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Investments (Tables)
6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Realized Investment Gains and Losses The table below presents realized gains and losses for the periods indicated.
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (In thousands)
Available-for-sale debt securities:    
Realized gains on disposal$1,766 4,823 5,224 6,239 
Realized losses on disposal— — — — 
Real estate gains (losses)— (1,407)336 (1,407)
Other— (1)— (1)
Totals$1,766 3,415 5,560 4,831 
Schedule of Debt Securities, Available-for-Sale Securities
The table below presents amortized costs and fair values of debt securities available-for-sale at June 30, 2022.
 Debt Securities Available-for-Sale
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Allowance for Credit Losses
 (In thousands)
U.S. agencies$31,289 23 (90)31,222 — 
U.S. Treasury1,807 — (4)1,803 — 
States and political subdivisions491,283 1,917 (43,637)449,563 — 
Foreign governments62,973 (14,439)48,535 — 
Public utilities739,559 576 (44,322)695,813 — 
Corporate6,372,616 4,734 (403,546)5,973,804 — 
Commercial mortgage-backed26,994 — (932)26,062 — 
Residential mortgage-backed382,814 1,877 (5,813)378,878 — 
Asset-backed613,907 24 (58,659)555,272 — 
Totals$8,723,242 9,152 (571,442)8,160,952 — 

The table below presents amortized costs and fair values of debt securities available-for-sale at December 31, 2021.

 Debt Securities Available-for-Sale
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Allowance for Credit Losses
 (In thousands)
U.S. agencies$43,472 1,071 — 44,543 — 
U.S. Treasury2,469 21 — 2,490 — 
States and political subdivisions479,148 27,733 (921)505,960 — 
Foreign governments62,979 293 (881)62,391 — 
Public utilities745,359 39,919 (309)784,969 — 
Corporate6,322,471 391,287 (12,805)6,700,953 — 
Commercial mortgage-backed27,016 741 — 27,757 — 
Residential mortgage-backed530,702 18,921 — 549,623 — 
Asset-backed390,634 2,123 (2,497)390,260 — 
Totals$8,604,250 482,109 (17,413)9,068,946 — 
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 June 30, 2022.

 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)
U.S. agencies$21,185 (90)— — 21,185 (90)
U.S. Treasury1,803 (4)— — 1,803 (4)
States and political subdivisions317,551 (40,145)12,753 (3,492)330,304 (43,637)
Foreign governments41,847 (12,197)5,599 (2,242)47,446 (14,439)
Public utilities553,099 (44,157)476 (165)553,575 (44,322)
Corporate4,762,723 (336,373)232,011 (67,173)4,994,734 (403,546)
Commercial mortgage-backed26,062 (932)— — 26,062 (932)
Residential mortgage-backed240,379 (5,813)— — 240,379 (5,813)
Asset-backed506,435 (57,208)13,871 (1,451)520,306 (58,659)
Totals$6,471,084 (496,919)264,710 (74,523)6,735,794 (571,442)

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, 2021.

 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$38,853 (779)1,790 (142)40,643 (921)
Foreign governments31,862 (881)— — 31,862 (881)
Public utilities15,286 (309)— — 15,286 (309)
Corporate541,974 (11,378)25,319 (1,427)567,293 (12,805)
Asset-backed188,960 (2,497)— — 188,960 (2,497)
Totals$816,935 (15,844)27,109 (1,569)844,044 (17,413)
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of investments in debt securities available-for-sale at June 30, 2022, 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
 Amortized CostFair Value
 (In thousands)
Due in 1 year or less$47,535 47,549 
Due after 1 year through 5 years3,008,773 2,980,577 
Due after 5 years through 10 years2,269,752 2,127,532 
Due after 10 years2,373,467 2,045,082 
 7,699,527 7,200,740 
Mortgage and asset-backed securities1,023,715 960,212 
Totals before allowance for credit losses8,723,242 8,160,952 
Allowance for credit losses— — 
Totals$8,723,242 8,160,952 
Schedule of Mortgage Loans by Loan-to-Value Ratio
The following table represents the mortgage loan portfolio by loan-to-value ratio.

June 30, 2022December 31, 2021
Amount%Amount%
(In thousands)(In thousands)
Mortgage Loans by Loan-to-Value Ratio (1):
Less than 50%$116,614 22.6 $100,806 20.6 
50% to 60%140,427 27.3 128,191 26.2 
60% to 70%225,199 43.7 202,670 41.3 
70% to 80%32,985 6.4 58,212 11.9 
Gross balance515,225 100.0 489,879 100.0 
Market value adjustment (716)(0.1)412 0.1 
Allowance for credit losses(2,573)(0.5)(2,987)(0.6)
Totals$511,936 99.4 $487,304 99.5 

(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 June 30,Six Months Ended June 30,
2022202120222021
 (In thousands)
Balance, beginning of the period$2,816 3,033 2,987 2,486 
Provision (release) during the period(243)205 (414)752 
Total ending allowance for credit losses$2,573 3,238 2,573 3,238