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Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Components of Net Investment Income
The major components of net investment income are as follows:
 Years Ended December 31,
 202220212020
 (In thousands)
Gross investment income:   
Debt and equity securities$298,965 309,082 373,479 
Mortgage loans20,691 20,155 13,162 
Policy loans2,626 2,667 3,361 
Short-term investments3,940 293 2,160 
Other investment assets27,409 16,321 12,698 
Total investment income353,631 348,518 404,860 
Less investment expenses2,420 2,762 2,412 
Net investment income (excluding derivatives and trading securities)351,211 345,756 402,448 
Index option derivative gain (loss)(86,866)120,718 14,754 
Embedded derivative on reinsurance250,230 84,725 — 
Trading securities market adjustments(214,935)11,331 — 
Net investment income$299,640 562,530 417,202 
Schedule of Mortgage Loans by Geographic Region The diversification of the portfolio by geographic region, property type, and loan-to-value ratio was as follows:
 December 31, 2022December 31, 2021
Amount%Amount%
 (In thousands, except for percentages)
Mortgage Loans by Geographic Region:
West South Central$220,357 43.2 $237,644 48.5 
East North Central60,520 11.9 61,397 12.6 
South Atlantic104,334 20.4 81,847 16.7 
East South Central18,753 3.7 20,069 4.1 
West North Central11,942 2.3 12,213 2.5 
Pacific11,924 2.3 13,800 2.8 
Middle Atlantic40,742 8.0 36,296 7.4 
Mountain42,023 8.2 26,613 5.4 
Gross balance510,595 100.0 489,879 100.0 
Market value adjustment(1,290)(0.3)412 0.1 
Allowance for credit losses(3,575)(0.7)(2,987)(0.6)
Totals$505,730 99.0 $487,304 99.5 
Schedule of Mortgage Loans by Property Type
 December 31, 2022December 31, 2021
Amount%Amount%
 (In thousands, except for percentages)
Mortgage Loans by Property Type:
Retail$169,618 33.2 $164,895 33.7 
Office140,092 27.4 142,824 29.2 
Storage facility79,853 15.7 73,401 15.0 
Industrial35,896 7.0 34,212 7.0 
Hotel23,431 4.6 23,748 4.8 
Land/lots4,605 0.9 4,597 0.9 
Apartments38,377 7.5 38,920 7.9 
Residential14,599 2.9 1,905 0.4 
All other4,124 0.8 5,377 1.1 
Gross balance510,595 100.0 489,879 100.0 
Market value adjustment(1,290)(0.3)412 0.1 
Allowance for credit losses(3,575)(0.7)(2,987)(0.6)
Totals$505,730 99.0 $487,304 99.5 
Schedule of Mortgage Loans by Loan-to-Value Ratio
 December 31, 2022December 31, 2021
Amount%Amount%
 (In thousands, except for percentages)
Mortgage Loans by Loan-to-Value Ratio (1):
Less than 50%$100,757 19.7 $100,806 20.6 
50% to 60%145,093 28.4 128,191 26.2 
60% to 70%217,445 42.6 202,670 41.3 
70% to 80%47,300 9.3 58,212 11.9 
Gross balance510,595 100.0 489,879 100.0 
Market value adjustment(1,290)(0.3)412 0.1 
Allowance for credit losses(3,575)(0.7)(2,987)(0.6)
Totals$505,730 99.0 $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 Loan
The following table represents the mortgage loans allowance for credit losses.

Years Ended December 31,
 20222021
 (In thousands)
Mortgage Loans Allowance for Credit Losses:
Balance, beginning of the period$2,987 2,486 
Provision (release) during the period588 501 
Balance, end of period$3,575 2,987 
Schedule of Contractual Maturities of Mortgage Loan Principal Balances
The contractual maturities of mortgage loan principal balances at December 31, 2022 and 2021 were as follows:

 December 31, 2022December 31, 2021
Amount%Amount%
 (In thousands, except for percentages)
Principal Balance by Contractual Maturity:
Due in one year or less$2,299 0.5 $13,422 2.7 
Due after one year through five years184,439 36.1 127,766 26.1 
Due after five years through ten years205,712 40.3 222,444 45.4 
Due after ten years through fifteen years107,503 21.0 115,313 23.5 
Due after fifteen years10,869 2.1 11,280 2.3 
Totals$510,822 100.0 $490,225 100.0 
Schedule of Amortized Costs and Fair Values of Securities Available for Sale
The table below presents amortized costs and fair values of debt securities available-for-sale at December 31, 2022.

 Debt Securities Available-for-Sale
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAllowance for Credit Losses
 (In thousands)
Debt securities:    
U.S. Agencies$21,003 — (377)20,626 — 
U.S. Treasury2,813 6 (90)2,729 — 
States and political subdivisions476,338 668 (65,507)411,499 — 
Foreign governments62,964 — (17,076)45,888 — 
Public utilities681,785 117 (66,765)615,137 — 
Corporate6,199,886 1,940 (570,255)5,631,571 — 
Commercial mortgage-backed21,965 — (1,680)20,285 — 
Residential mortgage-backed337,186 183 (16,338)321,031 — 
Asset-backed634,820 168 (92,121)542,867 — 
Totals$8,438,760 3,082 (830,209)7,611,633 — 
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 CostGross Unrealized GainsGross Unrealized LossesFair Value
 (In thousands)
Debt securities:    
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 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 December 31, 2022.

 Debt Securities Available-For-Sale
 Less than 12 Months12 Months or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
 (In thousands)
Debt securities:      
U.S. Government agencies$20,626 (377)— — 20,626 (377)
U.S. Treasury1,749 (90)— — 1,749 (90)
States and political subdivisions346,009 (55,014)28,420 (10,493)374,429 (65,507)
Foreign governments22,591 (7,658)23,296 (9,420)45,887 (17,078)
Public utilities601,824 (61,970)10,747 (4,795)612,571 (66,765)
Corporate bonds4,985,075 (432,492)434,625 (137,763)5,419,700 (570,255)
Commercial mortgage-backed20,285 (1,680)— — 20,285 (1,680)
Residential mortgage-backed307,410 (16,338)— — 307,410 (16,338)
Asset-backed368,132 (59,936)156,719 (32,185)524,851 (92,121)
Total$6,673,701 (635,555)653,807 (194,656)7,327,508 (830,211)

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 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)
Debt securities:      
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)
Corporate bonds541,974 (11,378)25,319 (1,427)567,293 (12,805)
Home equity188,960 (2,497)— — 188,960 (2,497)
Total$816,935 (15,844)27,109 (1,569)844,044 (17,413)
Schedule of Amortized Cost and Fair Value of Investments In Debt Securities
The amortized cost and fair value of investments in available-for-sale debt securities at December 31, 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$719,108 714,084 
Due after 1 year through 5 years2,866,915 2,747,445 
Due after 5 years through 10 years1,812,394 1,625,461 
Due after 10 years2,046,372 1,640,459 
 7,444,789 6,727,449 
Mortgage and asset-backed securities993,971 884,184 
Total before allowance for credit losses 8,438,7607,611,633
Allowance for credit losses— — 
Total$8,438,760 7,611,633 
Schedule of Realized Gains (Losses) Excluding Impairments The table below presents realized gains and losses for the periods indicated.
 Years Ended December 31,
 202220212020
 (In thousands)
Available-for-sale debt securities:   
Realized gains on disposal$5,304 16,377 5,677 
Realized losses on disposal(193)(5)— 
Held-to-maturity debt securities:
   Realized gains on redemption— — 12,734 
   Realized losses on redemption— — (1)
Real estate1,244 (1,421)2,661 
Mortgage loans— — — 
Other— (1)— 
Totals$6,355 14,950 21,071 
Schedule of Allowance for Debt Securities Held to Maturity The following table presents the available-for-sale debt securities allowance for credit losses for the years ended December 31, 2022 and 2021.
December 31,
20222021
 Debt Securities Available-for- Sale
 (In thousands)
Balance, beginning of period$— — 
(Releases)/provision during period— — 
 
Balance, end of period$— — 
Schedule of Allowance for Debt Securities Available for Sale The following table presents the available-for-sale debt securities allowance for credit losses for the years ended December 31, 2022 and 2021.
December 31,
20222021
 Debt Securities Available-for- Sale
 (In thousands)
Balance, beginning of period$— — 
(Releases)/provision during period— — 
 
Balance, end of period$— — 
Schedule of Net Unrealized Gains (Losses) on Investment Securities
Net unrealized gains (losses) on investment securities included in stockholders' equity at December 31, 2022 and 2021, are as follows:

 December 31,
 20222021
 (In thousands)
Gross unrealized gains$3,082 482,109 
Gross unrealized losses(830,209)(17,413)
Adjustments for: 
Deferred policy acquisition costs and sales inducements295,527 (178,340)
Deferred Federal income tax expense111,636 (60,135)
Net unrealized gains (losses) on investment securities$(419,964)226,221