XML 95 R78.htm IDEA: XBRL DOCUMENT v3.22.0.1
Investment Information - Summary of available for sale securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Available for sale securities:      
Estimated fair value $ 17,998,109 $ 18,717,825  
Gross Unrealized Gains 198,691 657,620  
Gross Unrealized Losses (171,544) (79,654)  
Allowance for Expected Credit Losses (2,883) (2,397)  
Cost or Amortized Cost 17,973,823 18,143,305  
Short-term investments 1,734,716 1,924,922  
Fair value of securities classified as available for sale 19,732,825 20,921,530  
Short-term investments available for sale, at amortized cost 1,734,738 1,924,292  
Cost or amortized cost of securities classified as available for sale 19,708,561 20,345,961  
Fixed maturities and fixed maturities pledged under securities lending agreements      
Available for sale securities:      
Estimated fair value 17,998,109 18,996,608  
Gross Unrealized Gains 198,123 654,927  
Gross Unrealized Losses (170,954) (77,591)  
Allowance for Expected Credit Losses (2,883) (2,397) $ 0
Cost or Amortized Cost 17,973,823 18,421,669  
Fixed maturities and fixed maturities pledged under securities lending agreements | Corporate bonds      
Available for sale securities:      
Estimated fair value 6,553,333 7,856,571  
Gross Unrealized Gains 104,170 414,247 [1]  
Gross Unrealized Losses (69,194) (34,388) [1]  
Allowance for Expected Credit Losses (2,037) (896) [1],[2]  
Cost or Amortized Cost 6,520,394 7,477,608  
Fixed maturities and fixed maturities pledged under securities lending agreements | Mortgage backed securities      
Available for sale securities:      
Estimated fair value 408,477 630,001  
Gross Unrealized Gains 2,825 8,939 [1]  
Gross Unrealized Losses (5,410) (5,028) [1]  
Allowance for Expected Credit Losses (48) (278) [1],[2]  
Cost or Amortized Cost 411,110 626,368  
Fixed maturities and fixed maturities pledged under securities lending agreements | Municipal bonds      
Available for sale securities:      
Estimated fair value 404,666 494,522  
Gross Unrealized Gains 18,724 27,291 [1]  
Gross Unrealized Losses (1,409) (3,835) [1]  
Allowance for Expected Credit Losses (2) (11) [1],[2] $ 0
Cost or Amortized Cost 387,353 471,077  
Fixed maturities and fixed maturities pledged under securities lending agreements | Commercial mortgage backed securities      
Available for sale securities:      
Estimated fair value 1,046,484 389,900  
Gross Unrealized Gains 1,740 8,722 [1]  
Gross Unrealized Losses (3,117) (2,954) [1]  
Allowance for Expected Credit Losses (6) (122) [1],[2]  
Cost or Amortized Cost 1,047,867 384,254  
Fixed maturities and fixed maturities pledged under securities lending agreements | US government and government agencies      
Available for sale securities:      
Estimated fair value 4,772,764 5,557,077  
Gross Unrealized Gains 10,076 22,612 [1]  
Gross Unrealized Losses (45,967) (12,611) [1]  
Allowance for Expected Credit Losses 0 0 [1],[2]  
Cost or Amortized Cost 4,808,655 5,547,076  
Fixed maturities and fixed maturities pledged under securities lending agreements | Non-US government securities      
Available for sale securities:      
Estimated fair value 2,120,294 2,433,733  
Gross Unrealized Gains 54,048 153,891 [1]  
Gross Unrealized Losses (34,749) (8,060) [1]  
Allowance for Expected Credit Losses (82) 0 [1],[2]  
Cost or Amortized Cost 2,101,077 2,287,902  
Fixed maturities and fixed maturities pledged under securities lending agreements | Asset backed securities      
Available for sale securities:      
Estimated fair value 2,692,091 1,634,804  
Gross Unrealized Gains 6,540 19,225 [1]  
Gross Unrealized Losses (11,108) (10,715) [1]  
Allowance for Expected Credit Losses (708) (1,090) [1],[2]  
Cost or Amortized Cost 2,697,367 1,627,384  
Short-term investments      
Available for sale securities:      
Gross Unrealized Gains 568 2,693  
Gross Unrealized Losses (590) (2,063)  
Allowance for Expected Credit Losses 0 0  
Short-term investments 1,734,716 1,924,922  
Short-term investments available for sale, at amortized cost $ 1,734,738 $ 1,924,292  
[1] In securities lending transactions, the Company receives collateral in excess of the fair value of the fixed maturities pledged. For purposes of this table, the Company has excluded the collateral received under securities lending, at fair value and included the securities pledged under securities lending, at fair value. See “—Securities Lending Agreements.” In 2021, the Company terminated its securities lending program and no longer enters into securities lending agreements with financial institutions.
[2] Effective January 1, 2020, the Company adopted ASU 2016-13 and as a result any credit impairment losses on the Company’s available-for-sale investments are recorded as an allowance, subject to reversal.