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Net Investment Gains (Losses) (Tables) | 9 Months Ended
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Sep. 30, 2022
Realized and Unrealized Investment Gains (Losses) [Abstract] |
Realized And Unrealized Investment Gains (Losses) | Net investment (losses) gains were as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Net investment (losses) gains: |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Gains | $ | 1,053 |  |  | $ | 2,943 |  |  | $ | 3,405 |  |  | $ | 16,623 |
Losses | (2,309) |  |  | (1,124) |  |  | (8,752) |  |  | (5,431) |
Equity securities (1): |  |  |  |  |  |  |
Net realized gains on investment sales | — |  |  | 2 |  |  | 946 |  |  | 14,830 |
Change in unrealized losses | (50,384) |  |  | (19,244) |  |  | (88,701) |  |  | (61,818) |
Investment funds | (1,717) |  |  | 2,526 |  |  | (6,241) |  |  | 49,897 |
Real estate (2) | 9,026 |  |  | 33,364 |  |  | 295,576 |  |  | 95,765 |
Loans receivable | — |  |  | — |  |  | (32) |  |  | (881) |
Other | (21,951) |  |  | (1,280) |  |  | (56,537) |  |  | (19,578) |
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses | (66,282) |  |  | 17,187 |  |  | 139,664 |  |  | 89,407 |
Change in allowance for expected credit losses on investments: |  |  |  |  |  |  |
Fixed maturity securities | (1,311) |  |  | 2,081 |  |  | (12,091) |  |  | (14,703) |
Loans receivable | 183 |  |  | 233 |  |  | (274) |  |  | 3,700 |
Change in allowance for expected credit losses on investments | (1,128) |  |  | 2,314 |  |  | (12,365) |  |  | (11,003) |
Net investment (losses) gains | (67,410) |  |  | 19,501 |  |  | 127,299 |  |  | 78,404 |
Income tax benefit (expense) | 14,456 |  |  | (4,266) |  |  | (26,466) |  |  | (15,417) |
After-tax net investment (losses) gains | $ | (52,954) |  |  | $ | 15,235 |  |  | $ | 100,833 |  |  | $ | 62,987 |
Change in unrealized investment (losses) gains on available for sale securities: |  |  |  |  |  |  |
Fixed maturity securities without allowance for expected credit losses | $ | (385,503) |  |  | $ | (41,041) |  |  | $ | (1,335,413) |  |  | $ | (135,099) |
Fixed maturity securities with allowance for expected credit losses | (4,005) |  |  | 111 |  |  | (20,590) |  |  | 10,397 |
Investment funds | (5,031) |  |  | (4,098) |  |  | (7,863) |  |  | (4,355) |
Other | (293) |  |  | (242) |  |  | (1,198) |  |  | (1,144) |
Total change in unrealized investment losses | (394,832) |  |  | (45,270) |  |  | (1,365,064) |  |  | (130,201) |
Income tax benefit | 79,168 |  |  | 9,674 |  |  | 288,847 |  |  | 27,747 |
Noncontrolling interests | — |  |  | — |  |  | (1) |  |  | (1) |
After-tax change in unrealized investment losses of available for sale securities | $ | (315,664) |  |  | $ | (35,596) |  |  | $ | (1,076,218) |  |  | $ | (102,455) |
______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized (losses) gains consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held. (2) During March 2022, the Company realized a gain on the sale of a real estate investment in London, U.K. of $251 million, net of transaction expenses and the foreign currency impact, including the reversal of the currency translation adjustment.

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