Totals	$	7,285,254	57,319	(114,305	)	7,228,268

The table below presents amortized costs and fair values of debt securities held to maturity at September 30, 2019.

	Debt Securities Held to Maturity
	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
	(In thousands)
Debt securities:
U.S. agencies	$	105,201	1,883	—		107,084
U.S. Treasury	3,777		156	—		3,933
States and political subdivisions	441,257		21,832	(53	)	463,036
Foreign governments	1,149		56	—		1,205
Public utilities	913,445		36,887	(11	)	950,321
Corporate	4,654,880		211,359	(446	)	4,865,793
Commercial mortgage-backed	3,039		57	—		3,096
Residential mortgage-backed	1,098,612		41,789	(381	)	1,140,020
Asset-backed	3,099		78	—		3,177
Totals	$	7,224,459	314,097	(891	)	7,537,665

Schedule of gross unrealized losses and fair values of debt securities, 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 debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2019.

	Debt 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	$	474	(2		)	—		—			474		(2		)
Corporate	14,860		(139		)	27,763		(5,204		)	42,623		(5,343		)
Residential mortgage-backed	—		—			798		(107		)	798		(107		)
Total	$	15,334	$	(141	)	$	28,561	$	(5,311	)	$	43,895	$	(5,452	)

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, 2018.

	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	$	566	(4	)	—	—		566	(4	)
Public utilities	38,903		(517	)	—	—		38,903	(517	)
Corporate	1,468,953		(44,575	)	442,798	(35,063	)	1,911,751	(79,638	)
Residential mortgage-backed	—		—		878	(84	)	878	(84	)
Total	$	1,508,422	(45,096	)	443,676	(35,147	)	1,952,098	(80,243	)

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 debt securities by investment category and length of time the individual securities have been in a continuous unrealized loss position at September 30, 2019.

	Debt 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	$	—	—		1,689	(53	)	1,689	(53	)
Public utilities	2,417		(11	)	—	—		2,417	(11	)
Corporate	9,220		(95	)	20,213	(351	)	29,433	(446	)
Residential mortgage-backed	449		(3	)	46,891	(378	)	47,340	(381	)
Total	$	12,086	(109	)	68,793	(782	)	80,879	(891	)

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, 2018.

	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	$	88,253	(2,124	)	10,645	(252	)	98,898	(2,376	)
Public utilities	396,980		(8,371	)	98,632	(4,573	)	495,612	(12,944	)
Corporate	2,144,969		(55,125	)	650,401	(31,918	)	2,795,370	(87,043	)
Residential mortgage-backed	202,986		(2,032	)	311,374	(9,900	)	514,360	(11,932	)
Asset-backed	—		—		1,976	(10	)	1,976	(10	)
Total	$	2,833,188	(67,652	)	1,073,028	(46,653	)	3,906,216	(114,305	)

Investments classified by contractual maturity date

The amortized cost and fair value of investments in debt securities at September 30, 2019, 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	$	154,863	156,596	276,185	278,504
Due after 1 year through 5 years	1,180,262		1,218,209	3,039,310	3,136,264
Due after 5 years through 10 years	1,539,500		1,615,794	2,305,328	2,434,780
Due after 10 years	273,139		295,996	498,886	541,824
	3,147,764		3,286,595	6,119,709	6,391,372
Mortgage and asset-backed securities	118,043		122,871	1,104,750	1,146,293
Total	$	3,265,807	3,409,466	7,224,459	7,537,665

Schedule of mortgage loans by loan-to-value ratio

The following table represents the mortgage loan portfolio by loan-to-value ratio.

	September 30, 2019					December 31, 2018
	Amount			%		Amount			%
	(In thousands)					(In thousands)
Mortgage Loans by Loan-to-Value Ratio (1):
Less than 50%	$	60,867		27.1		$	66,371		32.6
50% to 60%	50,397			22.4		22,610			11.1
60% to 70%	97,368			43.3		102,857			50.4
70% to 80%	16,091			7.2		6,642			3.3
80% to 90%	—			—		5,375			2.6
Greater than 90%	—			—		—			—
Gross balance	224,723			100.0		203,855			100.0
Allowance for possible losses	(675		)	(0.3	)	(675		)	(0.3	)
Totals	$	224,048		99.7		$	203,180		99.7

(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 for the periods shown.

	September 30, 2019		December 31, 2018
	(In thousands)
Balance, beginning of period	$	675	650
Provision	—		25
Releases	—		—
Balance, end of period	$	675	675