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Investments (Tables)
 6 Months Ended
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]  
Realized Investment Gains (Losses), Excluding Impairment Losses
The table below presents realized investment gains and losses, excluding impairment losses, for the periods indicated.

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
 
 
 
 
 
 
 
 
Available for sale debt securities:
 
 
 
 
 
 
 
Realized gains on disposal
$
2,985

 
1,528

 
3,677

 
3,324

Realized losses on disposal
(14
)
 
—

 
(22
)
 
—

Held to maturity debt securities:


 


 


 


Realized gains on disposal
32

 
61

 
814

 
390

Realized losses on disposal
(6
)
 
(3
)
 
(17
)
 
(72
)
Equity securities realized gains (losses)
23

 
193

 
27

 
511

Real estate gains (losses)
45

 
—

 
134

 
—

Mortgage loans write-downs
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
Totals
$
3,065

 
1,779

 
4,613

 
4,153
Net Impairment Losses Recognized in Earnings
The table below presents net impairment losses recognized in earnings for the periods indicated.

 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairment gains (losses) on debt securities
 
$
—

 
(58
)
 
(4
)
 
324

Portion of loss (gain) recognized in comprehensive income
 
—

 
(106
)
 
(3
)
 
(549
)
 
 
 
 
 
 
 
 
 
Net impairment losses on debt securities recognized in earnings
 
—

 
(164
)
 
(7
)
 
(225
)
Equity securities impairments
 
—

 
(14
)
 
(28
)
 
(14
)
 
 
 
 
 
 
 
 
 
Totals
 
$
—

 
(178
)
 
(35
)
 
(239
)
Credit Losses on Securities, Also Recorded as Non-Credit Other-than-Temporary Impairments in Other Comprehensive Loss
The table below presents a roll forward of credit losses on securities for which the Company also recorded non-credit other-than-temporary impairments in other comprehensive loss.

 
Three months ended June 30, 2014
 
Six months ended June 30, 2014
 
Twelve Months
Ended
December 31,
2013
 
 
 
(In thousands)

 
 
 
 
 
 
 
 
Beginning balance, cumulative credit losses related to other-than-temporary impairments
$
2,479

 
2,472

 
2,247

Reductions for securities sold during current period
—

 
—

 
(17
)
Additions for credit losses not previously recognized in other-than-temporary impairments
—

 
7

 
242

 
 
 
 
 
 
Ending balance, cumulative credit losses related to other-than-temporary impairments
$
2,479

 
2,479

 
2,472
Schedule of Held-to-Maturity Securities
The table below presents amortized costs and fair values of securities held to maturity at June 30, 2014.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,075

 
1,177

 
—

 
24,252

U.S. Treasury
1,917

 
436

 
—

 
2,353

States and political subdivisions
431,661

 
25,868

 
(2,165
)
 
455,364

Foreign governments
—

 
—

 
—

 
—

Public utilities
862,772

 
67,976

 
(1,040
)
 
929,708

Corporate
3,595,636

 
206,319

 
(19,883
)
 
3,782,072

Mortgage-backed
1,700,161

 
67,049

 
(12,735
)
 
1,754,475

Home equity
19,762

 
4,907

 
—

 
24,669

Manufactured housing
6,099

 
353

 
—

 
6,452

 
 
 
 
 
 
 
 
Totals
$
6,641,083

 
374,085

 
(35,823
)
 
6,979,345

The table below presents amortized costs and fair values of securities held to maturity at December 31, 2013.

 
Securities Held to Maturity
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
U.S. agencies
$
23,088

 
1,700

 
—

 
24,788

U.S. Treasury
1,913

 
434

 
—

 
2,347

States and political subdivisions
423,286

 
13,433

 
(10,944
)
 
425,775

Foreign governments
9,997

 
159

 
—

 
10,156

Public utilities
864,324

 
53,222

 
(9,687
)
 
907,859

Corporate
3,463,521

 
153,442

 
(81,760
)
 
3,535,203

Mortgage-backed
1,696,887

 
54,035

 
(33,376
)
 
1,717,546

Home equity
20,179

 
4,738

 
(32
)
 
24,885

Manufactured housing
7,125

 
460

 
—

 
7,585

 
 
 
 
 
 
 
 
Totals
$
6,510,320

 
281,623

 
(135,799
)
 
6,656,144
Schedule of Available-for-Sale Securities
The table below presents amortized costs and fair values of securities available for sale at June 30, 2014.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
592

 
—

 
(40
)
 
552

Foreign governments
9,935

 
370

 
—

 
10,305

Public utilities
230,681

 
14,459

 
(456
)
 
244,684

Corporate
2,302,436

 
155,856

 
(6,476
)
 
2,451,816

Mortgage-backed
55,750

 
4,400

 
—

 
60,150

Home equity
11,906

 
253

 
(10
)
 
12,149

Manufactured housing
3,193

 
100

 
—

 
3,293

 
2,614,493

 
175,438

 
(6,982
)
 
2,782,949

 
 
 
 
 
 
 
 
Equity public
11,183

 
5,584

 
(266
)
 
16,501

 
 
 
 
 
 
 
 
Totals
$
2,625,676

 
181,022

 
(7,248
)
 
2,799,450

The table below presents amortized costs and fair values of securities available for sale at December 31, 2013.

 
Securities Available for Sale
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
(In thousands)
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
States and political subdivisions
$
594

 
—

 
(110
)
 
484

Foreign governments
9,931

 
—

 
(156
)
 
9,775

Public utilities
233,788

 
15,014

 
(1,397
)
 
247,405

Corporate
2,195,124

 
124,519

 
(30,732
)
 
2,288,911

Mortgage-backed
68,799

 
5,040

 
—

 
73,839

Home equity
12,079

 
245

 
(7
)
 
12,317

Manufactured housing
3,803

 
132

 
—

 
3,935

 
2,524,118

 
144,950

 
(32,402
)
 
2,636,666

 
 
 
 
 
 
 
 
Equity public
11,146

 
4,489

 
(757
)
 
14,878

 
 
 
 
 
 
 
 
Totals
$
2,535,264

 
149,439

 
(33,159
)
 
2,651,544
Schedule of Gross Unrealized Losses and Fair Values of Held-to-Maturity Investments, Continuous Unrealized Loss Position
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at December 31, 2013.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
128,711

 
(9,249
)
 
8,080

 
(1,695
)
 
136,791

 
(10,944
)
Public utilities
260,982

 
(8,998
)
 
7,821

 
(689
)
 
268,803

 
(9,687
)
Corporate
1,335,088

 
(71,330
)
 
117,179

 
(10,430
)
 
1,452,267

 
(81,760
)
Mortgage-backed
581,373

 
(32,043
)
 
13,861

 
(1,333
)
 
595,234

 
(33,376
)
Home equity
—

 
—

 
2,617

 
(32
)
 
2,617

 
(32
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
2,306,154

 
(121,620
)
 
149,558

 
(14,179
)
 
2,455,712

 
(135,799
)
The following table shows the gross unrealized losses and fair values of the Company's held to maturity investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at June 30, 2014.

 
Securities Held to Maturity
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
—

 
—

 
49,578

 
(2,165
)
 
49,578

 
(2,165
)
Public utilities
—

 
—

 
68,885

 
(1,040
)
 
68,885

 
(1,040
)
Corporate
67,941

 
(36
)
 
855,865

 
(19,847
)
 
923,806

 
(19,883
)
Mortgage-backed
76,145

 
(310
)
 
272,530

 
(12,425
)
 
348,675

 
(12,735
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
144,086

 
(346
)
 
1,246,858

 
(35,477
)
 
1,390,944

 
(35,823
)
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 investments by investment category and length of time the individual securities have been in a continuous unrealized loss position at June 30, 2014.
 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
$
—

 
—

 
552

 
(40
)
 
552

 
(40
)
Public utilities
—

 
—

 
18,505

 
(456
)
 
18,505

 
(456
)
Corporate
35,561

 
(251
)
 
257,039

 
(6,225
)
 
292,600

 
(6,476
)
Home equity
—

 
—

 
4,825

 
(10
)
 
4,825

 
(10
)
 
35,561

 
(251
)
 
280,921

 
(6,731
)
 
316,482

 
(6,982
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
202

 
(11
)
 
3,778

 
(255
)
 
3,980

 
(266
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
35,763

 
(262
)
 
284,699

 
(6,986
)
 
320,462

 
(7,248
)

The following table shows the gross unrealized losses and fair values of the Company's available for sale investments by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2013.
 
Securities Available for Sale
 
Less than 12 Months
 
12 Months or Greater
 
Total
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
 
 
 
States and political subdivisions
—

 
—

 
484

 
(110
)
 
484

 
(110
)
Foreign governments
$
9,775

 
(156
)
 
—

 
—

 
9,775

 
(156
)
Public utilities
20,090

 
(1,343
)
 
962

 
(54
)
 
21,052

 
(1,397
)
Corporate
532,310

 
(26,376
)
 
46,187

 
(4,356
)
 
578,497

 
(30,732
)
Home equity
4,833

 
(7
)
 
—

 
—

 
4,833

 
(7
)
 
567,008

 
(27,882
)
 
47,633

 
(4,520
)
 
614,641

 
(32,402
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity public
3,707

 
(757
)
 
—

 
—

 
3,707

 
(757
)
 
 
 
 
 
 
 
 
 
 
 
 
Total temporarily impaired securities
$
570,715

 
(28,639
)
 
47,633

 
(4,520
)
 
618,348

 
(33,159
)
Schedule of Mortgage Loans by Loan-to-Value Ratio
The following table represents the mortgage loan portfolio by loan-to-value ratio.

 
June 30, 2014
 
December 31, 2013
 
Amount
 
%
 
Amount
 
%
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
Mortgage Loans by Loan-to-Value Ratio (1):
 
 
 
 
 
 
 
Less than 50%
$
51,827

 
33.9

 
$
57,445

 
43.0

50% to 60%
28,194

 
18.4

 
23,339

 
17.5

60% to 70%
44,263

 
29.0

 
20,120

 
15.1

70% to 80%
8,515

 
5.6

 
9,723

 
7.3

80% to 90%
—

 
—

 
—

 
—

Greater than 90%
20,059

 
13.1

 
22,788

 
17.1

Gross balance
152,858

 
100.0

 
133,415

 
100.0

 
 
 
 
 
 
 
 
Allowance for possible losses
(650
)
 
(0.4
)
 
(650
)
 
(0.5
)
 
 
 
 
 
 
 
 
Totals
$
152,208

 
99.6

 
$
132,765

 
99.5


(1) Loan-to-Value Ratio determined using the most recent appraised value.
Schedule of Allowance for Mortgage Loans
The following table represents the mortgage loan allowance at June 30, 2014 and December 31, 2013:
 
June 30, 2014
 
December 31, 2013
 
(In thousands)
 
 
 
 
Balance, beginning of period
$
650

 
650

Provision
—

 
—

Releases
—

 
—

 
 
 
 
Balance, end of period
$
650

 
650