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Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fixed Maturities and Equity Securities Available for Sale by Component Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at June 30, 2023 and December 31, 2022, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."
At June 30, 2023

Amortized
Cost		Allowance for Credit LossesGross
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$392,453 $— $37 $(34,893)$357,597 2 
States, municipalities, and political subdivisions3,071,617 — 36,601 (451,322)2,656,896 16 
Foreign governments43,464 — — (11,481)31,983 — 
Corporates, by sector:
Financial4,944,716 (65,476)59,319 (493,205)4,445,354 26 
Utilities1,988,656 — 41,220 (114,276)1,915,600 11 
Energy1,431,789 — 27,914 (93,599)1,366,104 8 
Other corporate sectors6,690,357 (7,032)89,696 (636,276)6,136,745 36 
Total corporates15,055,518 (72,508)218,149 (1,337,356)13,863,803 81 
Collateralized debt obligations37,080 — 5,225 — 42,305 — 
Other asset-backed securities87,347 — 2 (6,483)80,866 1 
Total fixed maturities
$18,687,479 $(72,508)$260,014 $(1,841,535)$17,033,450 100 
(1)Amount reported in the balance sheet.
(2)At fair value.
At December 31, 2022
Amortized
Cost		Allowance for Credit LossesGross
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$394,439 $— $27 $(38,968)$355,498 2 
States, municipalities, and political subdivisions2,791,030 — 24,328 (505,447)2,309,911 14 
Foreign governments55,164 — 6 (12,706)42,464 — 
Corporates, by sector:
Financial4,907,794 — 63,126 (504,489)4,466,431 27 
Utilities1,924,190 — 36,670 (125,713)1,835,147 11 
Energy1,436,598 — 22,637 (101,923)1,357,312 8 
Other corporate sectors6,667,043 — 78,903 (738,772)6,007,174 37 
Total corporates14,935,625 — 201,336 (1,470,897)13,666,064 83 
Collateralized debt obligations37,098 — 13,266 — 50,364 — 
Other asset-backed securities88,336 — 4 (9,276)79,064 1 
Total fixed maturities
$18,301,692 $— $238,967 $(2,037,294)$16,503,365 100 
(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 June 30, 2023, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
At June 30, 2023
Amortized
Cost, net		Fair
Value
Fixed maturities available for sale:
Due in one year or less$175,156 $174,975 
Due after one year through five years1,122,352 1,118,516 
Due after five years through ten years1,651,261 1,673,707 
Due after ten years through twenty years8,041,646 7,621,151 
Due after twenty years7,500,129 6,321,930 
Mortgage-backed and asset-backed securities124,427 123,171 
$18,614,971 $17,033,450 
Schedule of Analysis of Investment Operations "Net investment income" for the three and six month periods ended June 30, 2023 and 2022 is summarized as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
20232022% Change20232022% Change
Fixed maturities available for sale$234,187 $226,753 3 $466,486 $452,037 3 
Policy loans12,234 11,580 6 23,989 23,008 4 
Other long-term investments(1)
16,936 10,703 58 32,679 23,416 40 
Short-term investments1,820 122 3,415 124 
265,177 249,158 6 526,569 498,585 6 
Less investment expense(3,933)(4,446)(12)(8,220)(8,979)(8)
Net investment income
$261,244 $244,712 7 $518,349 $489,606 6 
(1)For the three months ended June 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $12.0 million and $8.6 million of distributions, respectively, in net investment income. For the six months ended June 30, 2023 and 2022, the investment funds, accounted for under the fair value option method, recorded $23.3 million and $19.3 million of distributions, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.
Schedule of Realized Gains (Losses) on Investments
Selected information about sales of fixed maturities available for sale is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Fixed maturities available for sale:
Proceeds from sales(1)
$130,119 $143,911 $145,824 $219,027 
Gross realized gains47 — 47 773 
Gross realized losses(10,503)(41,168)(10,861)(44,847)
(1)There were no unsettled sales in the periods ended June 30, 2023 and 2022.


An analysis of "Realized gains (losses)" is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)
$(10,606)$(22,421)$(10,963)$(17,872)
Provision for credit losses(39,741)— (72,508)387 
Fair value option—change in fair value5,228 947 7,086 (4,391)
Other investments(724)(8,972)(385)(15,814)
Realized gains (losses) from investments
(45,843)(30,446)(76,770)(37,690)
Applicable tax9,627 6,394 16,122 7,915 
Realized gains (losses), net of tax
$(36,216)$(24,052)$(60,648)$(29,775)
(1)During the three months ended June 30, 2023 and 2022, the Company recorded $17.9 million and $1.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period. During the six months ended June 30, 2023 and 2022, the Company recorded $17.9 million and $1.9 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in no realized gains (losses) in either period.
Schedule of Fair Value of Fixed Maturities Measured on a Recurring Basis The following tables represent the fair value of fixed maturities measured on a recurring basis at June 30, 2023 and December 31, 2022:
Fair Value Measurement at June 30, 2023 Using:
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 $— $357,597 $— $357,597 
States, municipalities, and political subdivisions — 2,656,896 — 2,656,896 
Foreign governments — 31,983 — 31,983 
Corporates, by sector:
Financial — 4,313,536 131,818 4,445,354 
Utilities — 1,806,364 109,236 1,915,600 
Energy — 1,355,556 10,548 1,366,104 
Other corporate sectors — 5,926,843 209,902 6,136,745 
Total corporates — 13,402,299 461,504 13,863,803 
Collateralized debt obligations — — 42,305 42,305 
Other asset-backed securities — 80,866 — 80,866 
Total fixed maturities
$— $16,529,641 $503,809 $17,033,450 
Percentage of total— %97 %3 %100 %

Fair Value Measurement at December 31, 2022 Using:
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 $— $355,498 $— $355,498 
States, municipalities, and political subdivisions — 2,309,911 — 2,309,911 
Foreign governments — 42,464 — 42,464 
Corporates, by sector:
Financial — 4,332,495 133,936 4,466,431 
Utilities — 1,723,832 111,315 1,835,147 
Energy — 1,346,212 11,100 1,357,312 
Other corporate sectors — 5,785,442 221,732 6,007,174 
Total corporates — 13,187,981 478,083 13,666,064 
Collateralized debt obligations — — 50,364 50,364 
Other asset-backed securities — 79,064 — 79,064 
Total fixed maturities
$— $15,974,918 $528,447 $16,503,365 
Percentage of total— %97 %3 %100 %
The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at June 30, 2023 and December 31, 2022.

Analysis of Gross Unrealized Investment Losses
At June 30, 2023
Less than Twelve MonthsTwelve Months or LongerTotal
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$264,407 $(22,621)$91,011 $(12,272)$355,418 $(34,893)
States, municipalities, and political subdivisions687,842 (26,208)1,272,595 (425,114)1,960,437 (451,322)
Foreign governments6,983 (183)25,000 (11,298)31,983 (11,481)
Corporates, by sector:
Financial1,245,647 (86,522)1,711,745 (367,044)2,957,392 (453,566)
Utilities439,647 (20,185)516,783 (92,019)956,430 (112,204)
Energy358,866 (13,942)386,676 (69,247)745,542 (83,189)
Other corporate sectors1,180,706 (64,024)3,065,617 (558,042)4,246,323 (622,066)
Total corporates3,224,866 (184,673)5,680,821 (1,086,352)8,905,687 (1,271,025)
Collateralized debt obligations— — — — — — 
Other asset-backed securities21,676 (884)47,627 (4,968)69,303 (5,852)
Total investment grade securities4,205,774 (234,569)7,117,054 (1,540,004)11,322,828 (1,774,573)
Below investment grade securities:
States, municipalities, and political subdivisions— — — — — — 
Corporates, by sector:
Financial53,329 (3,470)106,673 (36,169)160,002 (39,639)
Utilities— — 28,035 (2,072)28,035 (2,072)
Energy— — 34,278 (10,410)34,278 (10,410)
Other corporate sectors35,356 (189)75,943 (14,021)111,299 (14,210)
Total corporates88,685 (3,659)244,929 (62,672)333,614 (66,331)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 11,499 (631)11,499 (631)
Total below investment grade securities88,685 (3,659)256,428 (63,303)345,113 (66,962)
Total fixed maturities
$4,294,459 $(238,228)$7,373,482 $(1,603,307)$11,667,941 $(1,841,535)
Analysis of Gross Unrealized Investment Losses
At December 31, 2022
Less than Twelve MonthsTwelve Months or LongerTotal
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$349,887 $(38,218)$3,424 $(750)$353,311 $(38,968)
States, municipalities, and political subdivisions1,767,624 (453,149)95,124 (52,298)1,862,748 (505,447)
Foreign governments6,297 (201)25,134 (12,505)31,431 (12,706)
Corporates, by sector:
Financial2,837,918 (426,132)109,784 (42,173)2,947,702 (468,305)
Utilities1,088,219 (116,272)21,636 (6,268)1,109,855 (122,540)
Energy855,853 (91,755)— — 855,853 (91,755)
Other corporate sectors4,155,986 (665,831)94,299 (42,344)4,250,285 (708,175)
Total corporates8,937,976 (1,299,990)225,719 (90,785)9,163,695 (1,390,775)
Collateralized debt obligations— — — — — — 
Other asset-backed securities60,157 (5,223)7,960 (2,435)68,117 (7,658)
Total investment grade securities11,121,941 (1,796,781)357,361 (158,773)11,479,302 (1,955,554)
Below investment grade securities:
States, municipalities, and political subdivisions— — — — — — 
Corporates, by sector:
Financial120,377 (18,901)38,348 (17,283)158,725 (36,184)
Utilities27,722 (3,173)— — 27,722 (3,173)
Energy14,480 (2,182)20,075 (7,986)34,555 (10,168)
Other corporate sectors166,159 (25,962)6,670 (4,635)172,829 (30,597)
Total corporates328,738 (50,218)65,093 (29,904)393,831 (80,122)
Collateralized debt obligations— — — — — — 
Other asset-backed securities— — 10,874 (1,618)10,874 (1,618)
Total below investment grade securities328,738 (50,218)75,967 (31,522)404,705 (81,740)
Total fixed maturities
$11,450,679 $(1,846,999)$433,328 $(190,295)$11,884,007 $(2,037,294)
Schedule of Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs
The following tables represent 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		CorporatesTotal
Balance at January 1, 2023
$— $50,364 $478,083 $528,447 
Included in realized gains / losses— — — — 
Included in other comprehensive income— (8,042)(1,963)(10,005)
Acquisitions— — — — 
Sales— — — — 
Amortization— 2,288 3 2,291 
Other(1)
— (2,305)(14,619)(16,924)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at June 30, 2023
$— $42,305 $461,504 $503,809 
Percent of total fixed maturities— %— %3 %3 %
(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 
(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.

Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Asset-
backed Securities
Collateralized
Debt
Obligations		CorporatesTotal
Balance at January 1, 2022
$— $63,505 $641,688 $705,193 
Included in realized gains / losses— — — — 
Included in other comprehensive income— (11,098)(89,359)(100,457)
Acquisitions— — — — 
Sales— — — — 
Amortization— 2,248 3 2,251 
Other(1)
— (1,954)(22,357)(24,311)
Transfers into Level 3(2)
— — — — 
Transfers out of Level 3(2)
— — — — 
Balance at June 30, 2022
$— $52,701 $529,975 $582,676 
Percent of total fixed maturities— %— %3 %3 %
(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments. 
(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.
The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3s:
Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
Asset-
backed Securities		Collateralized
Debt
Obligations		CorporatesTotal
At June 30, 2023
$— $(8,042)$(1,963)$(10,005)
At June 30, 2022
— (11,098)(89,359)(100,457)
Schedule of Additional Information about Investments in Unrealized Loss Position The following table discloses information about fixed maturities available for sale in an unrealized loss position.
Less than Twelve MonthsTwelve Months or LongerTotal
Number of issues (CUSIPs) held:
As of June 30, 2023682 1,355 2,037 
As of December 31, 20221,819 157 1,976 
Schedule of Fixed Maturities, Allowance for Credit Loss A summary of the activity in the allowance for credit losses is as follows.
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Allowance for credit losses beginning balance
$32,767 $— $— $387 
Additions to allowance for which credit losses were not previously recorded38,228 — 72,508 — 
Additions (reductions) to allowance for fixed maturities that previously had an allowance1,513 — — — 
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period— — — (387)
Allowance for credit losses ending balance
$72,508 $— $72,508 $— 
Schedule of Other Long-Term Investments Other long-term investments consist of the following assets:
June 30,
2023		December 31, 2022
Investment funds$759,157 $768,689 
Commercial mortgage loan participations221,466 181,305 
Other29,513 26,022 
Total
$1,010,136 $976,016 
Schedule of Investment Funds
The following table presents additional information about the Company's investment funds as of June 30, 2023 and December 31, 2022 at fair value:
Fair ValueUnfunded Commitments
Investment CategoryJune 30,
2023		December 31, 2022June 30,
2023		Redemption Term/Notice
Commercial mortgage loans$404,782 $431,405 $583,694 Fully redeemable and non-redeemable with varying terms.
Opportunistic credit161,054 158,524 — 
Initial 2 year lock on each new investment/semi-annual withdrawals thereafter/full redemption within 36 month period.
Infrastructure161,071 159,534 21,648 Fully redeemable and non-redeemable with varying terms.
Other32,250 19,226 120,048  
Total investment funds $759,157 $768,689 $725,390 
Schedule of Commercial Mortgage Loan Participations Summaries of commercial mortgage loans by property type and geographical location at June 30, 2023 and December 31, 2022 are as follows:
June 30, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Property type:
Mixed use$42,406 19 $62,375 34 
Hospitality25,074 11 27,796 15 
Retail23,818 11 15,342 9 
Industrial27,266 12 27,248 15 
Multi-family94,693 43 42,232 23 
Office11,137 5 8,101 5 
Total recorded investment224,394 101 183,094 101 
Less allowance for credit losses(2,928)(1)(1,789)(1)
Carrying value, net of allowance for credit losses
$221,466 100 $181,305 100 

June 30, 2023December 31, 2022
Carrying Value% of TotalCarrying Value% of Total
Geographic location:
California$67,189 30 $64,477 36 
Texas43,051 19 22,905 13 
New York25,116 11 19,167 11 
Washington14,954 7 14,925 8 
Massachusetts14,941 7 — — 
Florida33,324 15 33,182 18 
Other25,819 12 28,438 15 
Total recorded investment224,394 101 183,094 101 
Less allowance for credit losses(2,928)(1)(1,789)(1)
Carrying value, net of allowance for credit losses
$221,466 100 $181,305 100 
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value (LTV) ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than 80%. Generally, a higher LTV ratio and a lower debt service coverage ratio can potentially equate to higher risk of loss.
June 30, 2023
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Total
Loan-to-value ratio(2):
Less than 70%$9,296 $173,246 $20,444 $202,986 90 
70% to 80%— 4,846 1,153 5,999 3 
81% to 90%8,374 — — 8,374 4 
Greater than 90%7,035 — — 7,035 3 
Total$24,705 $178,092 $21,597 224,394 100 
Less allowance for credit losses(2,928)
Total, net of allowance for credit losses
$221,466 
(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by appraised value, including planned renovations and stabilized occupancy, at origination. Updated internal valuations are used when a loan is materially underperforming.

December 31, 2022
Recorded Investment
Debt Service Coverage Ratios(1)
<1.00x1.00x—1.20x>1.20xTotal% of Total
Loan-to-value ratio(2):
Less than 70%$24,221 $108,156 $12,018 $144,395 79 
70% to 80%— 22,120 1,238 23,358 13 
81% to 90%8,307 — — 8,307 4 
Greater than 90%7,034 — — 7,034 4 
Total$39,562 $130,276 $13,256 183,094 100 
Less allowance for credit losses(1,789)
Total, net of allowance for credit losses
$181,305 
(1)Annual net operating income divided by annual mortgage debt service (principal and interest).
(2)Loan balance divided by appraised value, including planned renovations and stabilized occupancy, at origination. Updated internal valuations are used when a loan is materially underperforming.
Schedule of Commercial Loan Participations, Allowance for Credit Loss
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Allowance for credit losses beginning balance
$3,069 $827 $1,789 $827 
Provision (reversal) for credit losses(141)282 1,139 282 
Allowance for credit losses ending balance
$2,928 $1,109 $2,928 $1,109