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Net Investment (Losses) Gains | 3 Months Ended
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Mar. 31, 2024
Realized and Unrealized Investment Gains (Losses) [Abstract] |
Net Investment (Losses) Gains | Net Investment Gains Net investment gains were as follows:
| For the Three Months Ended March 31, |  |
(In thousands) | 2024 |  | 2023 |  |  |  |
Net investment gains: |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Gains | $ | 3,557 |  |  | $ | 943 |  |  |  |  |
Losses | (2,323) |  |  | (18,130) |  |  |  |  |
Equity securities (1): |  |  |  |  |  |  |
Net realized gains on investment sales | 40,277 |  |  | 1,060 |  |  |  |  |
Change in unrealized gains | 25,812 |  |  | 43,404 |  |  |  |  |
Investment funds | 993 |  |  | 10 |  |  |  |  |
Real estate | (2,216) |  |  | 10,739 |  |  |  |  |
Loans receivable | — |  |  | — |  |  |  |  |
Other (2) | (54,597) |  |  | (15,415) |  |  |  |  |
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses | 11,503 |  |  | 22,611 |  |  |  |  |
Change in allowance for expected credit losses on investments: |  |  |  |  |  |  |
Fixed maturity securities | 13,882 |  |  | 217 |  |  |  |  |
Loans receivable | 395 |  |  | 182 |  |  |  |  |
Change in allowance for expected credit losses on investments | 14,277 |  |  | 399 |  |  |  |  |
Net investment gains | 25,780 |  |  | 23,010 |  |  |  |  |
Income tax expense | (6,633) |  |  | (4,850) |  |  |  |  |
After-tax net investment gains | $ | 19,147 |  |  | $ | 18,160 |  |  |  |  |
Change in unrealized investment (losses) gains on available for sale securities: |  |  |  |  |  |  |
Fixed maturity securities without allowance for expected credit losses | $ | (88,594) |  |  | $ | 227,116 |  |  |  |  |
Fixed maturity securities with allowance for expected credit losses | 987 |  |  | 3,456 |  |  |  |  |
Investment funds | (1,703) |  |  | 1,936 |  |  |  |  |
Other | 13 |  |  | (487) |  |  |  |  |
Total change in unrealized investment (losses) gains | (89,297) |  |  | 232,021 |  |  |  |  |
Income tax benefit (expense) | 19,175 |  |  | (51,222) |  |  |  |  |
Noncontrolling interests | — |  |  | (1) |  |  |  |  |
After-tax change in unrealized investment (losses) gains of available for sale securities | $ | (70,122) |  |  | $ | 180,798 |  |  |  |  |
______________________ (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 gains (losses) 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) Primarily relates to realized foreign currency losses upon the disposition of fixed maturity securities.

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- Definition The entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482477/820-10-65-13 + Details
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- Definition Realized and Unrealized Investment Gains (Losses) [Abstract] + References No definition available. + Details
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