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Investments (Tables) | 6 Months Ended
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Jun. 30, 2022
Investments [Abstract] |
Summary Of Unrealized Appreciation (Depreciation) Of Available For Sale, Fixed Maturity And Equity Security Investments | At June 30, 2022 Amortized Allowance for Unrealized Unrealized Fair (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,385,608 $ - $ 7,193 $ (54,571) $ 1,338,230 Obligations of U.S. states and political subdivisions 528,830 (151) 3,950 (24,348) 508,281 Corporate securities 7,505,558 (25,583) 31,650 (524,848) 6,986,777 Asset-backed securities 4,081,011 - 909 (183,241) 3,898,679 Mortgage-backed securities Commercial 1,024,591 - 124 (72,820) 951,895 Agency residential 2,874,574 - 2,937 (186,656) 2,690,855 Non-agency residential 5,349 - - (208) 5,141 Foreign government securities 1,463,494 - 11,670 (115,421) 1,359,743 Foreign corporate securities 4,539,402 (16,980) 21,900 (403,480) 4,140,842 Total fixed maturity securities - available for sale $ 23,408,417 $ (42,714) $ 80,333 $ (1,565,593) $ 21,880,443 At December 31, 2021 Amortized Allowance for Unrealized Unrealized Fair (Dollars in thousands) Cost Credit Losses Appreciation Depreciation Value Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 1,407,256 $ - $ 23,720 $ (10,358) $ 1,420,618 Obligations of U.S. states and political subdivisions 558,842 (151) 29,080 (1,150) 586,621 Corporate securities 7,443,535 (19,267) 195,210 (62,580) 7,556,898 Asset-backed securities 3,579,439 (7,679) 21,817 (11,848) 3,581,729 Mortgage-backed securities Commercial 1,032,506 - 37,550 (5,690) 1,064,366 Agency residential 2,361,208 - 32,997 (18,873) 2,375,332 Non-agency residential 6,530 - 22 (16) 6,536 Foreign government securities 1,423,634 - 41,957 (28,079) 1,437,512 Foreign corporate securities 4,250,642 (2,641) 95,195 (64,536) 4,278,660 Total fixed maturity securities - available for sale $ 22,063,592 $ (29,738) $ 477,548 $ (203,130) $ 22,308,272
Summary Of Amortized Cost And Market Value Of Fixed Maturity Securities, By Contractual Maturity | At June 30, 2022 At December 31, 2021 Amortized Fair Amortized Fair (Dollars in thousands) Cost Value Cost Value Fixed maturity securities – available for sale: Due in one year or less $ 1,261,875 $ 1,263,628 $ 1,398,742 $ 1,398,006 Due after one year through five years 7,565,293 7,187,705 7,075,077 7,154,468 Due after five years through ten years 4,746,315 4,285,866 5,003,792 5,100,672 Due after ten years 1,849,409 1,596,674 1,606,298 1,627,163 Asset-backed securities 4,081,011 3,898,679 3,579,439 3,581,729 Mortgage-backed securities: Commercial 1,024,591 951,895 1,032,506 1,064,366 Agency residential 2,874,574 2,690,855 2,361,208 2,375,332 Non-agency residential 5,349 5,141 6,530 6,536 Total fixed maturity securities $ 23,408,417 $ 21,880,443 $ 22,063,592 $ 22,308,272
Summary Of Changes In Net Unrealized Appreciation (Depreciation) For The Company's Investments | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Increase (decrease) during the period between the fair value and cost of investments carried at fair value, and deferred taxes thereon: Fixed maturity securities - available for sale and short-term investments $ (832,237) $ 97,127 $ (1,759,644) $ (235,581) Change in unrealized appreciation (depreciation), pre-tax (832,237) 97,127 (1,759,644) (235,581) Deferred tax benefit (expense) 115,714 (11,366) 232,123 29,061 Change in unrealized appreciation (depreciation), net of deferred taxes, included in shareholders’ equity $ (716,523) $ 85,761 $ (1,527,521) $ (206,520)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Security Type | Duration of Unrealized Loss at June 30, 2022 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 949,790 $ (39,469) $ 199,364 $ (15,102) $ 1,149,154 $ (54,571) Obligations of U.S. states and political subdivisions 210,645 (21,935) 12,067 (2,366) 222,712 (24,301) Corporate securities 4,911,170 (420,055) 779,916 (104,127) 5,691,086 (524,182) Asset-backed securities 3,623,327 (180,189) 42,484 (3,052) 3,665,811 (183,241) Mortgage-backed securities Commercial 926,417 (69,573) 21,217 (3,247) 947,634 (72,820) Agency residential 1,939,847 (116,105) 579,272 (70,551) 2,519,119 (186,656) Non-agency residential 4,402 (188) 739 (20) 5,141 (208) Foreign government securities 972,856 (73,986) 177,226 (41,435) 1,150,082 (115,421) Foreign corporate securities 3,100,785 (329,255) 479,179 (73,849) 3,579,964 (403,104) Total $ 16,639,239 $ (1,250,755) $ 2,291,464 $ (313,749) $ 18,930,703 $ (1,564,504) Securities where an allowance for credit loss was recorded 7,213 (1,089) - - 7,213 (1,089) Total fixed maturity securities $ 16,646,452 $ (1,251,844) $ 2,291,464 $ (313,749) $ 18,937,916 $ (1,565,593) Duration of Unrealized Loss at December 31, 2021 By Security Type Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale U.S. Treasury securities and obligations of U.S. government agencies and corporations $ 504,168 $ (6,264) $ 91,735 $ (4,094) $ 595,903 $ (10,358) Obligations of U.S. states and political subdivisions 51,094 (1,038) 2,558 (112) 53,652 (1,150) Corporate securities 2,132,576 (38,316) 472,831 (24,264) 2,605,407 (62,580) Asset-backed securities 1,954,079 (11,180) 41,823 (668) 1,995,902 (11,848) Mortgage-backed securities Commercial 221,852 (2,854) 40,496 (2,836) 262,348 (5,690) Agency residential 1,101,215 (12,178) 279,697 (6,695) 1,380,912 (18,873) Non-agency residential 2,320 (14) 156 (2) 2,476 (16) Foreign government securities 392,447 (9,709) 100,673 (18,370) 493,120 (28,079) Foreign corporate securities 1,734,510 (46,247) 210,722 (18,289) 1,945,232 (64,536) Total fixed maturity securities $ 8,094,261 $ (127,800) $ 1,240,691 $ (75,330) $ 9,334,952 $ (203,130)
Summary Of Aggregate Market Value And Gross Unrealized Depreciation Of Fixed Maturity And Equity Securities, By Contractual Maturity | Duration of Unrealized Loss at June 30, 2022 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 660,642 $ (4,878) $ 90,052 $ (7,477) $ 750,694 $ (12,355) Due in one year through five years 5,163,545 (300,876) 818,035 (79,426) 5,981,580 (380,302) Due in five years through ten years 3,087,307 (359,536) 598,581 (114,767) 3,685,888 (474,303) Due after ten years 1,233,752 (219,410) 141,084 (35,209) 1,374,836 (254,619) Asset-backed securities 3,623,327 (180,189) 42,484 (3,052) 3,665,811 (183,241) Mortgage-backed securities 2,870,666 (185,866) 601,228 (73,818) 3,471,894 (259,684) Total $ 16,639,239 $ (1,250,755) $ 2,291,464 $ (313,749) $ 18,930,703 $ (1,564,504) Securities where an allowance for credit loss was recorded 7,213 (1,089) - - 7,213 (1,089) Total fixed maturity securities $ 16,646,452 $ (1,251,844) $ 2,291,464 $ (313,749) $ 18,937,916 $ (1,565,593) Duration of Unrealized Loss at December 31, 2021 By Maturity Less than 12 months Greater than 12 months Total Gross Gross Gross Unrealized Unrealized Unrealized (Dollars in thousands) Fair Value Depreciation Fair Value Depreciation Fair Value Depreciation Fixed maturity securities - available for sale Due in one year or less $ 129,860 $ (2,415) $ 136,827 $ (11,832) $ 266,687 $ (14,247) Due in one year through five years 2,165,467 (35,264) 446,247 (28,685) 2,611,714 (63,949) Due in five years through ten years 1,727,823 (47,413) 244,454 (22,038) 1,972,277 (69,451) Due after ten years 791,645 (16,482) 50,991 (2,574) 842,636 (19,056) Asset-backed securities 1,954,079 (11,180) 41,823 (668) 1,995,902 (11,848) Mortgage-backed securities 1,325,387 (15,046) 320,349 (9,533) 1,645,736 (24,579) Total fixed maturity securities $ 8,094,261 $ (127,800) $ 1,240,691 $ (75,330) $ 9,334,952 $ (203,130)
Summary Of Components Of Net Investment Income | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Fixed maturities $ 168,769 $ 148,262 $ 316,995 $ 289,178 Equity securities 4,600 3,493 8,746 8,331 Short-term investments and cash 6,587 773 6,746 953 Other invested assets: Limited partnerships 47,584 239,966 136,021 354,299 Other 13,991 25,855 25,822 31,874 Gross investment income before adjustments 241,531 418,349 494,330 684,635 Funds held interest income (expense) 772 3,287 4,457 11,253 Future policy benefit reserve income (expense) (128) (170) (350) (461) Gross investment income 242,175 421,466 498,437 695,427 Investment expenses (16,197) (14,371) (29,629) (27,919) Net investment income $ 225,978 $ 407,095 $ 468,808 $ 667,508
Summary Of Components Of Net Realized Capital Gains (Losses) | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Fixed maturity securities: Allowance for credit losses $ (1,490) $ (15,927) $ (13,343) $ (22,904) Net realized gains (losses) from dispositions (15,560) 10,060 (12,761) 19,234 Equity securities, fair value: Net realized gains (losses) from dispositions (30,926) 3,755 (42,713) 9,993 Gains (losses) from fair value adjustments (188,924) 103,525 (325,784) 132,581 Other invested assets 583 2,748 4,735 4,094 Short-term investments gain (loss) 52 (52) (26) 13 Total net gains (losses) on investments $ (236,265) $ 104,109 $ (389,892) $ 143,011 (Some amounts may not reconcile due to rounding.) Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Obligations of Obligations of U.S. States Foreign U.S. States Foreign Corporate Asset-Backed and Political Corporate Corporate Asset-Backed and Political Corporate Securities Securities Subdivisions Securities Total Securities Securities Subdivisions Securities Total (Dollars in thousands) Beginning Balance $ (20,049) $ (7,679) $ (151) $ (13,712) $ (41,591) $ (19,267) $ (7,679) $ (151) $ (2,641) $ (29,738) Credit losses on securities where credit losses were not previously recorded (4,887) - - (4,706) (9,593) (6,816) - - (15,890) (22,706) Increases in allowance on previously impaired securities (654) - - (732) (1,386) (654) - - (732) (1,386) Decreases in allowance on previously impaired securities - - - - - - - - - - Reduction in allowance due to disposals 7 7,679 - 2,170 9,856 1,154 7,679 - 2,283 11,116 Balance as of June 30, 2022 $ (25,583) $ - $ (151) $ (16,980) $ (42,714) $ (25,583) $ - $ (151) $ (16,980) $ (42,714) Roll Forward of Allowance for Credit Losses – Fixed maturities, available for sale Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Foreign Foreign Foreign Corporate Asset-Backed Corporate Corporate Asset-Backed Government Corporate Securities Securities Securities Total Securities Securities Securities Securities Total (Dollars in thousands) Beginning Balance $ (3,603) $ (4,915) $ (205) $ (8,723) $ (1,220) $ - $ (22) $ (503) $ (1,745) Credit losses on securities where credit losses were not previously recorded (13,537) - (1,055) (14,592) (15,920) (4,915) - (1,055) (21,890) Increases in allowance on previously impaired securities (1,468) - - (1,468) (1,468) - - - (1,468) Decreases in allowance on previously impaired securities - - - - - - - - - Reduction in allowance due to disposals 133 - - 133 133 - 22 298 453 Balance as of June 30, 2021 $ (18,475) $ (4,915) $ (1,260) $ (24,650) $ (18,475) $ (4,915) $ - $ (1,260) $ (24,650)
Summary Of Gross Gains (Losses) From Sales Of Fixed Maturity And Equity Securities | Three Months Ended Six Months Ended June 30, June 30, (Dollars in thousands) 2022 2021 2022 2021 Proceeds from sales of fixed maturity securities, available for sale $ 353,160 $ 371,459 $ 772,148 $ 599,737 Gross gains from dispositions 7,456 19,870 27,578 34,734 Gross losses from dispositions (23,016) (9,810) (40,339) (15,500) Proceeds from sales of equity securities $ 347,714 $ 193,350 $ 437,815 $ 474,663 Gross gains from dispositions 4,135 5,803 7,643 18,107 Gross losses from dispositions (35,061) (2,048) (50,356) (8,114)

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