Investments (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 December 31, 2023 and 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 December 31, 2023 | |
Amortized
Cost | | Allowance for Credit Losses | | 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 | $ | 398,450 | | | $ | — | | | $ | 7 | | | $ | (32,306) | | | $ | 366,151 | | | 2 | | | States, municipalities, and political subdivisions | 3,296,305 | | | — | | | 47,346 | | | (403,329) | | | 2,940,322 | | | 16 | | | Foreign governments | 44,453 | | | — | | | 1 | | | (10,348) | | | 34,106 | | | — | | | Corporates, by sector: | | | | | | | | | | | | | Financial | 5,028,151 | | | — | | | 112,368 | | | (388,340) | | | 4,752,179 | | | 27 | | | Utilities | 2,017,967 | | | — | | | 73,925 | | | (94,130) | | | 1,997,762 | | | 11 | | | Energy | 1,446,480 | | | — | | | 58,637 | | | (62,324) | | | 1,442,793 | | | 8 | | | Other corporate sectors | 6,569,646 | | | (7,115) | | | 154,441 | | | (504,523) | | | 6,212,449 | | | 35 | | | Total corporates | 15,062,244 | | | (7,115) | | | 399,371 | | | (1,049,317) | | | 14,405,183 | | | 81 | | | Collateralized debt obligations | 37,110 | | | — | | | 5,036 | | | — | | | 42,146 | | | — | | | Other asset-backed securities | 86,352 | | | — | | | 3 | | | (4,057) | | | 82,298 | | | 1 | | Total fixed maturities | $ | 18,924,914 | | | $ | (7,115) | | | $ | 451,764 | | | $ | (1,499,357) | | | $ | 17,870,206 | | | 100 | |
(1)Amount reported in the balance sheet. (2)At fair value. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2022 | | Amortized
Cost | | Allowance for Credit Losses | | 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 | $ | 394,439 | | | $ | — | | | $ | 27 | | | $ | (38,968) | | | $ | 355,498 | | | 2 | | | States, municipalities, and political subdivisions | 2,791,030 | | | — | | | 24,328 | | | (505,447) | | | 2,309,911 | | | 14 | | | Foreign governments | 55,164 | | | — | | | 6 | | | (12,706) | | | 42,464 | | | — | | | Corporates, by sector: | | | | | | | | | | | | | Financial | 4,907,794 | | | — | | | 63,126 | | | (504,489) | | | 4,466,431 | | | 27 | | | Utilities | 1,924,190 | | | — | | | 36,670 | | | (125,713) | | | 1,835,147 | | | 11 | | | Energy | 1,436,598 | | | — | | | 22,637 | | | (101,923) | | | 1,357,312 | | | 8 | | | Other corporate sectors | 6,667,043 | | | — | | | 78,903 | | | (738,772) | | | 6,007,174 | | | 37 | | | Total corporates | 14,935,625 | | | — | | | 201,336 | | | (1,470,897) | | | 13,666,064 | | | 83 | | | Collateralized debt obligations | 37,098 | | | — | | | 13,266 | | | — | | | 50,364 | | | — | | | Other asset-backed securities | 88,336 | | | — | | | 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.
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| Schedule of Fixed Maturities by Contractual Maturity |
A schedule of fixed maturities available for sale by contractual maturity date at December 31, 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 December 31, 2023 | | Amortized
Cost, net | | Fair
Value | | Fixed maturities available for sale: | | | | | Due in one year or less | $ | 110,352 | | | $ | 109,817 | | | Due after one year through five years | 850,072 | | | 858,859 | | | Due after five years through ten years | 1,988,461 | | | 2,011,887 | | | Due after ten years through twenty years | 8,376,525 | | | 8,164,465 | | | Due after twenty years | 7,468,886 | | | 6,600,692 | | | Mortgage-backed and asset-backed securities | 123,503 | | | 124,486 | | | $ | 18,917,799 | | | $ | 17,870,206 | |
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| Schedule of Analysis of Investment Operations |
"Net investment income" for the three years ended December 31, 2023, is summarized as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Fixed maturities available for sale | $ | 944,628 | | | $ | 910,284 | | | $ | 892,421 | | | Policy loans | 49,011 | | | 46,586 | | | 45,318 | | | Mortgage loans | 19,541 | | | 9,719 | | | 8,831 | | Other long-term investments(1) | 54,655 | | | 40,837 | | | 27,007 | | | Short-term investments | 6,322 | | | 2,156 | | | 24 | | | 1,074,157 | | | 1,009,582 | | | 973,601 | | | Less investment expense | (17,273) | | | (17,782) | | | (16,911) | | Net investment income | $ | 1,056,884 | | | $ | 991,800 | | | $ | 956,690 | |
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| Schedule of Realized Gains (Losses) on Investments |
An analysis of "realized gains (losses)" is as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Realized investment gains (losses): | | | | | | | Fixed maturities available for sale: | | | | | | Sales and other(1) | $ | (77,301) | | | $ | (32,552) | | | $ | 34,916 | | | Provision for credit losses | (7,115) | | | 387 | | | 2,959 | | Fair value option—change in fair value | 15,102 | | | (29,353) | | | 22,918 | | Mortgage loans | (5,603) | | | (963) | | | 1,788 | | | Other investments | 1,792 | | | 4,681 | | | (135) | | Realized gains (losses) from investments | (73,125) | | | (57,800) | | | 62,446 | | Realized loss on redemption of debt | — | | | — | | | (9,314) | | Other gains (losses) | 7,449 | | | (18,748) | | | 6,187 | | | (65,676) | | | (76,548) | | | 59,319 | | | Applicable tax | 13,792 | | | 16,075 | | | (12,457) | | Realized gains (losses), net of tax | $ | (51,884) | | | $ | (60,473) | | | $ | 46,862 | |
(1)For the years ended 2023, 2022 and 2021, the Company recorded $50.9 million, $147.6 million, and $109.2 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $(1.9) million, $1.9 million, and $25.2 million, respectively, in realized gains (losses). During the year ended December 31, 2023, the Company sold $66 million in securities relating to holdings in Signature Bank New York and First Republic Bank, which entered receivership during the first half of the year. Selected information about sales of fixed maturities available for sale is as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Fixed maturities available for sale: | | | | | | Proceeds from sales(1) | $ | 602,556 | | | $ | 390,392 | | | $ | 116,656 | | | Gross realized gains | 5,554 | | | 1,296 | | | 1,848 | | | Gross realized losses | (80,823) | | | (57,996) | | | (12,101) | |
(1)There were no unsettled sales in the periods ended December 31, 2023, 2022 and 2021.
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| Schedule of Unrealized Gain (Loss) on Investments |
An analysis of the net change in unrealized investment gains (losses) is as follows: | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2023 | | 2022 | | 2021 | | Change in unrealized investment gains (losses) on: | | | | | | | Fixed maturities available for sale | $ | 750,734 | | | $ | (5,298,692) | | | $ | (519,345) | |
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| 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 December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at December 31, 2023: | | 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 | $ | — | | | $ | 366,151 | | | $ | — | | | $ | 366,151 | | | States, municipalities, and political subdivisions | — | | | 2,940,322 | | | — | | | 2,940,322 | | | Foreign governments | — | | | 34,106 | | | — | | | 34,106 | | | Corporates, by sector: | | | | | | | | | Financial | — | | | 4,621,160 | | | 131,019 | | | 4,752,179 | | | Utilities | — | | | 1,888,797 | | | 108,965 | | | 1,997,762 | | | Energy | — | | | 1,432,884 | | | 9,909 | | | 1,442,793 | | | Other corporate sectors | — | | | 6,007,609 | | | 204,840 | | | 6,212,449 | | | Total corporates | — | | | 13,950,450 | | | 454,733 | | | 14,405,183 | | | Collateralized debt obligations | — | | | — | | | 42,146 | | | 42,146 | | | Other asset-backed securities | — | | | 82,298 | | | — | | | 82,298 | | Total fixed maturities | $ | — | | | $ | 17,373,327 | | | $ | 496,879 | | | $ | 17,870,206 | | | Percentage of total | — | % | | 97 | % | | 3 | % | | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurement at December 31, 2022: | | 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 December 31, 2023 and December 31, 2022.
Analysis of Gross Unrealized Investment Losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2023 | | Less than Twelve Months | | Twelve Months or Longer | | Total | | 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 | $ | — | | | $ | — | | | $ | 364,006 | | | $ | (32,306) | | | $ | 364,006 | | | $ | (32,306) | | | States, municipalities, and political subdivisions | 252,800 | | | (3,520) | | | 1,610,163 | | | (399,809) | | | 1,862,963 | | | (403,329) | | | Foreign governments | — | | | — | | | 32,591 | | | (10,348) | | | 32,591 | | | (10,348) | | | Corporates, by sector: | | | | | | | | | | | | | Financial | 242,099 | | | (6,584) | | | 2,341,424 | | | (339,628) | | | 2,583,523 | | | (346,212) | | | Utilities | 81,194 | | | (648) | | | 686,043 | | | (91,959) | | | 767,237 | | | (92,607) | | | Energy | 18,301 | | | (445) | | | 516,387 | | | (54,398) | | | 534,688 | | | (54,843) | | | Other corporate sectors | 173,272 | | | (3,436) | | | 3,801,440 | | | (475,613) | | | 3,974,712 | | | (479,049) | | | Total corporates | 514,866 | | | (11,113) | | | 7,345,294 | | | (961,598) | | | 7,860,160 | | | (972,711) | | | Collateralized debt obligations | — | | | — | | | — | | | — | | | — | | | — | | | Other asset-backed securities | — | | | — | | | 70,956 | | | (3,648) | | | 70,956 | | | (3,648) | | | Total investment grade securities | 767,666 | | | (14,633) | | | 9,423,010 | | | (1,407,709) | | | 10,190,676 | | | (1,422,342) | | | | | | | | | | | | | | | Below investment grade securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporates, by sector: | | | | | | | | | | | | | Financial | 25,563 | | | (2,602) | | | 151,190 | | | (39,526) | | | 176,753 | | | (42,128) | | | Utilities | — | | | — | | | 19,654 | | | (1,523) | | | 19,654 | | | (1,523) | | | Energy | — | | | — | | | 37,171 | | | (7,481) | | | 37,171 | | | (7,481) | | | Other corporate sectors | 10,745 | | | (199) | | | 108,526 | | | (25,275) | | | 119,271 | | | (25,474) | | | Total corporates | 36,308 | | | (2,801) | | | 316,541 | | | (73,805) | | | 352,849 | | | (76,606) | | | Collateralized debt obligations | — | | | — | | | — | | | — | | | — | | | — | | | Other asset-backed securities | — | | | — | | | 11,288 | | | (409) | | | 11,288 | | | (409) | | | Total below investment grade securities | 36,308 | | | (2,801) | | | 327,829 | | | (74,214) | | | 364,137 | | | (77,015) | | Total fixed maturities | $ | 803,974 | | | $ | (17,434) | | | $ | 9,750,839 | | | $ | (1,481,923) | | | $ | 10,554,813 | | | $ | (1,499,357) | |
Analysis of Gross Unrealized Investment Losses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | At December 31, 2022 | | Less than Twelve Months | | Twelve Months or Longer | | Total | | 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 subdivisions | 1,767,624 | | | (453,149) | | | 95,124 | | | (52,298) | | | 1,862,748 | | | (505,447) | | | Foreign governments | 6,297 | | | (201) | | | 25,134 | | | (12,505) | | | 31,431 | | | (12,706) | | | Corporates, by sector: | | | | | | | | | | | | | Financial | 2,837,918 | | | (426,132) | | | 109,784 | | | (42,173) | | | 2,947,702 | | | (468,305) | | | Utilities | 1,088,219 | | | (116,272) | | | 21,636 | | | (6,268) | | | 1,109,855 | | | (122,540) | | | Energy | 855,853 | | | (91,755) | | | — | | | — | | | 855,853 | | | (91,755) | | | Other corporate sectors | 4,155,986 | | | (665,831) | | | 94,299 | | | (42,344) | | | 4,250,285 | | | (708,175) | | | Total corporates | 8,937,976 | | | (1,299,990) | | | 225,719 | | | (90,785) | | | 9,163,695 | | | (1,390,775) | | | Collateralized debt obligations | — | | | — | | | — | | | — | | | — | | | — | | | Other asset-backed securities | 60,157 | | | (5,223) | | | 7,960 | | | (2,435) | | | 68,117 | | | (7,658) | | | Total investment grade securities | 11,121,941 | | | (1,796,781) | | | 357,361 | | | (158,773) | | | 11,479,302 | | | (1,955,554) | | | | | | | | | | | | | | | Below investment grade securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporates, by sector: | | | | | | | | | | | | | Financial | 120,377 | | | (18,901) | | | 38,348 | | | (17,283) | | | 158,725 | | | (36,184) | | | Utilities | 27,722 | | | (3,173) | | | — | | | — | | | 27,722 | | | (3,173) | | | Energy | 14,480 | | | (2,182) | | | 20,075 | | | (7,986) | | | 34,555 | | | (10,168) | | | Other corporate sectors | 166,159 | | | (25,962) | | | 6,670 | | | (4,635) | | | 172,829 | | | (30,597) | | | Total corporates | 328,738 | | | (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 securities | 328,738 | | | (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) | |
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| 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 | | Corporates | | Total | Balance at January 1, 2021 | $ | 12,870 | | | $ | 71,598 | | | $ | 714,505 | | | $ | 798,973 | | | | | | | | | | Included in realized gains / losses | (82) | | | (6,787) | | | 3,275 | | | (3,594) | | | Included in other comprehensive income | 63 | | | 12,447 | | | (20,818) | | | (8,308) | | Acquisitions(1) | — | | | — | | | 25,000 | | | 25,000 | | | Sales | (12,851) | | | (13,213) | | | — | | | (26,064) | | | Amortization | — | | | 4,505 | | | 9 | | | 4,514 | | Other(2) | — | | | (5,045) | | | (80,283) | | | (85,328) | | Transfers into Level 3(3) | — | | | — | | | — | | | — | | Transfers out of Level 3(3) | — | | | — | | | — | | | — | | Balance at December 31, 2021 | — | | | 63,505 | | | 641,688 | | | 705,193 | | | | | | | | | | Included in realized gains / losses | — | | | — | | | — | | | — | | | Included in other comprehensive income | — | | | (13,771) | | | (91,385) | | | (105,156) | | Acquisitions(1) | — | | | — | | | — | | | — | | | Sales | — | | | — | | | — | | | — | | | Amortization | — | | | 4,519 | | | 7 | | | 4,526 | | Other(2) | — | | | (3,889) | | | (72,227) | | | (76,116) | | Transfers into Level 3(3) | — | | | — | | | — | | | — | | Transfers out of Level 3(3) | — | | | — | | | — | | | — | | Balance at December 31, 2022 | — | | | 50,364 | | | 478,083 | | | 528,447 | | | | | | | | | | Included in realized gains / losses | — | | | — | | | — | | | — | | | Included in other comprehensive income | — | | | (8,230) | | | 4,541 | | | (3,689) | | Acquisitions(1) | — | | | — | | | — | | | — | | | Sales | — | | | — | | | — | | | — | | | Amortization | — | | | 4,569 | | | 155 | | | 4,724 | | Other(2) | — | | | (4,557) | | | (28,046) | | | (32,603) | | Transfers into Level 3(3) | — | | | — | | | — | | | — | | Transfers out of Level 3(3) | — | | | — | | | — | | | — | | Balance at December 31, 2023 | $ | — | | | $ | 42,146 | | | $ | 454,733 | | | $ | 496,879 | | | | | | | | | | Change in unrealized gains or losses for level 3 securities during the period included in accumulated other comprehensive income for assets held at the end of the reporting period: | | Asset-
backed
Securities | | Collateralized
Debt
Obligations | | Corporates | | Total | 2021 | $ | 63 | | | $ | 12,447 | | | $ | (20,818) | | | $ | (8,308) | | 2022 | — | | | (13,771) | | | (91,385) | | | (105,156) | | 2023 | — | | | (8,230) | | | 4,541 | | | (3,689) | |
(1)Acquisitions of Level 3 investments in each of the years 2021 through 2023 are comprised of private placement fixed maturities and equities. (2)Includes capitalized interest, foreign exchange adjustments, and principal repayments. (3)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.
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| Schedule of Fair Value Measurement Inputs and Valuation Techniques |
The following table represents quantitative information about Level 3 fair value measurements: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | | As of December 31, 2023 | | Fair Value | | Valuation
Techniques | | Significant Unobservable
Input | | Range | | Weighted- Average(1) | | Private placement fixed maturities | $ | 454,733 | | | Determination of credit spread | | Credit rating | | A+ to CCC+ | | BBB | | | | | | | | | | | | | | | | | | | | | | Collateralized debt obligations | 42,146 | | | Discounted Cash Flows | | Discount rate | | 11.65% | | 11.65% | | | | | | | | | | | | | | | | | | | | | | $ | 496,879 | | | | | | | | | |
(1)Unobservable inputs were weighted by the relative fair value of the instruments.
|
| 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 Months | | Twelve Months or Longer | | Total | | Number of issues (CUSIPs) held: | | | | | | | As of December 31, 2023 | 151 | | | 1,614 | | | 1,765 | | | As of December 31, 2022 | 1,819 | | | 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. Refer to Note 1 for factors considered in the recording of the allowance for credit losses. | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2022 | Allowance for credit losses beginning balance | | $ | — | | | $ | 387 | | | Additions to allowance for which credit losses were not previously recorded | | 72,508 | | | — | | | Additions (reductions) to allowance for fixed maturities that previously had an allowance | | (65,393) | | | — | | | 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 | | $ | 7,115 | | | $ | — | |
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| Schedule Of Industry Concentrations Held In Corporate Portfolio |
Below are the ten largest industry concentrations held in the portfolio of corporate fixed maturities at December 31, 2023, based on fair value: | | | | | | | Insurance | 16 | % | | Electric utilities | 10 | | | Banks | 9 | | | Oil and natural gas pipelines | 6 | | | Chemicals | 5 | | | Transportation | 4 | | | Telecommunications | 4 | | | Food | 3 | | | Diversified financial services | 3 | | | Real estate investment trusts | 3 | |
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| Schedule of Other Long-Term Investments |
Other long-term investments consist of the following assets: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | | Investment funds | $ | 795,583 | | | $ | 768,689 | | | | | | | Other | 40,295 | | | 26,022 | | Total | $ | 835,878 | | | $ | 794,711 | |
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| Schedule of Percentages Of Investments By Major Components At Fair Value |
At December 31, 2023, the investment portfolio, at fair value, consisted of the following: | | | | | | | Investment grade fixed maturities: | | | Corporates | 71 | % | | States, municipalities, and political subdivisions | 15 | | | U.S. Government direct, guaranteed, and government-sponsored enterprises | 2 | | | Other | 1 | | | | | Below investment grade fixed maturities: | | | Corporates | 2 | | | | | | | | | 91 | | | | | Other | | | Policy loans, which are secured by the underlying insurance policy values | 3 | | | Other investments | 6 | | | 100 | % |
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| Schedule of Investment Funds |
The following table presents additional information about the Company's investment funds as of December 31, 2023 and December 31, 2022 at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Unfunded Commitments | | | | | Investment Category | | 2023 | | 2022 | | 2023 | | Redemption Term/Notice(1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial mortgage loans | | $ | 411,315 | | | $ | 431,405 | | | $ | 540,972 | | | Fully redeemable and non-redeemable with varying terms. | | Opportunistic and private credit | | 181,410 | | | 158,524 | | | 129,253 | | | Fully redeemable and non-redeemable with varying terms. | | | | | | | | | | | | | | | | | | | | | | | Infrastructure | | 165,887 | | | 159,534 | | | 16,800 | | | Fully redeemable and non-redeemable with varying terms. | | | | | | | | | | | | | | | | | | | | | | | Other | | 36,971 | | | 19,226 | | | 57,343 | | | Non-redeemable with varying terms | | | Total investment funds | | $ | 795,583 | | | $ | 768,689 | | | $ | 744,368 | | | | |
(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners. The following table presents additional information about the Company's investment funds included in pension plan assets as of December 31, 2023 and December 31, 2022 at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Unfunded Commitments | | | | | Investment Category | | 2023 | | 2022 | | 2023 | | Redemption Term/Notice(1) | | | Multi-asset class | | $ | 14,714 | | | $ | 14,288 | | | $ | 7,203 | | | Non-redeemable | | | Private equity | | 3,600 | | | — | | | 56,472 | | | Non-redeemable | | | | | | | | | | | | Total | | $ | 18,314 | | | $ | 14,288 | | | $ | 63,675 | | | | |
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| Schedule of Commercial Mortgage Loan Participations |
Summaries of commercial mortgage loans by property type and geographical location at December 31, 2023 and 2022 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | Carrying Value | | % of Total | | Carrying Value | | % of Total | | Property type: | | | | | | | | | Multi-family | $ | 116,299 | | | 42 | | | $ | 42,232 | | | 23 | | | Industrial | 57,267 | | | 20 | | | 27,248 | | | 15 | | | Hospitality | 43,897 | | | 16 | | | 27,796 | | | 15 | | | Mixed use | 34,749 | | | 12 | | | 62,375 | | | 34 | | | Retail | 23,925 | | | 9 | | | 15,342 | | | 9 | | | Office | 6,734 | | | 2 | | | 8,101 | | | 5 | | | | | | | | | | | Total recorded investment | 282,871 | | | 101 | | | 183,094 | | | 101 | | | Less allowance for credit losses | (3,672) | | | (1) | | | (1,789) | | | (1) | | Carrying value, net of allowance for credit losses | $ | 279,199 | | | 100 | | | $ | 181,305 | | | 100 | |
| | | | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | Carrying Value | | % of Total | | Carrying Value | | % of Total | | Geographic location: | | | | | | | | | California | $ | 54,721 | | | 20 | | | $ | 64,477 | | | 36 | | | Florida | 48,233 | | | 17 | | | 33,182 | | | 18 | | | Texas | 45,111 | | | 16 | | | 22,905 | | | 13 | | | New Jersey | 44,574 | | | 16 | | | — | | | — | | | New York | 20,284 | | | 7 | | | 19,167 | | | 11 | | | Massachusetts | 14,979 | | | 5 | | | — | | | — | | | Other | 54,969 | | | 20 | | | 43,363 | | | 23 | | | Total recorded investment | 282,871 | | | 101 | | | 183,094 | | | 101 | | | Less allowance for credit losses | (3,672) | | | (1) | | | (1,789) | | | (1) | | Carrying value, net of allowance for credit losses | $ | 279,199 | | | 100 | | | $ | 181,305 | | | 100 | |
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| Schedule of Commercial Loan Participations, Credit Quality Indicators |
The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ratios (LTVs) 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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Recorded Investment | | Debt Service Coverage Ratios(1) | | | | | | <1.00x | | 1.00x—1.20x | | >1.20x | | Total | | % of Gross Total | Loan-to-value ratio(2): | | | | | | | | | | | Less than 70% | $ | 27,091 | | | $ | 180,761 | | | $ | 58,364 | | | $ | 266,216 | | | 94 | | | 70% to 80% | — | | | — | | | — | | | — | | | — | | | 81% to 90% | 8,468 | | | — | | | 1,153 | | | 9,621 | | | 3 | | | Greater than 90% | 7,034 | | | — | | | — | | | 7,034 | | | 3 | | | Total | $ | 42,593 | | | $ | 180,761 | | | $ | 59,517 | | | 282,871 | | | 100 | | | Less allowance for credit losses | | (3,672) | | | | Total, net of allowance for credit losses | | $ | 279,199 | | | |
(1)Annual net operating income divided by annual mortgage debt service (principal and interest). (2)Loan balance divided by appraised value at origination, 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) | | | | | | <1.00x | | 1.00x—1.20x | | >1.20x | | Total | | % of Gross 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 at origination, including planned renovations and stabilized occupancy, at origination. Updated internal valuations are used when a loan is materially underperforming.
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| Schedule of Commercial Loan Participations, Allowance for Credit Loss |
| | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2022 | Allowance for credit losses beginning balance | | $ | 1,789 | | | $ | 827 | | | | | | | | Provision (reversal) for credit losses | | 1,883 | | | 962 | | | | | | | Allowance for credit losses ending balance | | $ | 3,672 | | | $ | 1,789 | |
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