Investments (Tables)

3 Months Ended

Mar. 31, 2019

Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments

	At March 31, 2019
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	1,289,609	$	17,236	$	(9,732	)	$	1,297,113	$	-
Obligations of U.S. states and political subdivisions		485,643		20,068		(853	)		504,858		-
Corporate securities		5,990,410		83,444		(57,322	)		6,016,532		1,872
Asset-backed securities		719,151		1,098		(3,084	)		717,165		-
Mortgage-backed securities
Commercial		523,600		10,178		(2,270	)		531,508		-
Agency residential		2,359,677		16,919		(29,318	)		2,347,278		-
Non-agency residential		9,765		37		(36	)		9,766		-
Foreign government securities		1,295,808		41,059		(38,731	)		1,298,136		-
Foreign corporate securities		2,767,336		77,626		(54,031	)		2,790,931		430
Total fixed maturity securities	$	15,440,999	$	267,665	$	(195,377	)	$	15,513,287	$	2,302

	At December 31, 2018
	Amortized		Unrealized		Unrealized			Market		OTTI in AOCI
(Dollars in thousands)	Cost		Appreciation		Depreciation			Value		(a)
Fixed maturity securities
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	2,629,454	$	16,781	$	(15,101	)	$	2,631,134	$	-
Obligations of U.S. states and political subdivisions		490,018		12,915		(2,839	)		500,094		439
Corporate securities		5,538,582		48,465		(141,515	)		5,445,532		1,688
Asset-backed securities		545,427		162		(5,492	)		540,097		-
Mortgage-backed securities
Commercial		329,883		2,167		(5,340	)		326,710		-
Agency residential		1,832,760		7,325		(43,821	)		1,796,264		-
Non-agency residential		10,198		37		(26	)		10,209		-
Foreign government securities		1,335,328		34,743		(55,906	)		1,314,165		98
Foreign corporate securities		2,694,922		63,994		(97,858	)		2,661,058		320
Total fixed maturity securities	$	15,406,572	$	186,589	$	(367,898	)	$	15,225,263	$	2,545

^(a) Represents the amount of OTTI recognized in AOCI. Amount includes unrealized gains and losses on impaired securities relating to changes in the value of such securities subsequent to the impairment measurement date.

Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity


	At March 31, 2019				At December 31, 2018
	Amortized		Market		Amortized		Market
(Dollars in thousands)	Cost		Value		Cost		Value
Fixed maturity securities – available for sale:
Due in one year or less	$	1,398,625	$	1,406,138	$	1,328,571	$	1,330,534
Due after one year through five years		6,842,101		6,838,316		8,114,247		8,016,490
Due after five years through ten years		2,702,189		2,743,530		2,455,911		2,413,846
Due after ten years		885,891		919,586		789,575		791,113
Asset-backed securities		719,151		717,165		545,427		540,097
Mortgage-backed securities:
Commercial		523,600		531,508		329,883		326,710
Agency residential		2,359,677		2,347,278		1,832,760		1,796,264
Non-agency residential		9,765		9,766		10,198		10,209
Total fixed maturity securities	$	15,440,999	$	15,513,287	$	15,406,572	$	15,225,263

Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments


	Three Months Ended
	March 31,
(Dollars in thousands)	2019			2018
Increase (decrease) during the period between the market value and cost
of investments carried at market value, and deferred taxes thereon:
Fixed maturity securities	$	253,894		$	(219,485	)
Fixed maturity securities, other-than-temporary impairment		(244	)		(189	)
Change in unrealized appreciation (depreciation), pre-tax		253,650			(219,674	)
Deferred tax benefit (expense)		(22,477	)		20,299
Deferred tax benefit (expense), other-than-temporary impairment		70			(21	)
Change in unrealized appreciation (depreciation),
net of deferred taxes, included in shareholders' equity	$	231,243		$	(199,396	)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type

	Duration of Unrealized Loss at March 31, 2019 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	37,959	$	(7	)	$	744,365	$	(9,725	)	$	782,324	$	(9,732	)
Obligations of U.S. states and political subdivisions		11,115		(296	)		34,646		(557	)		45,761		(853	)
Corporate securities		662,132		(15,967	)		2,433,428		(41,355	)		3,095,560		(57,322	)
Asset-backed securities		227,072		(1,347	)		294,558		(1,737	)		521,630		(3,084	)
Mortgage-backed securities
Commercial		8,675		(56	)		142,509		(2,214	)		151,184		(2,270	)
Agency residential		27,212		(74	)		1,326,304		(29,244	)		1,353,516		(29,318	)
Non-agency residential		9,737		(36	)		-		-			9,737		(36	)
Foreign government securities		101,317		(5,008	)		420,137		(33,723	)		521,454		(38,731	)
Foreign corporate securities		197,714		(5,235	)		1,040,656		(48,796	)		1,238,370		(54,031	)
Total fixed maturity securities	$	1,282,933	$	(28,026	)	$	6,436,603	$	(167,351	)	$	7,719,536	$	(195,377	)

	Duration of Unrealized Loss at December 31, 2018 By Security Type
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities - available for sale
U.S. Treasury securities and obligations of
U.S. government agencies and corporations	$	76,226	$	(158	)	$	777,409	$	(14,943	)	$	853,635	$	(15,101	)
Obligations of U.S. states and political subdivisions		71,559		(1,444	)		38,105		(1,395	)		109,664		(2,839	)
Corporate securities		2,513,463		(69,619	)		1,683,729		(71,896	)		4,197,192		(141,515	)
Asset-backed securities		230,285		(2,746	)		245,300		(2,746	)		475,585		(5,492	)
Mortgage-backed securities
Commercial		71,167		(1,128	)		154,201		(4,212	)		225,368		(5,340	)
Agency residential		156,930		(975	)		1,373,629		(42,846	)		1,530,559		(43,821	)
Non-agency residential		10,174		(26	)		-		-			10,174		(26	)
Foreign government securities		196,303		(9,719	)		494,156		(46,187	)		690,459		(55,906	)
Foreign corporate securities		939,808		(35,023	)		782,405		(62,835	)		1,722,213		(97,858	)
Total fixed maturity securities	$	4,265,915	$	(120,838	)	$	5,548,934	$	(247,060	)	$	9,814,849	$	(367,898	)

Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity

	Duration of Unrealized Loss at March 31, 2019 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	78,062	$	(1,405	)	$	775,900	$	(18,903	)	$	853,962	$	(20,308	)
Due in one year through five years		538,856		(8,803	)		3,137,174		(85,652	)		3,676,030		(94,455	)
Due in five years through ten years		332,280		(14,243	)		607,381		(20,629	)		939,661		(34,872	)
Due after ten years		61,039		(2,062	)		152,777		(8,972	)		213,816		(11,034	)
Asset-backed securities		227,072		(1,347	)		294,558		(1,737	)		521,630		(3,084	)
Mortgage-backed securities		45,624		(166	)		1,468,813		(31,458	)		1,514,437		(31,624	)
Total fixed maturity securities	$	1,282,933	$	(28,026	)	$	6,436,603	$	(167,351	)	$	7,719,536	$	(195,377	)

	Duration of Unrealized Loss at December 31, 2018 By Maturity
	Less than 12 months					Greater than 12 months					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
(Dollars in thousands)	Market Value		Depreciation			Market Value		Depreciation			Market Value		Depreciation
Fixed maturity securities
Due in one year or less	$	454,239	$	(2,558	)	$	427,513	$	(20,675	)	$	881,752	$	(23,233	)
Due in one year through five years		2,014,704		(45,148	)		2,764,981		(129,940	)		4,779,685		(175,088	)
Due in five years through ten years		1,082,568		(51,300	)		492,216		(34,210	)		1,574,784		(85,510	)
Due after ten years		245,848		(16,957	)		91,094		(12,431	)		336,942		(29,388	)
Asset-backed securities		230,285		(2,746	)		245,300		(2,746	)		475,585		(5,492	)
Mortgage-backed securities		238,271		(2,129	)		1,527,830		(47,058	)		1,766,101		(49,187	)
Total fixed maturity securities	$	4,265,915	$	(120,838	)	$	5,548,934	$	(247,060	)	$	9,814,849	$	(367,898	)

Summary Of Components Of Net Investment Income


	Three Months Ended
	March 31,
(Dollars in thousands)	2019			2018
Fixed maturities	$	126,708		$	108,682
Equity securities		3,507			6,827
Short-term investments and cash		4,205			1,732
Other invested assets
Limited partnerships		8,297			23,381
Other		2,980			4,325
Gross investment income before adjustments		145,697			144,947
Funds held interest income (expense)		5,968			3,630
Future policy benefit reserve income (expense)		(234	)		(209	)
Gross investment income		151,431			148,368
Investment expenses		(10,455	)		(10,074	)
Net investment income	$	140,976		$	138,294

Summary Of Components Of Net Realized Capital Gains (Losses)


	Three Months Ended
	March 31,
(Dollars in thousands)	2019			2018
Fixed maturity securities, market value:
Other-than-temporary impairments	$	(2,933	)	$	(70	)
Gains (losses) from sales		5,273			10,392
Fixed maturity securities, fair value:
Gains (losses) from sales		-			(14	)
Gains (losses) from fair value adjustments		13			-
Equity securities, fair value:
Gains (losses) from sales		5,048			40
Gains (losses) from fair value adjustments		84,441			(35,253	)
Other invested assets		396			3
Short-term investments gain (loss)		(6	)		1
Total net realized capital gains (losses)	$	92,232		$	(24,901	)

Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities


	Three Months Ended
	March 31,
(Dollars in thousands)	2019			2018
Proceeds from sales of fixed maturity securities	$	1,798,226		$	364,288
Gross gains from sales		16,138			13,002
Gross losses from sales		(10,865	)		(2,624	)

Proceeds from sales of equity securities	$	69,500		$	199,875
Gross gains from sales		5,675			6,687
Gross losses from sales		(627	)		(6,647	)