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Net Investment Income | 6 Months Ended
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Jun. 30, 2023
Net Investment Income [Abstract] |
Net Investment Income | Net Investment Income Net investment income consisted of the following:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Investment income (loss) earned on: |  |  |  |  |  |  |
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 217,830 |  |  | $ | 124,389 |  |  | $ | 413,473 |  |  | $ | 225,673 |
Arbitrage trading account (1) | 17,037 |  |  | 4,127 |  |  | 35,293 |  |  | 13,313 |
Equity securities | 15,254 |  |  | 12,797 |  |  | 29,000 |  |  | 23,653 |
Investment funds | (1,186) |  |  | 33,861 |  |  | 993 |  |  | 85,874 |
Real estate | (2,123) |  |  | (1,551) |  |  | (5,834) |  |  | 595 |
Gross investment income | 246,812 |  |  | 173,623 |  |  | 472,925 |  |  | 349,108 |
Investment expense | (1,660) |  |  | (2,049) |  |  | (4,374) |  |  | (4,022) |
Net investment income | $ | 245,152 |  |  | $ | 171,574 |  |  | $ | 468,551 |  |  | $ | 345,086 |

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