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Investments In Fixed Maturity Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments In Fixed Maturity Securities

Investments in Fixed Maturity Securities

    At September 30, 2025 and December 31, 2024, investments in fixed maturity securities were as follows:

(In thousands)			Amortized Cost						Allowance for Expected Credit Losses (1)						Gross Unrealized												Fair Value						Carrying Value
															Gains						Losses
September 30, 2025
Held to maturity:
State and municipal			$	28,378					$	(11)					$	1,068					$	—					$	29,435					$	28,367
Residential mortgage-backed			1,953						—						77						—						2,030						1,953
Total held to maturity			30,331						(11)						1,145						—						31,465						30,320
Available for sale:
U.S. government and government agency			3,453,203						—						44,713						(19,679)						3,478,237						3,478,237
State and municipal:
Special revenue			1,284,059						—						6,182						(31,536)						1,258,705						1,258,705
State general obligation			234,610						—						3,580						(4,760)						233,430						233,430
Pre-refunded			74,625						—						807						(113)						75,319						75,319
Corporate backed			183,872						—						1,945						(4,325)						181,492						181,492
Local general obligation			227,061						—						1,489						(3,360)						225,190						225,190
Total state and municipal			2,004,227						—						14,003						(44,094)						1,974,136						1,974,136
Mortgage-backed:
Residential			4,723,950						—						54,056						(140,189)						4,637,817						4,637,817
Commercial			327,655						—						4,123						(149)						331,629						331,629
Total mortgage-backed			5,051,605						—						58,179						(140,338)						4,969,446						4,969,446
Asset-backed			3,829,765						—						21,637						(20,228)						3,831,174						3,831,174
Corporate:
Industrial			3,692,392						—						56,493						(42,887)						3,705,998						3,705,998
Financial			3,497,735						—						64,506						(17,838)						3,544,403						3,544,403
Utilities			1,239,824						—						21,902						(8,995)						1,252,731						1,252,731
Other			236,635						—						2,562						(1,557)						237,640						237,640
Total corporate			8,666,586						—						145,463						(71,277)						8,740,772						8,740,772
Foreign government			2,100,595						(272)						28,603						(205,062)						1,923,864						1,923,864
Total available for sale			25,105,981						(272)						312,598						(500,678)						24,917,629						24,917,629
Total investments in fixed maturity securities			$	25,136,312					$	(283)					$	313,743					$	(500,678)					$	24,949,094					$	24,947,949

____________

(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.

(In thousands)			Amortized Cost						Allowance for Expected Credit Losses (1)						Gross Unrealized												Fair Value						Carrying Value
															Gains						Losses
December 31, 2024
Held to maturity:
State and municipal			$	42,145					$	(25)					$	1,492					$	—					$	43,612					$	42,120
Residential mortgage-backed			2,292						—						69						—						2,361						2,292
Total held to maturity			44,437						(25)						1,561						—						45,973						44,412
Available for sale:
U.S. government and government agency			2,268,596						—						9,608						(42,863)						2,235,341						2,235,341
State and municipal:
Special revenue			1,581,778						—						3,521						(67,591)						1,517,708						1,517,708
State general obligation			272,936						—						1,439						(8,981)						265,394						265,394
Pre-refunded			85,340						—						599						(347)						85,592						85,592
Corporate backed			158,322						—						1,079						(5,827)						153,574						153,574
Local general obligation			278,165						—						922						(6,711)						272,376						272,376
Total state and municipal			2,376,541						—						7,560						(89,457)						2,294,644						2,294,644
Mortgage-backed:
Residential			3,411,796						(5)						11,047						(189,630)						3,233,208						3,233,208
Commercial			534,936						(425)						1,201						(3,430)						532,282						532,282
Total mortgage-backed			3,946,732						(430)						12,248						(193,060)						3,765,490						3,765,490
Asset-backed			3,910,363						—						16,161						(41,512)						3,885,012						3,885,012
Corporate:
Industrial			3,746,501						—						14,518						(93,820)						3,667,199						3,667,199
Financial			3,339,718						—						18,871						(38,076)						3,320,513						3,320,513
Utilities			795,839						—						2,970						(20,115)						778,694						778,694
Other			653,194						—						2,493						(4,452)						651,235						651,235
Total corporate			8,535,252						—						38,852						(156,463)						8,417,641						8,417,641
Foreign government			1,928,978						(216)						11,936						(185,373)						1,755,325						1,755,325
Total available for sale			22,966,462						(646)						96,365						(708,728)						22,353,453						22,353,453
Total investments in fixed maturity securities			$	23,010,899					$	(671)					$	97,926					$	(708,728)					$	22,399,426					$	22,397,865

____________

(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the nine months ended September 30, 2025 and 2024:

(In thousands)			2025						2024
Balance, beginning of period			$	25					$	43
Provision for expected credit losses			(14)						(13)
Balance, end of period			$	11					$	30

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2025 and 2024:

(In thousands)			2025						2024
Balance, beginning of period			$	14					$	34
Provision for expected credit losses			(3)						(4)
Balance, end of period			$	11					$	30

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the nine months ended September 30, 2025 and 2024:

			2025																								2024
(In thousands)			Foreign Government												Mortgage-backed												State and Municipal						Total						Foreign Government						Corporate						Mortgage-backed						Asset-backed						State and Municipal						Total
Balance, beginning of period			$	216											$	430											$	—					$	646					$	29,603					$	5,026					$	158					$	1,164					$	757					$	36,708
Change on securities for which credit losses were not previously recorded			3												—												10						13						347						—						1,701						—						—						2,048
Change on securities for which credit losses were previously recorded			53												(430)												(10)						(387)						(23,216)						(5,026)						(1,246)						(618)						(757)						(30,863)
Reduction due to disposals			—												—												—						—						(379)						—						(561)						—						—						(940)
Balance, end of period			$	272											$	—											$	—					$	272					$	6,355					$	—					$	52					$	546					$	—					$	6,953

During the nine months ended September 30, 2025, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing related to mortgage-backed securities. During the nine months ended September 30, 2024, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing associated with foreign government securities and corporate securities.

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended September 30, 2025 and 2024:

			2025																														2024
(In thousands)			Foreign Government												Mortgage-backed												State and Municipal						Total						Foreign Government												Mortgage-backed						Asset-backed						State and Municipal						Total
Balance, beginning of period			$	318											$	—											$	—					$	318					$	19,469											$	1,140					$	889					$	339					$	21,837
Change on securities for which credit losses were not previously recorded			3												—												—						3						47												—						—						—						47
Change on securities for which credit losses were previously recorded			(49)												—												—						(49)						(12,782)												(1,088)						(343)						(339)						(14,552)
Reduction due to disposals			—												—												—						—						(379)												—						—						—						(379)
Balance, end of period			$	272											$	—											$	—					$	272					$	6,355											$	52					$	546					$	—					$	6,953

The amortized cost and fair value of fixed maturity securities at September 30, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.  

(In thousands)			Amortized Cost (1)						Fair Value
Due in one year or less			$	1,725,973					$	1,709,614
Due after one year through five years			8,643,436						8,513,861
Due after five years through ten years			3,941,977						3,971,308
Due after ten years			5,771,357						5,782,835
Mortgage-backed securities			5,053,558						4,971,476
Total			$	25,136,301					$	24,949,094

________________

(1) Amortized cost is reduced by the allowance for expected credit losses of $11 thousand related to held to maturity securities.    

At September 30, 2025 and December 31, 2024, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 940
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-Name Accounting Standards Codification
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