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Net Investment (Losses) Gains (Tables) | 9 Months Ended
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Sep. 30, 2024
Realized and Unrealized Investment Gains (Losses) [Abstract] |
Realized And Unrealized Investment Gains (Losses) | Net investment (losses) gains were as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net investment (losses) gains: |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Gains | $ | 4,799 |  |  | $ | 299 |  |  | $ | 11,448 |  |  | $ | 1,357 |
Losses | (3,884) |  |  | (2,700) |  |  | (11,569) |  |  | (24,470) |
Equity securities (1): |  |  |  |  |  |  |
Net realized gains on investment sales (2) | 407 |  |  | 23,631 |  |  | 102,205 |  |  | 135,763 |
Change in unrealized (losses) gains | (1,537) |  |  | (19,059) |  |  | (42,442) |  |  | 45,605 |
Investment funds | (101) |  |  | (3,329) |  |  | 1,109 |  |  | (3,417) |
Real estate (3) | 1,470 |  |  | (24,234) |  |  | (2,704) |  |  | (68,944) |
Loans receivable | — |  |  | (1,428) |  |  | — |  |  | (1,428) |
Other (4) | (24,516) |  |  | (14,035) |  |  | (130,212) |  |  | (34,063) |
Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses | (23,362) |  |  | (40,855) |  |  | (72,165) |  |  | 50,403 |
Change in allowance for expected credit losses on investments: |  |  |  |  |  |  |
Fixed maturity securities | 14,888 |  |  | (2,112) |  |  | 29,768 |  |  | (8,946) |
Loans receivable | 388 |  |  | 541 |  |  | 1,579 |  |  | (2,218) |
Change in allowance for expected credit losses on investments | 15,276 |  |  | (1,571) |  |  | 31,347 |  |  | (11,164) |
Net investment (losses) gains | (8,086) |  |  | (42,426) |  |  | (40,818) |  |  | 39,239 |
Income tax benefit (expense) | 43 |  |  | 9,405 |  |  | 5,810 |  |  | (8,033) |
After-tax net investment (losses) gains | $ | (8,043) |  |  | $ | (33,021) |  |  | $ | (35,008) |  |  | $ | 31,206 |
Change in unrealized investment gains (losses) on available for sale securities: |  |  |  |  |  |  |
Fixed maturity securities without allowance for expected credit losses | $ | 463,418 |  |  | $ | (136,388) |  |  | $ | 363,430 |  |  | $ | (57,293) |
Fixed maturity securities with allowance for expected credit losses | 11,166 |  |  | (10,244) |  |  | 4,470 |  |  | (3,094) |
Investment funds | 6,152 |  |  | (3,217) |  |  | 3,112 |  |  | (818) |
Other | 32 |  |  | (606) |  |  | (181) |  |  | (1,271) |
Total change in unrealized investment gains (losses) | 480,768 |  |  | (150,455) |  |  | 370,831 |  |  | (62,476) |
Income tax (expense) benefit | (99,775) |  |  | 32,090 |  |  | (73,298) |  |  | 11,626 |
Noncontrolling interests | — |  |  | — |  |  | 1 |  |  | (1) |
After-tax change in unrealized investment gains (losses) of available for sale securities | $ | 380,993 |  |  | $ | (118,365) |  |  | $ | 297,534 |  |  | $ | (50,851) |
______________________ (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) In June 2023, the Company completed a sale of the property and casualty insurance services division of Breckenridge IS, Inc. and recognized a pre-tax net realized gain on investment of $88 million on the sale (proceeds from the sale is presented on the business disposition line within the Consolidated Statements of Cash Flows). (3) The Company recognized impairments on real estate of $21 million and $72 million in the three months and nine months ended September 30, 2023, respectively. (4) Primarily relates to realized foreign currency losses upon the disposition of fixed maturity securities.

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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Realized and Unrealized Investment Gains (Losses) [Abstract] + References No definition available. + Details
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