Net Investment (Losses) Gains

9 Months Ended

Sep. 30, 2025

Realized and Unrealized Investment Gains (Losses) [Abstract]

Net 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

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(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.