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INVESTMENTS (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments
The following table summarizes the fair value of fixed maturity investments trading:
September 30,
2023
December 31,
2022
U.S. treasuries$8,587,946 $7,180,129 
Corporate (1)
4,482,082 4,390,568 
Agencies460,936 395,149 
Non-U.S. government403,758 383,838 
Residential mortgage-backed806,120 710,429 
Commercial mortgage-backed210,942 213,987 
Asset-backed1,131,262 1,077,302 
Total fixed maturity investments trading$16,083,046 $14,351,402 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
The following table summarizes the fair value of equity investments:
September 30,
2023
December 31,
2022
Financials$95,099 $103,250 
Consumer232 33,447 
Communications and technology11 48,687 
Fixed income exchange traded funds— 295,481 
Equity exchange traded funds— 90,510 
Industrial, utilities and energy— 25,326 
Healthcare— 24,617 
Basic materials— 3,740 
Total$95,342 $625,058 
Schedule of Contractual Maturities of Fixed Maturity Investments
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
September 30,
2023
December 31,
2022
Amortized 
Cost
Fair ValueAmortized CostFair Value
Due in less than one year
$392,098 $384,293 $364,501 $356,770 
Due after one through five years
8,891,383 8,682,922 8,117,971 7,875,771 
Due after five through ten years
4,896,604 4,606,488 4,072,142 3,805,287 
Due after ten years
309,877 261,019 356,268 311,856 
Mortgage-backed
1,119,512 1,017,062 1,009,205 924,416 
Asset-backed1,145,094 1,131,262 1,118,464 1,077,302 
Total$16,754,568 $16,083,046 $15,038,551 $14,351,402 
Schedule of Components of Net Investment Income
The components of net investment income are as follows:
Three months endedNine months ended
September 30,
2023
September 30,
2022
September 30,
2023
September 30,
2022
Fixed maturity investments trading$188,781 $107,182 $514,020 $246,146 
Short term investments66,722 11,601 149,903 17,134 
Equity investments510 6,120 6,675 13,390 
Other investments
Catastrophe bonds54,583 25,748 142,936 63,343 
Other20,031 11,258 65,422 23,704 
Cash and cash equivalents4,160 1,386 13,009 1,250 
 334,787 163,295 891,965 364,967 
Investment expenses(5,679)(5,502)(15,817)(16,272)
Net investment income$329,108 $157,793 $876,148 $348,695 
Schedule of Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedNine months ended
September 30,
2023
September 30,
2022
September 30,
2023
September 30,
2022
Net realized gains (losses) on fixed maturity investments trading$(121,112)$(213,493)$(300,089)$(621,799)
Net unrealized gains (losses) on fixed maturity investments trading(158,226)(210,665)14,007 (824,662)
Net realized and unrealized gains (losses) on fixed maturity investments trading(279,338)(424,158)(286,082)(1,446,461)
Net realized and unrealized gains (losses) on investment-related derivatives(1)
30,594 (55,580)(22,295)(161,946)
Net realized gains (losses) on equity investments(10)3,066 (27,503)38,638 
Net unrealized gains (losses) on equity investments2,261 (46,301)62,039 (222,074)
Net realized and unrealized gains (losses) on equity investments2,251 (43,235)34,536 (183,436)
Net realized and unrealized gains (losses) on other investments - catastrophe bonds32,474 (126,992)94,786 (159,913)
Net realized and unrealized gains (losses) on other investments - other(14,068)8,465 7,638 (16,868)
Net realized and unrealized gains (losses) on investments$(228,087)$(641,500)$(171,417)$(1,968,624)
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 13. Derivative Instruments” for additional information.
Schedule of Net Sales (Purchases) of Investments The tables below show the Company’s cash flows in respect of gross and net purchases and sales of equity investments, short term investments, other investments and investments in other ventures for the nine months ended September 30, 2023 and 2022.
Nine months ended September 30, 2023Gross PurchasesGross SalesNet
Equity investments$(1,706)$566,022 $564,316 
Short term investments$(27,466,343)$25,689,155 $(1,777,188)
Other investments$(860,164)$334,214 $(525,950)
Investments in other ventures$(20,171)$— $(20,171)
Nine months ended September 30, 2022Gross PurchasesGross SalesNet
Equity investments$(600,285)$263,175 $(337,110)
Short term investments$(20,180,815)$20,546,605 $365,790 
Other investments$(794,555)$342,108 $(452,447)
Investments in other ventures$(2,876)$3,493 $617