XML 38 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Realized investment gains and losses, excluding impairment losses The table below presents realized gains and losses, excluding impairment losses, for the periods indicated.
Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (In thousands)
Available for sale debt securities:    
Realized gains on disposal$888 197 3,379 2,548 
Realized losses on disposal— — — (84)
Held to maturity debt securities:
Realized gains on disposal2,501 1,246 6,620 2,197 
Realized losses on disposal— — — — 
Real estate gains (losses)2,661 — 2,661 6,888 
Other— — — — 
Totals$6,050 1,443 12,660 11,549 
Schedule of held-to-maturity securities
The table below presents amortized costs and fair values of debt securities held to maturity at September 30, 2020.

 Debt Securities Held to Maturity
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit Losses
 (In thousands)
U.S. agencies$73,153 2,934 — 76,087 (81)
U.S. Treasury3,798 156 — 3,954 — 
States and political subdivisions437,620 24,976 (124)462,472 (176)
Foreign governments1,128 150 — 1,278 — 
Public utilities812,251 71,098 — 883,349 (718)
Corporate4,549,262 401,764 (7,620)4,943,406 (4,111)
Commercial mortgage-backed3,019 34 — 3,053 — 
Residential mortgage-backed944,838 57,854 (1)1,002,691 — 
Asset-backed2,070 39 — 2,109 — 
Totals$6,827,139 559,005 (7,745)7,378,399 (5,086)
The table below presents amortized costs and fair values of debt securities held to maturity at December 31, 2019.

 Debt Securities Held to Maturity
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (In thousands)
U.S. agencies$100,910 1,686 — 102,596 
U.S. Treasury3,782 140 — 3,922 
States and political subdivisions431,433 19,440 (84)450,789 
Foreign governments1,144 55 — 1,199 
Public utilities888,444 36,638 (83)924,999 
Corporate4,607,826 212,281 (718)4,819,389 
Commercial mortgage-backed3,032 52 — 3,084 
Residential mortgage-backed1,066,899 32,706 (716)1,098,889 
Asset-backed2,775 62 (1)2,836 
Totals$7,106,245 303,060 (1,602)7,407,703 
Schedule of debt securities, available-for-sale securities
The table below presents amortized costs and fair values of debt securities available for sale at September 30, 2020.

 Debt Securities Available for Sale
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value		Allowance for Credit Losses
 (In thousands)
States and political subdivisions$89,168 8,384 (2)97,550 — 
Foreign governments9,990 235 — 10,225 — 
Public utilities62,413 5,194 — 67,607 — 
Corporate2,895,799 256,716 (20,349)3,132,166 — 
Commercial mortgage-backed27,124 1,187 — 28,311 — 
Residential mortgage-backed10,653 1,247 (159)11,741 — 
Asset-backed61,339 1,759 (42)63,056 — 
Totals$3,156,486 274,722 (20,552)3,410,656 — 
The table below presents amortized costs and fair values of debt securities available for sale at December 31, 2019.

 Debt Securities Available for Sale
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (In thousands)
States and political subdivisions$98,037 4,495 (3)102,529 
Foreign governments9,983 203 — 10,186 
Public utilities67,895 3,476 — 71,371 
Corporate2,921,431 141,705 (2,479)3,060,657 
Commercial mortgage-backed28,871 1,071 — 29,942 
Residential mortgage-backed12,815 1,077 (117)13,775 
Asset-backed67,088 1,397 — 68,485 
Totals$3,206,120 153,424 (2,599)3,356,945 
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, 2020.
 Debt Securities Held to Maturity
 Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (In thousands)
States and political subdivisions$13,687 (55)1,757 (69)15,444 (124)
Public utilities— — — — — — 
Corporate148,574 (7,464)5,817 (156)154,391 (7,620)
Commercial mortgage-backed— — — — — — 
Residential mortgage-backed1,004 (1)— — 1,004 (1)
Asset-backed— — — — — — 
Totals$163,265 (7,520)7,574 (225)170,839 (7,745)
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 December 31, 2019.

 Debt Securities Held to Maturity
 Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (In thousands)
States and political subdivisions$5,013 (33)1,712 (51)6,725 (84)
Public utilities2,345 (83)— — 2,345 (83)
Corporate31,419 (337)17,191 (381)48,610 (718)
Residential mortgage-backed25,859 (63)43,498 (653)69,357 (716)
Asset-backed1,349 (1)— — 1,349 (1)
Totals$65,985 (517)62,401 (1,085)128,386 (1,602)
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, 2020.

 Debt Securities Available for Sale
 Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (In thousands)
States and political subdivisions$558 (2)— — 558 (2)
Public utilities— — — — — — 
Corporate179,742 (17,784)28,389 (2,565)208,131 (20,349)
Commercial mortgage-backed— — — — — — 
Residential mortgage-backed— — 572 (159)572 (159)
Asset-backed15,131 (42)— — 15,131 (42)
Totals$195,431 (17,828)28,961 (2,724)224,392 (20,552)
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 that the individual securities have been in a continuous unrealized loss position at December 31, 2019.

 Debt Securities Available for Sale
 Less than 12 Months12 Months or GreaterTotal
Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
 (In thousands)
States and political subdivisions$470 (3)— — 470 (3)
Public utilities— — — — — — 
Corporate40,080 (105)28,582 (2,374)68,662 (2,479)
Residential mortgage-backed— — 710 (117)710 (117)
Totals$40,550 (108)29,292 (2,491)69,842 (2,599)
Investments classified by contractual maturity date
The amortized cost and fair value of investments in debt securities at September 30, 2020, 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 SaleDebt Securities Held to Maturity
 Amortized CostFair ValueAmortized CostFair Value
 (In thousands)
Due in 1 year or less$179,359 182,907 579,550 587,799 
Due after 1 year through 5 years1,361,831 1,450,221 3,004,262 3,204,761 
Due after 5 years through 10 years1,178,727 1,291,931 1,474,459 1,656,357 
Due after 10 years337,453 382,489 818,941 921,629 
 3,057,370 3,307,548 5,877,212 6,370,546 
Mortgage and asset-backed securities99,116 103,108 949,927 1,007,853 
Totals before allowance for credit losses3,156,486 3,410,656 6,827,139 7,378,399 
Allowance for credit losses— — (5,086)— 
Totals$3,156,486 3,410,656 6,822,053 7,378,399 
Allowance for debt securities held to maturity The following table presents the allowance for credit losses for the three and nine months ended September 30, 2020 and 2019.
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
 Debt Securities Held to MaturityDebt Securities Available for SaleDebt Securities Held to MaturityDebt Securities Available for Sale
 (In thousands)
Balance, beginning of period$4,940 — — — 
Provision January 1, 2020 for adoption of new accounting guidance— — 3,334 — 
(Releases)/provision during period146 — 1,752 — 
 
Balance, end of period$5,086 — 5,086 — 
In the table below, held to maturity securities and their corresponding allowance for credit losses are represented according to credit ratings by nationally recognized statistical rating organizations.

Debt Securities Held to Maturity
Amortized CostAllowance for Credit LossesCarrying Value
(In thousands)
 AAA $95,861 — 95,861 
 AA 1,639,976 (379)1,639,597 
 A 2,224,126 (939)2,223,187 
 BBB 2,737,258 (3,292)2,733,966 
 BB and other below investment 129,918 (476)129,442 
 Bonds Total $6,827,139 (5,086)6,822,053 
Allowance for debt securities available for sale The following table presents the allowance for credit losses for the three and nine months ended September 30, 2020 and 2019.
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
 Debt Securities Held to MaturityDebt Securities Available for SaleDebt Securities Held to MaturityDebt Securities Available for Sale
 (In thousands)
Balance, beginning of period$4,940 — — — 
Provision January 1, 2020 for adoption of new accounting guidance— — 3,334 — 
(Releases)/provision during period146 — 1,752 — 
 
Balance, end of period$5,086 — 5,086 — 
Schedule of mortgage loans by loan-to-value ratio
The following table represents the mortgage loan portfolio by loan-to-value ratio.

September 30, 2020December 31, 2019
Amount%Amount%
(In thousands)(In thousands)
Mortgage Loans by Loan-to-Value Ratio (1):
Less than 50%$52,987 17.4 $52,778 19.3 
50% to 60%57,744 18.9 56,929 20.8 
60% to 70%148,694 48.7 117,377 43.0 
70% to 80%45,647 15.0 46,013 16.9 
80% to 90%— — — — 
Greater than 90%— — — — 
Gross balance305,072 100.0 273,097 100.0 
Allowance for credit losses(2,357)(0.8)(675)(0.2)
Totals$302,715 99.2 $272,422 99.8 

(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 credit losses.
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
 (In thousands)
Balance, beginning of the period$2,227 675 675 675 
Provision January 1, 2020 for adoption of new accounting guidance— — 504 — 
Provision during the period130 — 1,178 — 
Releases— — — — 
Total ending allowance for credit losses$2,357 675 2,357 675