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Net Investment Income | 9 Months Ended
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Sep. 30, 2024
Net Investment Income [Abstract] |
Net Investment Income | 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) | 2024 |  | 2023 |  | 2024 |  | 2023
Investment income (loss) earned on: |  |  |  |  |  |  |
Fixed maturity securities, including cash and cash equivalents and loans receivable | $ | 295,272 |  |  | $ | 239,727 |  |  | $ | 954,655 |  |  | $ | 653,200 |
Arbitrage trading account (1) | 17,869 |  |  | 17,876 |  |  | 52,562 |  |  | 53,168 |
Equity securities | 12,203 |  |  | 12,714 |  |  | 35,924 |  |  | 41,714 |
Investment funds | 4,741 |  |  | 4,450 |  |  | 868 |  |  | 5,444 |
Real estate | (3,711) |  |  | (1,986) |  |  | (20,579) |  |  | (7,821) |
Gross investment income | 326,374 |  |  | 272,781 |  |  | 1,023,430 |  |  | 745,705 |
Investment expense | (2,618) |  |  | (1,837) |  |  | (7,707) |  |  | (6,211) |
Net investment income | $ | 323,756 |  |  | $ | 270,944 |  |  | $ | 1,015,723 |  |  | $ | 739,494 |
(1) Net investment income includes earnings from trading account receivables from brokers and clearing organizations.

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