Investments (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Summary of Fixed Maturities and Equity Securities Available for Sale by Component |
A summary of fixed maturities available for sale by cost or amortized cost and estimated fair value at December 31, 2017 and 2016 is as follows: | | | | | | | | | | | | | | | | | | | 2017: | Cost or
Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value(1) | | % of Total
Fixed
Maturities(2) | Fixed maturities available for sale: | | | | | | | | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 390,646 |
| | $ | 18,173 |
| | $ | (1,373 | ) | | $ | 407,446 |
| | 2 | States, municipalities, and political subdivisions | 1,091,960 |
| | 127,890 |
| | (135 | ) | | 1,219,715 |
| | 7 | Foreign governments | 20,236 |
| | 1,782 |
| | — |
| | 22,018 |
| | — | Corporates, by sector: | | | | | | | | | | Financial | 3,282,526 |
| | 475,961 |
| | (23,392 | ) | | 3,735,095 |
| | 22 | Utilities | 1,955,737 |
| | 369,406 |
| | (1,298 | ) | | 2,323,845 |
| | 14 | Energy | 1,619,349 |
| | 226,140 |
| | (25,392 | ) | | 1,820,097 |
| | 11 | Other corporate sectors | 6,065,803 |
| | 747,612 |
| | (20,616 | ) | | 6,792,799 |
| | 40 | Total corporates | 12,923,415 |
| | 1,819,119 |
| | (70,698 | ) | | 14,671,836 |
| | 87 | Collateralized debt obligations | 59,150 |
| | 20,084 |
| | (7,653 | ) | | 71,581 |
| | — | Other asset-backed securities | 144,520 |
| | 4,835 |
| | — |
| | 149,355 |
| | 1 | Redeemable preferred stocks, by sector: | | | | | | | | | | Financial | 336,621 |
| | 62,892 |
| | (2,727 | ) | | 396,786 |
| | 3 | Utilities | 28,553 |
| | 2,132 |
| | (97 | ) | | 30,588 |
| | — | Total redeemable preferred stocks | 365,174 |
| | 65,024 |
| | (2,824 | ) | | 427,374 |
| | 3 | Total fixed maturities | $ | 14,995,101 |
| | $ | 2,056,907 |
| | $ | (82,683 | ) | | $ | 16,969,325 |
| | 100 |
(1) Amount reported in the balance sheet. (2) At fair value.
| | | | | | | | | | | | | | | | | | | 2016: | Cost or
Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value(1) | | % of Total
Fixed
Maturities(2) | Fixed maturities available for sale: | | | | | | | | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 381,054 |
| | $ | 895 |
| | $ | (9,151 | ) | | $ | 372,798 |
| | 3 | States, municipalities, and political subdivisions | 1,284,605 |
| | 126,850 |
| | (1,327 | ) | | 1,410,128 |
| | 9 | Foreign governments | 21,701 |
| | 1,438 |
| | (62 | ) | | 23,077 |
| | — | Corporates, by sector: | | | | | | | | | | Financial | 2,963,584 |
| | 285,037 |
| | (45,885 | ) | | 3,202,736 |
| | 21 | Utilities | 1,875,946 |
| | 249,701 |
| | (12,604 | ) | | 2,113,043 |
| | 14 | Energy | 1,542,426 |
| | 127,989 |
| | (44,324 | ) | | 1,626,091 |
| | 11 | Other corporate sectors | 5,601,136 |
| | 424,021 |
| | (84,547 | ) | | 5,940,610 |
| | 39 | Total corporates | 11,983,092 |
| | 1,086,748 |
| | (187,360 | ) | | 12,882,480 |
| | 85 | Collateralized debt obligations | 60,726 |
| | 13,062 |
| | (10,285 | ) | | 63,503 |
| | — | Other asset-backed securities | 56,410 |
| | 621 |
| | (337 | ) | | 56,694 |
| | — | Redeemable preferred stocks, by sector: | | | | | | | | | | Financial | 371,862 |
| | 43,383 |
| | (7,218 | ) | | 408,027 |
| | 3 | Utilities | 28,600 |
| | 798 |
| | (244 | ) | | 29,154 |
| | — | Total redeemable preferred stocks | 400,462 |
| | 44,181 |
| | (7,462 | ) | | 437,181 |
| | 3 | Total fixed maturities | $ | 14,188,050 |
| | $ | 1,273,795 |
| | $ | (215,984 | ) | | $ | 15,245,861 |
| | 100 |
(1) Amount reported in the balance sheet. (2) At fair value. |
| Schedule of Fixed Maturities by Contractual Maturity |
A schedule of fixed maturities available for sale by contractual maturity date at December 31, 2017 is shown below on an amortized cost basis and on a fair value basis. Actual maturity dates could differ from contractual maturities due to call or prepayment provisions. | | | | | | | | |
| Amortized
Cost | | Fair
Value | Fixed maturities available for sale: | | | | Due in one year or less | $ | 147,457 |
| | $ | 149,495 |
| Due after one year through five years | 682,932 |
| | 720,186 |
| Due after five years through ten years | 1,397,473 |
| | 1,567,972 |
| Due after ten years through twenty years | 4,701,591 |
| | 5,519,917 |
| Due after twenty years | 7,861,000 |
| | 8,789,769 |
| Mortgage-backed and asset-backed securities | 204,648 |
| | 221,986 |
|
| $ | 14,995,101 |
| | $ | 16,969,325 |
|
|
| Schedule of Analysis of Investment Operations |
| | | | | | | | | | | | | | Year Ended December 31, | | 2017 | | 2016 | | 2015 | Net investment income is summarized as follows: | | | | | | Fixed maturities available for sale | $ | 817,213 |
| | $ | 778,912 |
| | $ | 747,663 |
| Policy loans | 39,578 |
| | 38,436 |
| | 36,763 |
| Other long-term investments | 4,991 |
| | 2,786 |
| | 2,021 |
| Short-term investments | 948 |
| | 447 |
| | 95 |
| | 862,730 |
| | 820,581 |
| | 786,542 |
| Less investment expense | (14,845 | ) | | (13,678 | ) | | (12,591 | ) | Net investment income | $ | 847,885 |
| | $ | 806,903 |
| | $ | 773,951 |
|
|
| Realized Gain (Loss) on Investments |
| | | | | | | | | | | | | An analysis of realized gains (losses) from investments is as follows: | | | | | | Realized investment gains (losses): | | | | | | Fixed maturities available for sale: | | | | | | Sales and other | $ | 35,199 |
| | $ | (10,645 | ) | | $ | (9,479 | ) | Other-than-temporary impairments | (245 | ) | | — |
| | — |
| Other investments | (7,302 | ) | | (38 | ) | | 688 |
| Loss on redemption on debt | (4,041 | ) | | — |
| | — |
| | 23,611 |
| | (10,683 | ) | | (8,791 | ) | Applicable tax | (6,021 | ) | | 3,739 |
| | 3,077 |
| Realized gains (losses) from investments, net of tax | $ | 17,590 |
| | $ | (6,944 | ) | | $ | (5,714 | ) |
|
| Unrealized Gain (Loss) on Investments |
| | | | | | | | | | | | | An analysis of the net change in unrealized investment gains (losses) is as follows: | | | | | | Fixed maturities available for sale | $ | 916,413 |
| | $ | 551,658 |
| | $ | (1,163,295 | ) | Other investments | 5,008 |
| | 2,143 |
| | (2,737 | ) | Net change in unrealized gains (losses) | $ | 921,421 |
| | $ | 553,801 |
| | $ | (1,166,032 | ) |
|
| Schedule of Selected Information about Sales of Fixed Maturities |
Additional information about securities sold is as follows: | | | | | | | | | | | | | | At December 31, | | 2017 | | 2016 | | 2015 | Fixed maturities available for sale: | | | | | | Proceeds from sales(1) | $ | 67,246 |
| | $ | 358,285 |
| | $ | 226,792 |
| Gross realized gains | 5,079 |
| | 6,133 |
| | 259 |
| Gross realized losses | (1,100 | ) | | (32,608 | ) | | (16,894 | ) |
| | (1) | Includes unsettled sales of $17.9 million at December 31, 2016. There were no unsettled sales in 2017 or 2015. |
|
| Assets Measured at Fair Value on Recurring Basis |
The following tables represent the fair value of fixed maturities measured on a recurring basis at December 31, 2017 and 2016: | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2017 Using: | Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | Fixed maturities available for sale: | | | | | | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | — |
| | $ | 407,446 |
| | $ | — |
| | $ | 407,446 |
| States, municipalities, and political subdivisions | 44 |
| | 1,219,671 |
| | — |
| | 1,219,715 |
| Foreign governments | — |
| | 22,018 |
| | — |
| | 22,018 |
| Corporates, by sector: | | | | | | | | Financial | — |
| | 3,673,089 |
| | 62,006 |
| | 3,735,095 |
| Utilities | — |
| | 2,168,115 |
| | 155,730 |
| | 2,323,845 |
| Energy | — |
| | 1,779,281 |
| | 40,816 |
| | 1,820,097 |
| Other corporate sectors | — |
| | 6,468,541 |
| | 324,258 |
| | 6,792,799 |
| Total corporates | — |
| | 14,089,026 |
| | 582,810 |
| | 14,671,836 |
| Collateralized debt obligations | — |
| | — |
| | 71,581 |
| | 71,581 |
| Other asset-backed securities | — |
| | 135,306 |
| | 14,049 |
| | 149,355 |
| Redeemable preferred stocks, by sector: | | | | | | | | Financial | — |
| | 396,786 |
| | — |
| | 396,786 |
| Utilities | — |
| | 30,588 |
| | — |
| | 30,588 |
| Total redeemable preferred stocks | — |
| | 427,374 |
| | — |
| | 427,374 |
| Total fixed maturities | $ | 44 |
| | $ | 16,300,841 |
| | $ | 668,440 |
| | $ | 16,969,325 |
| Percentage of total | — | % | | 96.1 | % | | 3.9 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2016 Using: | Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | Fixed maturities available for sale: | | | | | | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | — |
| | $ | 372,798 |
| | $ | — |
| | $ | 372,798 |
| States, municipalities, and political subdivisions | 45,302 |
| | 1,364,826 |
| | — |
| | 1,410,128 |
| Foreign governments | — |
| | 23,077 |
| | — |
| | 23,077 |
| Corporates, by sector: | | | | | | | | Financial | — |
| | 3,141,611 |
| | 61,125 |
| | 3,202,736 |
| Utilities | — |
| | 1,959,143 |
| | 153,900 |
| | 2,113,043 |
| Energy | — |
| | 1,598,976 |
| | 27,115 |
| | 1,626,091 |
| Other corporate sectors | — |
| | 5,623,150 |
| | 317,460 |
| | 5,940,610 |
| Total corporates | — |
| | 12,322,880 |
| | 559,600 |
| | 12,882,480 |
| Collateralized debt obligations | — |
| | — |
| | 63,503 |
| | 63,503 |
| Other asset-backed securities | — |
| | 56,694 |
| | — |
| | 56,694 |
| Redeemable preferred stocks, by sector: | | | | | | | | Financial | — |
| | 408,027 |
| | — |
| | 408,027 |
| Utilities | — |
| | 29,154 |
| | — |
| | 29,154 |
| Total redeemable preferred stocks | — |
| | 437,181 |
| | — |
| | 437,181 |
| Total fixed maturities | $ | 45,302 |
| | $ | 14,577,456 |
| | $ | 623,103 |
| | $ | 15,245,861 |
| Percentage of total | 0.3 | % | | 95.6 | % | | 4.1 | % | | 100.0 | % |
|
| Schedule of Changes in Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs |
The following table represents changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). | | | | | | | | | | | | | | | | | | | | Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | Asset- backed securities | | Collateralized debt Obligations | | Corporates | | Total | Balance at January 1, 2015 | $ | — |
| | $ | 63,232 |
| | $ | 512,714 |
| | $ | 575,946 |
| Total gains or losses: | | | | | | | | Included in realized gains/losses | — |
| | — |
| | 1,182 |
| | 1,182 |
| Included in other comprehensive income | — |
| | 11,365 |
| | (11,925 | ) | | (560 | ) | Acquisitions | — |
| | — |
| | 38,600 |
| | 38,600 |
| Sales | — |
| | — |
| | — |
| | — |
| Amortization | — |
| | 5,536 |
| | 17 |
| | 5,553 |
| Other(1) | — |
| | (9,751 | ) | | (9,782 | ) | | (19,533 | ) | Transfers into (out of) Level 3(2) | — |
| | — |
| | — |
| | — |
| Balance at December 31, 2015 | — |
| | 70,382 |
| | 530,806 |
| | 601,188 |
| Total gains or losses: | | | | | | | | Included in realized gains/losses | — |
| | — |
| | 788 |
| | 788 |
| Included in other comprehensive income | — |
| | (3,943 | ) | | 6,403 |
| | 2,460 |
| Acquisitions | — |
| | — |
| | 33,662 |
| | 33,662 |
| Sales | — |
| | — |
| | — |
| | — |
| Amortization | — |
| | 5,186 |
| | 17 |
| | 5,203 |
| Other(1) | — |
| | (8,122 | ) | | (12,076 | ) | | (20,198 | ) | Transfers into (out of) Level 3(2) | — |
| | — |
| | — |
| | — |
| Balance at December 31, 2016 | — |
| | 63,503 |
| | 559,600 |
| | 623,103 |
| Total gains or losses: | | | | | | | | Included in realized gains/losses | — |
| | — |
| | — |
| | — |
| Included in other comprehensive income | 410 |
| | 9,654 |
| | 10,900 |
| | 20,964 |
| Acquisitions | 14,000 |
| | — |
| | 21,666 |
| | 35,666 |
| Sales | — |
| | — |
| | — |
| | — |
| Amortization | — |
| | 4,914 |
| | 17 |
| | 4,931 |
| Other(1) | (361 | ) | | (6,490 | ) | | (9,373 | ) | | (16,224 | ) | Transfers into (out of) Level 3(2) | — |
| | — |
| | — |
| | — |
| Balance at December 31, 2017 | $ | 14,049 |
| | $ | 71,581 |
| | $ | 582,810 |
| | $ | 668,440 |
|
(1) Includes foreign exchange adjustments and principal repayments. (2) There were no transfers in or out of Level 3 during the three years ended 2017. |
| Quantitative Information about Level 3 Fair Value Measurements |
Quantitative Information about Level 3 Fair Value Measurements As of December 31, 2017 | | | | | | | | | | | | |
| Fair Value | | Valuation
Techniques | | Significant Unobservable
Input | | Range | | Weighted
Average | Asset-backed securities | $ | 14,049 |
| | Determination of credit spread | | Credit
rating | | BBB | | BBB |
|
|
| | Discounted cash flows | | Discount
rate | | 5.35% | | 5.35% | Collateralized debt obligations | 71,581 |
| | Discounted cash flows | | Discount
rate | | 7.0 - 8.25% | | 8.03% | Private placement fixed maturities | $ | 582,810 |
| | Determination of credit spread | | Credit
rating | | A+ to BB- | | BBB | | | | Discounted cash flows | | Discount
rate | | 2.97 - 7.27% | | 3.93% |
| $ | 668,440 |
| | | | | | | | |
|
| Transfers in and Out of Each of the Valuation Levels of Fair Values |
The following table presents transfers in and out of each of the valuation levels of fair values. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | | In | | Out | | Net | | In | | Out | | Net | | In | | Out | | Net | Level 1 | $ | 42,372 |
| | $ | (597 | ) | | $ | 41,775 |
| | $ | 45,344 |
| | $ | — |
| | $ | 45,344 |
| | $ | 17,252 |
| | $ | (49,744 | ) | | $ | (32,492 | ) | Level 2 | 597 |
| | (42,372 | ) | | (41,775 | ) | | — |
| | (45,344 | ) | | (45,344 | ) | | 49,744 |
| | (17,252 | ) | | 32,492 |
| Level 3 | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
|
| Schedule of Unrealized Investment Losses by Class of Investment |
ANALYSIS OF GROSS UNREALIZED INVESTMENT LOSSES At December 31, 2017 | | | | | | | | | | | | | | | | | | | | | | | | | | Less than Twelve Months | | Twelve Months or Longer | | Total | Description of Securities | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | Fixed maturities available for sale: | | | | | | | | | | | | Investment grade securities: | | | | | | | | | | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 34,388 |
| | $ | (422 | ) | | $ | 47,514 |
| | $ | (951 | ) | | $ | 81,902 |
| | $ | (1,373 | ) | States, municipalities and political subdivisions | 4,561 |
| | (21 | ) | | 1,771 |
| | (9 | ) | | 6,332 |
| | (30 | ) | Foreign governments | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Corporates, by sector: | | | | | | | | |
|
| |
|
| Financial | 133,080 |
| | (652 | ) | | 35,302 |
| | (1,429 | ) | | 168,382 |
| | (2,081 | ) | Utilities | 48,562 |
| | (569 | ) | | 32,345 |
| | (729 | ) | | 80,907 |
| | (1,298 | ) | Energy | 23,463 |
| | (81 | ) | | 67,775 |
| | (3,682 | ) | | 91,238 |
| | (3,763 | ) | Metals and mining | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other corporate sectors | 220,661 |
| | (2,312 | ) | | 163,886 |
| | (4,257 | ) | | 384,547 |
| | (6,569 | ) | Total corporates | 425,766 |
| | (3,614 | ) | | 299,308 |
| | (10,097 | ) | | 725,074 |
| | (13,711 | ) | Other asset-backed securities | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Redeemable preferred stocks, by sector: | | | | | | | | | | | | Utilities | — |
| | — |
| | 5,953 |
| | (97 | ) | | 5,953 |
| | (97 | ) | Total redeemable preferred stocks | — |
| | — |
| | 5,953 |
| | (97 | ) | | 5,953 |
| | (97 | ) | Total investment grade securities | 464,715 |
| | (4,057 | ) | | 354,546 |
| | (11,154 | ) | | 819,261 |
| | (15,211 | ) | | | | | | | | | | | | | Below investment grade securities: | | | | | | | | | | | | States, municipalities and political subdivisions | 200 |
| | (105 | ) | | — |
| | — |
| | 200 |
| | (105 | ) | Corporates, by sector: |
|
| |
|
| |
|
| |
|
| | | | | Financial | — |
| | — |
| | 84,432 |
| | (21,311 | ) | | 84,432 |
| | (21,311 | ) | Energy | 8,114 |
| | (104 | ) | | 75,204 |
| | (21,525 | ) | | 83,318 |
| | (21,629 | ) | Metals and mining | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other corporate sectors | 25,334 |
| | (5,066 | ) | | 54,383 |
| | (8,981 | ) | | 79,717 |
| | (14,047 | ) | Total corporates | 33,448 |
| | (5,170 | ) | | 214,019 |
| | (51,817 | ) | | 247,467 |
| | (56,987 | ) | Collateralized debt obligations | — |
| | — |
| | 12,347 |
| | (7,653 | ) | | 12,347 |
| | (7,653 | ) | Redeemable preferred stocks, by sector: | | | | | | | | | | | | Financial | — |
| | — |
| | 24,376 |
| | (2,727 | ) | | 24,376 |
| | (2,727 | ) | Total redeemable preferred stocks | — |
| | — |
| | 24,376 |
| | (2,727 | ) | | 24,376 |
| | (2,727 | ) | Total below investment grade securities | 33,648 |
| | (5,275 | ) | | 250,742 |
| | (62,197 | ) | | 284,390 |
| | (67,472 | ) | Total fixed maturities | $ | 498,363 |
| | $ | (9,332 | ) | | $ | 605,288 |
| | $ | (73,351 | ) | | $ | 1,103,651 |
| | $ | (82,683 | ) |
ANALYSIS OF GROSS UNREALIZED INVESTMENT LOSSES At December 31, 2016 | | | | | | | | | | | | | | | | | | | | | | | | | | Less than Twelve Months | | Twelve Months or Longer | | Total | Description of Securities | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | | Fair Value | | Unrealized Loss | Fixed maturities available for sale: | | | | | | | | | | | | Investment grade securities: | | | | | | | | | | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | $ | 321,133 |
| | $ | (8,553 | ) | | $ | 1,404 |
| | $ | (598 | ) | | $ | 322,537 |
| | $ | (9,151 | ) | States, municipalities and political subdivisions | 32,178 |
| | (1,114 | ) | | 683 |
| | (19 | ) | | 32,861 |
| | (1,133 | ) | Foreign governments | 4,416 |
| | (62 | ) | | — |
| | — |
| | 4,416 |
| | (62 | ) | Corporates, by sector: |
| |
| |
| |
| |
| |
| Financial | 479,669 |
| | (18,666 | ) | | 64,335 |
| | (4,627 | ) | | 544,004 |
| | (23,293 | ) | Utilities | 290,732 |
| | (11,000 | ) | | 16,977 |
| | (1,604 | ) | | 307,709 |
| | (12,604 | ) | Energy | 83,064 |
| | (1,076 | ) | | 154,908 |
| | (18,127 | ) | | 237,972 |
| | (19,203 | ) | Metals and mining | 5,936 |
| | (231 | ) | | 5,789 |
| | (187 | ) | | 11,725 |
| | (418 | ) | Other corporate sectors | 1,564,273 |
| | (65,131 | ) | | 68,968 |
| | (6,495 | ) | | 1,633,241 |
| | (71,626 | ) | Total corporates | 2,423,674 |
| | (96,104 | ) | | 310,977 |
| | (31,040 | ) | | 2,734,651 |
| | (127,144 | ) | Other asset-backed securities | 41,498 |
| | (337 | ) | | — |
| | — |
| | 41,498 |
| | (337 | ) | Redeemable preferred stocks, by sector: | | | | | | | | | | | | Utilities | 5,857 |
| | (244 | ) | | — |
| | — |
| | 5,857 |
| | (244 | ) | Total redeemable preferred stocks | 5,857 |
| | (244 | ) | | — |
| | — |
| | 5,857 |
| | (244 | ) | Total investment grade securities | 2,828,756 |
| | (106,414 | ) | | 313,064 |
| | (31,657 | ) | | 3,141,820 |
| | (138,071 | ) | | | | | | | | | | | | | Below investment grade securities: | | | | | | | | | | | | States, municipalities and political subdivisions | — |
| | — |
| | 357 |
| | (194 | ) | | 357 |
| | (194 | ) | Corporates, by sector: | | | | | | | | | | | | Financial | — |
| | — |
| | 83,174 |
| | (22,592 | ) | | 83,174 |
| | (22,592 | ) | Energy | 15,567 |
| | (385 | ) | | 91,165 |
| | (24,736 | ) | | 106,732 |
| | (25,121 | ) | Metals and mining | 32,478 |
| | (172 | ) | | 34,463 |
| | (2,023 | ) | | 66,941 |
| | (2,195 | ) | Other corporate sectors | 51,640 |
| | (291 | ) | | 95,679 |
| | (10,017 | ) | | 147,319 |
| | (10,308 | ) | Total corporates | 99,685 |
| | (848 | ) | | 304,481 |
| | (59,368 | ) | | 404,166 |
| | (60,216 | ) | Collateralized debt obligations | — |
| | — |
| | 9,714 |
| | (10,285 | ) | | 9,714 |
| | (10,285 | ) | Redeemable preferred stocks, by sector: | | | | | | | | | | | | Financial | — |
| | — |
| | 19,912 |
| | (7,218 | ) | | 19,912 |
| | (7,218 | ) | Total redeemable preferred stocks | — |
| | — |
| | 19,912 |
| | (7,218 | ) | | 19,912 |
| | (7,218 | ) | Total below investment grade securities | 99,685 |
| | (848 | ) | | 334,464 |
| | (77,065 | ) | | 434,149 |
| | (77,913 | ) | Total fixed maturities | $ | 2,928,441 |
| | $ | (107,262 | ) | | $ | 647,528 |
| | $ | (108,722 | ) | | $ | 3,575,969 |
| | $ | (215,984 | ) |
|
| Schedule of Additional Information about Investments in Unrealized Loss Position |
Additional information about fixed maturities available for sale in an unrealized loss position is as follows: | | | | | | | | | |
| Less than
Twelve
Months | | Twelve
Months
or Longer | | Total | Number of issues (CUSIP numbers) held: |
| |
| | | As of December 31, 2017 | 92 |
| | 102 |
| | 194 |
| As of December 31, 2016 | 407 |
| | 94 |
| | 501 |
|
|
| Schedule of Other Long-Term Investments |
Other long-term investments consist of the following: | | | | | | | | | | Year Ended December 31, | | 2017 | | 2016 | Investment in limited partnerships | $ | 66,522 |
| | $ | 51,509 |
| Commercial mortgage participations(1) | 39,489 |
| | — |
| Other | 2,548 |
| | 2,343 |
| Total | $ | 108,559 |
| | $ | 53,852 |
|
(1) A mortgage participation is a legal right to a prorata interest in a mortgage loan. |
| Schedule Of Percentages Of Investments By Major Components At Fair Value |
At December 31, 2017, the investment portfolio, at fair value, consisted of the following: | | | | Investment grade fixed maturities: | | Corporate securities | 82 | % | Securities of state and municipal governments | 7 |
| Government-sponsored enterprises | 2 |
| Other | 1 |
| Below investment grade fixed maturities: | | Corporate securities | 3 |
| Other | 1 |
| Policy loans, which are secured by the underlying insurance policy values | 3 |
| Other investments | 1 |
| | 100 | % |
|
| Schedule Of Industry Concentrations Held In Corporate Portfolio |
Below are the ten largest industry concentrations held in the corporate portfolio of corporate debt securities and redeemable preferred stocks at December 31, 2017, based on fair value: | | | | Insurance | 16 | % | Electric utilities | 12 |
| Oil and natural gas pipelines | 7 |
| Banks | 6 |
| Transportation | 4 |
| Oil and natural gas exploration and production | 4 |
| Chemicals | 4 |
| Real estate investment trusts | 4 |
| Food | 3 |
| Metals and mining | 3 |
|
|