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Net Investment Income (Tables) | 9 Months Ended
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Sep. 30, 2023
Net Investment Income [Abstract] |
Schedule of Net Investment Income | Net investment income consisted of the following:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Investment income (loss) earned on: |  |  |  |  |  |  |
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 239,727 |  |  | $ | 146,051 |  |  | $ | 653,200 |  |  | $ | 371,724 |
Arbitrage trading account (1) | 17,876 |  |  | 10,694 |  |  | 53,168 |  |  | 24,008 |
Equity securities | 12,714 |  |  | 14,650 |  |  | 41,714 |  |  | 38,303 |
Investment funds | 4,450 |  |  | 36,045 |  |  | 5,444 |  |  | 121,919 |
Real estate | (1,986) |  |  | (2,297) |  |  | (7,821) |  |  | (1,702) |
Gross investment income | 272,781 |  |  | 205,143 |  |  | 745,705 |  |  | 554,252 |
Investment expense | (1,837) |  |  | (2,327) |  |  | (6,211) |  |  | (6,350) |
Net investment income | $ | 270,944 |  |  | $ | 202,816 |  |  | $ | 739,494 |  |  | $ | 547,902 |
(1) Net investment income includes earnings from trading account receivables from brokers and clearing organizations.

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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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