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Net Investment (Losses) Gains (Tables) | 9 Months Ended
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Sep. 30, 2025
Realized and Unrealized Investment Gains (Losses) [Abstract] |
Realized And Unrealized Investment Gains (Losses) | Net investment gains (losses) were as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Net investment gains (losses): |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |
Gains | $ | 6,930 |  |  | $ | 4,799 |  |  | $ | 13,771 |  |  | $ | 11,448 |
Losses | (6,088) |  |  | (3,884) |  |  | (14,454) |  |  | (11,569) |
Equity securities (1): |  |  |  |  |  |  |
Net realized gains on investment sales | 53,920 |  |  | 407 |  |  | 50,225 |  |  | 102,205 |
Change in unrealized gains (losses) | 9,590 |  |  | (1,537) |  |  | 93,167 |  |  | (42,442) |
Investment funds | (1,348) |  |  | (101) |  |  | (526) |  |  | 1,109 |
Real estate | 20,443 |  |  | 1,470 |  |  | 19,130 |  |  | (2,704) |
Other (2) | (4,647) |  |  | (24,516) |  |  | (36,269) |  |  | (130,212) |
Net realized and unrealized gains (losses) on investments in earnings before allowance for expected credit losses | 78,800 |  |  | (23,362) |  |  | 125,044 |  |  | (72,165) |
Change in allowance for expected credit losses on investments: |  |  |  |  |  |  |
Fixed maturity securities | 49 |  |  | 14,888 |  |  | 388 |  |  | 29,768 |
Loans receivable | 111 |  |  | 388 |  |  | 856 |  |  | 1,579 |
Change in allowance for expected credit losses on investments | 160 |  |  | 15,276 |  |  | 1,244 |  |  | 31,347 |
Net investment gains (losses) | 78,960 |  |  | (8,086) |  |  | 126,288 |  |  | (40,818) |
Income tax (expense) benefit | (16,973) |  |  | 43 |  |  | (27,186) |  |  | 5,810 |
After-tax net investment gains (losses) | $ | 61,987 |  |  | $ | (8,043) |  |  | $ | 99,102 |  |  | $ | (35,008) |
Change in unrealized investment gains (losses) on available for sale securities: |  |  |  |  |  |  |
Fixed maturity securities without allowance for expected credit losses | $ | 111,755 |  |  | $ | 463,418 |  |  | $ | 447,977 |  |  | $ | 363,430 |
Fixed maturity securities with allowance for expected credit losses | (23,621) |  |  | 11,166 |  |  | (23,694) |  |  | 4,470 |
Investment funds | (266) |  |  | 6,152 |  |  | 7,340 |  |  | 3,112 |
Other | (119) |  |  | 32 |  |  | (161) |  |  | (181) |
Total change in unrealized investment gains | 87,749 |  |  | 480,768 |  |  | 431,462 |  |  | 370,831 |
Income tax expense | (15,836) |  |  | (99,775) |  |  | (91,011) |  |  | (73,298) |
Noncontrolling interests | — |  |  | — |  |  | (1) |  |  | 1 |
After-tax change in unrealized investment gains of available for sale securities | $ | 71,913 |  |  | $ | 380,993 |  |  | $ | 340,450 |  |  | $ | 297,534 |
______________________ (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 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(9)(a)) -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(7)(c)) -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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