INVESTMENTS

Fixed Maturities and Equity Securities

The following tables provide information relating to fixed maturities and equity securities (excluding investments classified as trading) as of the dates indicated:



	December 31, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	154,180	$	6,593	$	33	$	160,740	$	0
Obligations of U.S. states and their political subdivisions	618,447		14,592		6,553		626,486		0
Foreign government bonds	111,025		2,143		4,386		108,782		0
Public utilities	706,536		33,950		10,519		729,967		0
Redeemable preferred stock	4,136		834		156		4,814		0
All other U.S. public corporate securities	1,802,350		67,908		28,846		1,841,412		(215		)
All other U.S. private corporate securities	714,776		14,555		7,702		721,629		(236		)
All other foreign public corporate securities	216,428		7,371		4,127		219,672		0
All other foreign private corporate securities	577,761		4,866		33,455		549,172		0
Asset-backed securities(1)	184,414		5,164		562		189,016		(2,534		)
Commercial mortgage-backed securities	382,717		5,783		5,829		382,671		0
Residential mortgage-backed securities(2)	80,141		3,355		308		83,188		(274		)
Total fixed maturities, available-for-sale	$	5,552,911	$	167,114	$	102,476	$	5,617,549	$	(3,259	)
Equity securities, available-for-sale:
Common stocks:
Mutual funds	$	16,324	$	441	$	124	$	16,641
Public utilities	66		2		28		40
Industrial, miscellaneous & other	0		75		0		75
Total equity securities, available-for-sale	$	16,390	$	518	$	152	$	16,756


(1)	Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types.


(2)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(3)	Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $8 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.



	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI(3)
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	87,107	$	7,170	$	228	$	94,049	$	0
Obligations of U.S. states and their political subdivisions	602,508		24,219		1,958		624,769		0
Foreign government bonds	70,107		3,094		2,791		70,410		0
Public utilities	790,038		30,862		18,402		802,498		0
Redeemable preferred stock	5,316		1,530		145		6,701		0
All other U.S. public corporate securities	2,138,358		81,905		61,142		2,159,121		(217		)
All other U.S. private corporate securities	1,085,345		26,299		13,963		1,097,681		0
All other foreign public corporate securities	270,063		8,230		6,508		271,785		0
All other foreign private corporate securities	784,283		9,933		42,528		751,688		0
Asset-backed securities(1)	431,578		6,203		2,650		435,131		(3,056		)
Commercial mortgage-backed securities	396,160		10,614		2,429		404,345		0
Residential mortgage-backed securities(2)	114,943		7,876		65		122,754		(690		)
Total fixed maturities, available-for-sale	$	6,775,806	$	217,935	$	152,809	$	6,840,932	$	(3,963	)
Equity securities, available-for-sale:
Common stocks:
Mutual funds	$	54,543	$	256	$	3,030	$	51,769
Public utilities	66		2		29		39
Industrial, miscellaneous & other	0		165		0		165
Total equity securities, available-for-sale	$	54,609	$	423	$	3,059	$	51,973


(1)	Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans and other asset types.


(2)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(3)	Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $9 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.

The following tables show the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity securities and equity securities have been in a continuous unrealized loss position, at December 31 for the years indicated:



	2016
	Less than twelve months				Twelve months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	603	$	33	$	0	$	0	$	603	$	33
Obligations of U.S. states and their political subdivisions	239,146		6,553		0		0		239,146		6,553
Foreign government bonds	81,074		4,055		1,690		331		82,764		4,386
Public utilities	207,226		7,847		21,394		2,672		228,620		10,519
Redeemable preferred stock	0		0		0		156		0		156
All other U.S. public corporate securities	568,763		20,695		73,575		8,151		642,338		28,846
All other U.S. private corporate securities	232,561		6,082		29,071		1,620		261,632		7,702
All other foreign public corporate securities	86,492		3,188		5,433		939		91,925		4,127
All other foreign private corporate securities	236,512		13,604		101,858		19,851		338,370		33,455
Asset-backed securities	37,355		492		49,346		70		86,701		562
Commercial mortgage-backed securities	191,674		5,827		947		2		192,621		5,829
Residential mortgage-backed securities	36,224		302		1,045		6		37,269		308
Total fixed maturities, available-for-sale	$	1,917,630	$	68,678	$	284,359	$	33,798	$	2,201,989	$	102,476
Equity securities, available-for-sale	$	0	$	0	$	2,965	$	152	$	2,965	$	152



	2015
	Less than twelve months				Twelve months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	5,985	$	228	$	0	$	0	$	5,985	$	228
Obligations of U.S. states and their political subdivisions	77,756		1,958		0		0		77,756		1,958
Foreign government bonds	44,854		1,940		1,813		851		46,667		2,791
Public utilities	323,086		13,151		26,094		5,251		349,180		18,402
Redeemable preferred stock	0		145		0		0		0		145
All other U.S. public corporate securities	802,158		49,343		61,110		11,799		863,268		61,142
All other U.S. private corporate securities	323,218		12,476		17,103		1,487		340,321		13,963
All other foreign public corporate securities	121,662		5,098		6,079		1,410		127,741		6,508
All other foreign private corporate securities	284,191		14,089		154,791		28,439		438,982		42,528
Asset-backed securities	249,084		1,565		93,675		1,085		342,759		2,650
Commercial mortgage-backed securities	129,765		2,350		4,221		79		133,986		2,429
Residential mortgage-backed securities	18,435		59		1,519		6		19,954		65
Total fixed maturities, available-for-sale	$	2,380,194	$	102,402	$	366,405	$	50,407	$	2,746,599	$	152,809
Equity securities, available-for-sale	$	35,869	$	2,339	$	9,281	$	720	$	45,150	$	3,059

The gross unrealized losses on fixed maturity securities at December 31, 2016 and 2015, were composed of $93.3 million and $133.6 million, respectively, related to high or highest quality securities based on the National Association of Insurance Commissioners (“NAIC”) or equivalent rating and $9.2 million and $19.2 million, respectively, related to other than high or highest quality securities based on NAIC or equivalent rating. At December 31, 2016, the $33.8 million of gross unrealized losses of twelve months or more was concentrated in the energy, finance and utility sectors of the Company’s corporate securities. At December 31, 2015, the $50.4 million of gross unrealized losses of twelve months or more was concentrated in the energy, consumer non-cyclical, utility and finance sectors of the Company’s corporate securities. In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these securities was not warranted at December 31, 2016 or 2015. These conclusions were based on a detailed analysis of the underlying credit and cash flows on each security. The gross unrealized losses were primarily attributable to interest rate increases. At December 31, 2016, the Company did not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis.

At December 31, 2016, gross unrealized losses related to equity securities representing declines in value of greater than 20% were $0.0 million, all of which had been in that position for more than twelve months. At December 31, 2015, gross unrealized losses related to equity securities representing declines in value of greater than 20% were $0.0 million, none of which had been in that position for more than twelve months. In accordance with its policy described in Note 2, the Company concluded that an adjustment to earnings for OTTI for these equity securities was not warranted at either December 31, 2016 or 2015.

The amortized cost and fair value of fixed maturities by contractual maturities at December 31, 2016, were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	222,580	$	220,785
Due after one year through five years	695,311		713,491
Due after five years through ten years	950,127		941,499
Due after ten years	3,037,621		3,086,899
Asset-backed securities	184,414		189,016
Commercial mortgage-backed securities	382,717		382,671
Residential mortgage-backed securities	80,141		83,188
Total fixed maturities, available-for-sale	$	5,552,911	$	5,617,549

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Asset-backed, commercial mortgage-backed and residential mortgage-backed securities are shown separately in the table above as they are not due at a single maturity date.

The following table depicts the sources of fixed maturity and equity security proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities for the years indicated:



	2016			2015			2014
				(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	833,562		$	171,589		$	245,618
Proceeds from maturities/repayments(1)	495,969			642,503			656,249
Gross investment gains from sales, prepayments and maturities	94,262			12,496			20,394
Gross investment losses from sales and maturities	(10,475		)	(1,528		)	(2,704		)
Equity securities, available-for-sale:
Proceeds from sales(2)	$	34,618		$	5,732		$	17,873
Gross investment gains from sales	363			400			1,085
Gross investment losses from sales	(1,933		)	0			0
Fixed maturity and equity security impairments:
Net writedowns for other-than-temporary impairment losses on fixed maturities recognized in earnings(3)	$	(17,677	)	$	(1,463	)	$	(127	)
Writedowns for impairments on equity securities	0			(3		)	0


(1)	Includes $(1.5) million, $0.4 million and $(5.8) million of non-cash related proceeds for the years ended December 31, 2016, 2015 and 2014, respectively.


(2)	Includes $(0.0) million and $0.0 million of non-cash related proceeds for the years ended December 31, 2015 and 2014. There were no non-cash related proceeds included for the year ended December 31, 2016.


(3)	Excludes the portion of OTTI recorded in OCI representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of the impairment.

As discussed in Note 2, a portion of certain OTTI losses on fixed maturity securities is recognized in OCI. For these securities, the net amount recognized in earnings (“credit loss impairments”) represents the difference between the amortized cost of the security and the net present value of its projected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment. Any remaining difference between the fair value and amortized cost is recognized in OCI. The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in OCI, and the corresponding changes in such amounts:



	Year Ended December 31,
	2016			2015
	(in thousands)
Balance, beginning of period	$	7,041		$	8,729
Credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period	(1,294		)	(1,719		)
Credit loss impairments recognized in the current period on securities not previously impaired	522			0
Additional credit loss impairments recognized in the current period on securities previously impaired	6			71
Increases due to the passage of time on previously recorded credit losses	242			213
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected	(339		)	(253		)
Assets transferred to parent and affiliates	(658		)	0
Balance, end of period	$	5,520		$	7,041

Trading Account Assets

The following table sets forth the composition of “Trading account assets” as of the dates indicated:



	December 31, 2016				December 31, 2015
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Fixed maturities	$	23,555	$	19,558	$	50,565	$	46,364
Equity securities	11,929		15,770		14,761		18,248
Total trading account assets	$	35,484	$	35,328	$	65,326	$	64,612

The net change in unrealized gains (losses) from trading account assets still held at period end, recorded within “Other income,” was $0.6 million, $(3.4) million and $(0.7) million during the years ended December 31, 2016, 2015 and 2014, respectively.

Commercial Mortgage and Other Loans

The Company’s commercial mortgage and other loans were comprised as follows, as of the dates indicated:



	December 31, 2016					December 31, 2015
	Amount (in thousands)			% of Total		Amount (in thousands)			% of Total
Commercial mortgage and agricultural property loans by property type:
Retail	$	243,225		21.1	%	$	440,767		26.7	%
Apartments/Multi-Family	318,667			27.7		445,379			27.0
Industrial	185,682			16.1		254,884			15.4
Office	161,980			14.1		226,332			13.6
Other	124,465			10.8		92,581			5.6
Hospitality	54,597			4.7		85,910			5.2
Total commercial mortgage loans	1,088,616			94.5		1,545,853			93.5
Agricultural property loans	63,323			5.5		106,623			6.5
Total commercial mortgage and agricultural property loans by property type	1,151,939			100.0	%	1,652,476			100.0	%
Valuation allowance	(1,558		)			(2,651		)
Total net commercial mortgage and agricultural property loans by property type	1,150,381					1,649,825
Other loans:
Uncollateralized loans	0					8,410
Valuation allowance	0					0
Total net other loans	0					8,410
Total commercial mortgage and other loans	$	1,150,381				$	1,658,235

The commercial mortgage and agricultural property loans were geographically dispersed throughout the United States (with the largest concentrations in California (23%), Texas (15%), and Illinois (7%)) and included loans secured by properties in Australia and Europe at December 31, 2016.

Activity in the allowance for credit losses for all commercial mortgage and other loans, as of the dates indicated, was as follows:



	December 31, 2016
	Commercial Mortgage Loans			Agricultural Property Loans			Other Loans		Total
	(in thousands)
Allowance for credit losses, beginning of year	$	2,587		$	64		$	0	$	2,651
Addition to (release of) allowance for losses	(1,074		)	(19		)	0		(1,093		)
Charge-offs, net of recoveries	0			0			0		0
Total ending balance	$	1,513		$	45		$	0	$	1,558



	December 31, 2015
	Commercial Mortgage Loans			Agricultural Property Loans			Other Loans		Total
	(in thousands)
Allowance for credit losses, beginning of year	$	4,071		$	83		$	0	$	4,154
Addition to (release of) allowance for losses	(1,484		)	(19		)	0		(1,503		)
Charge-offs, net of recoveries	0			0			0		0
Total ending balance	$	2,587		$	64		$	0	$	2,651

The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans as of the dates indicated:



	December 31, 2016
	Commercial Mortgage Loans		Agricultural Property Loans		Other Loans		Total
	(in thousands)
Allowance for Credit Losses:
Individually evaluated for impairment	$	0	$	0	$	0	$	0
Collectively evaluated for impairment	1,513		45		0		1,558
Loans acquired with deteriorated credit quality	0		0		0		0
Total ending balance	$	1,513	$	45	$	0	$	1,558
Recorded Investment(1):
Individually evaluated for impairment	$	2,528	$	0	$	0	$	2,528
Collectively evaluated for impairment	1,086,088		63,323		0		1,149,411
Loans acquired with deteriorated credit quality	0		0		0		0
Total ending balance	$	1,088,616	$	63,323	$	0	$	1,151,939



	December 31, 2015
	Commercial Mortgage Loans		Agricultural Property Loans		Other Loans		Total
	(in thousands)
Allowance for Credit Losses:
Individually evaluated for impairment	$	0	$	0	$	0	$	0
Collectively evaluated for impairment	2,587		64		0		2,651
Loans acquired with deteriorated credit quality	0		0		0		0
Total ending balance	$	2,587	$	64	$	0	$	2,651
Recorded Investment(1):
Individually evaluated for impairment	$	0	$	287	$	0	$	287
Collectively evaluated for impairment	1,545,853		106,336		8,410		1,660,599
Loans acquired with deteriorated credit quality	0		0		0		0
Total ending balance	$	1,545,853	$	106,623	$	8,410	$	1,660,886


(1)	Recorded investment reflects the carrying value gross of related allowance.

The following tables set forth certain key credit quality indicators for commercial mortgage and agricultural property loans, based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:



	Debt Service Coverage Ratio - December 31, 2016
	> 1.2X		1.0X to <1.2X		Less than 1.0X		Total
	(in thousands)
Loan-to-Value Ratio:
0%-59.99%	$	732,473	$	19,844	$	0	$	752,317
60%-69.99%	267,122		7,515		900		275,537
70%-79.99%	88,811		30,533		0		119,344
80% or greater	4,503		0		238		4,741
Total commercial mortgage and agricultural property loans	$	1,092,909	$	57,892	$	1,138	$	1,151,939



	Debt Service Coverage Ratio - December 31, 2015
	> 1.2X		1.0X to <1.2X		Less than 1.0X		Total
	(in thousands)
Loan-to-Value Ratio:
0%-59.99%	$	1,004,751	$	35,579	$	6,762	$	1,047,092
60%-69.99%	378,799		4,969		4,016		387,784
70%-79.99%	197,208		12,471		0		209,679
80% or greater	0		2,938		4,983		7,921
Total commercial mortgage and agricultural property loans	$	1,580,758	$	55,957	$	15,761	$	1,652,476

The following tables provide an aging of past due commercial mortgage and other loans as of the dates indicated, based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status as of the dates indicated:



	December 31, 2016
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status
	(in thousands)
Commercial mortgage loans	$	1,088,616	$	0	$	0	$	0	$	1,088,616	$	0
Agricultural property loans	63,323		0		0		0		63,323		0
Other loans	0		0		0		0		0		0
Total commercial mortgage and other loans	$	1,151,939	$	0	$	0	$	0	$	1,151,939	$	0

	December 31, 2015
	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due(1)		Total Loans		Non-Accrual Status
	(in thousands)
Commercial mortgage loans	$	1,545,853	$	0	$	0	$	0	$	1,545,853	$	0
Agricultural property loans	106,336		287		0		0		106,623		0
Other loans	8,410		0		0		0		8,410		0
Total commercial mortgage and other loans	$	1,660,599	$	287	$	0	$	0	$	1,660,886	$	0


(1)	There were no loans accruing interest

See Note 2 for further discussion regarding non-accrual status loans.

For the years ended December 31, 2016 and 2015, there were no commercial mortgage or other loans acquired, other than those through direct origination, nor were there any commercial mortgage or other loans sold. For the year ended December 31, 2016, the Company transferred $631 million of commercial mortgage and other loans to related parties. See Note 1 for additional information.

The Company’s commercial mortgage and other loans may occasionally be involved in a troubled debt restructuring. As of both December 31, 2016 and 2015, the Company had no significant commitments to borrowers that have been involved in a troubled debt restructuring. For the years ended December 31, 2016 and 2015, there were no new troubled debt restructurings related to commercial mortgage or other loans and no payment defaults on commercial mortgage or other loans that were modified as a troubled debt restructuring within the 12 months preceding. See Note 2 for additional information relating to the accounting for troubled debt restructurings.

Other Long-Term Investments

The following table sets forth the composition of “Other long-term investments” at December 31 for the years indicated:



	2016		2015
	(in thousands)
Company's investment in separate accounts	$	34,088	$	28,567
Joint ventures and limited partnerships:
Private equity	139,493		140,310
Hedge funds	81,104		130,575
Real estate-related	11,912		9,685
Total joint ventures and limited partnerships	232,509		280,570
Derivatives	77,866		70,100
Total other long-term investments	$	344,463	$	379,237

As of both December 31, 2016 and 2015, the Company had no significant equity method investments.

Net Investment Income

The following table sets forth net investment income by asset class for the years ended December 31:



	2016			2015			2014
	(in thousands)
Fixed maturities, available-for-sale	$	242,351		$	269,073		$	262,532
Equity securities, available-for-sale	1			2			2
Trading account assets	2,051			2,800			1,018
Commercial mortgage and other loans	58,940			86,354			81,848
Policy loans	62,735			62,304			60,847
Short-term investments and cash equivalents	1,767			1,042			528
Other long-term investments	29,512			17,739			16,962
Gross investment income	397,357			439,314			423,737
Less: investment expenses	(21,407		)	(22,727		)	(19,719		)
Net investment income	$	375,950		$	416,587		$	404,018

The carrying value of non-income producing assets included $0.6 million in fixed maturities as of December 31, 2016. Non-income producing assets represent investments that had not produced income for the twelve months preceding December 31, 2016.

Realized Investment Gains (Losses), Net

Realized investment gains (losses), net, for the years ended December 31, were from the following sources:



	2016			2015			2014
	(in thousands)
Fixed maturities	$	66,110		$	9,505		$	17,563
Equity securities	(1,570		)	397			1,085
Commercial mortgage and other loans	29,584			1,503			4,644
Joint ventures and limited partnerships	(229		)	320			210
Derivatives(1)	664,533			(220,292		)	90,556
Short-term investments and cash	21			29			9
Realized investment gains (losses), net	$	758,449		$	(208,538	)	$	114,067


(1)	Includes the offset of hedged items in qualifying effective hedge relationships prior to maturity or termination.

Net Unrealized Gains (Losses) on Investments by Asset Class

The table below presents net unrealized gains (losses) on investments by asset class as of December 31 for the years indicated:



	2016		2015			2014
	(in thousands)
Fixed maturity securities on which an OTTI loss has been recognized	$	4,883	$	5,196		$	5,333
Fixed maturity securities, available-for-sale—all other	59,755		59,930			322,358
Equity securities, available-for-sale	366		(2,636		)	619
Derivatives designated as cash flow hedges(1)	40,931		48,271			11,585
Other investments	6,497		6,272			10,015
Net unrealized gains (losses) on investments	$	112,432	$	117,033		$	349,910


(1)	See Note 10 for more information on cash flow hedges.

Securities Lending and Repurchase Agreements

In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. As of December 31, 2016, the Company had $74.8 million of securities lending transactions recorded as "Cash collateral for loaned securities," comprised of $68.0 million in corporate securities and $6.8 million in foreign government bonds, all of which had a remaining contractual maturity that was overnight and continuous. As of December 31, 2016, the Company had $68.9 million of repurchase transactions, all of which were U.S. Treasuries and had remaining contractual maturities that were overnight and continuous. As of December 31, 2015, the Company had $40.3 million of securities lending transactions recorded as "Cash collateral for loaned securities," comprised of $33.3 million in corporate securities and $7.0 million in foreign government bonds. Of the $40.3 million of securities lending transactions, $38.0 million had remaining contractual maturities that were overnight and continuous, while the other $2.3 million had remaining contractual maturities of up to thirty days. As of December 31, 2015, the Company had no repurchase transactions.

Securities Pledged, Restricted Assets and Special Deposits

The Company pledges as collateral investment securities it owns to unaffiliated parties through certain transactions, including securities lending, securities sold under agreements to repurchase, collateralized borrowings and postings of collateral with derivative counterparties. As of December 31 for the years indicated in the table below, the carrying value of investments pledged to third parties and the carrying amount of the associated liabilities supported by the pledged collateral as reported in the Consolidated Statements of Financial Position included the following:



	2016		2015
	(in thousands)
Pledged Collateral:
Fixed maturity securities, available-for-sale	$	140,810	$	38,421
Total securities pledged	$	140,810	$	38,421
Liabilities Supported by Pledged Collateral:
Cash collateral for loaned securities	$	74,976	$	40,416
Securities sold under agreements to repurchase	68,904		0
Total liabilities supported by pledged collateral	$	143,880	$	40,416

In the normal course of its business activities, the Company accepts collateral that can be sold or repledged. The primary sources of this collateral were securities purchased under agreements to resell. The fair value of this collateral was $58.4 million and $156.0 million at December 31, 2016 and 2015, respectively, none of which had either been sold or repledged.

As of December 31, 2016, fixed maturities and short-term investments of $3.2 million and $0.6 million, respectively, were on deposit with governmental authorities or trustees as required by certain insurance laws. As of December 31, 2015, fixed maturities of $3.9 million were on deposit with governmental authorities or trustees as required by certain insurance laws.