Net Investment Income

6 Months Ended

Jun. 30, 2024

Net investment income consisted of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,

(In thousands)	2024		2023		2024		2023
Investment income (loss) earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	324,136	$	217,830	$	659,384	$	413,473
Arbitrage trading account (1)	16,682		17,037		34,693		35,293
Equity securities	12,386		15,254		23,721		29,000
Investment funds	25,476		(1,186)		(3,873)		993
Real estate	(3,705)		(2,123)		(16,868)		(5,834)

Gross investment income	374,975		246,812		697,057		472,925
Investment expense	(2,846)		(1,660)		(5,090)		(4,374)
Net investment income	$	372,129	$	245,152	$	691,967	$	468,551

(1) Net investment income includes earnings from trading account receivables from brokers and clearing organizations.