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Investments | 6 Months Ended
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Jun. 30, 2022
Investments [Abstract] |
Investments | 3. INVESTMENTS The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and fair value of fixed maturity securities available for sale as of the dates indicated: 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 The amortized cost and fair value of fixed maturity securities available for sale are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately. 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 During the second quarter of 2022, the Company purchased fixed maturity securities classified as held to maturity with an amortized cost of $ 71.8 million and a fair value of $ 71.2 million as of June 30, 2022. Fixed maturity securities held to maturity consist of debt securities for which the Company has both the positive intent and ability to hold to maturity or redemption and are reported at amortized cost, net of the current expected credit loss allowance. Interest income for fixed maturity securities held to maturity is determined in the same manner as interest income for fixed maturity securities available for sale. These fixed maturity securities held to maturity are comprised of asset-backed securities, with an amortized cost of $ 62.8 million, gross unrealized appreciation of $ 0.1 million, gross unrealized depreciation of $ 0.2 million, and fair value of $ 62.4 million, and corporate securities, with an amortized cost of $ 9.0 million, unrealized appreciation of $ 0.0 million, unrealized depreciation of $ 0.1 million, and fair value of $ 8.8 million, as of June 30, 2022. The contractual maturity of the corporate securities held to maturity is 5 years as of June 30, 2022. The stated maturity of asset-backed securities held to maturity may not be indicative of actual maturities. The Company evaluated fixed maturity securities classified as held to maturity for current expected credit losses as of June 30, 2022 utilizing risk characteristics of each security, including credit rating, remaining time to maturity, adjusted for prepayment considerations, and subordination level, and applying default and recovery rates, which include the incorporation of historical credit loss experience and macroeconomic forecasts, to develop an estimate of current expected credit losses. These fixed maturities classified as held to maturity are of a high credit quality and are all rated investment grade as of June 30, 2022. The allowance for credit losses expected to be recognized over the remaining life of the fixed maturity securities classified as held to maturity is $ 0.4 million as of June 30, 2022. The changes in net unrealized appreciation (depreciation) for the Company’s available for sale and short-term investments are derived from the following sources for the periods indicated: 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) The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities available for sale, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated. 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 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) The aggregate fair value and gross unrealized losses related to fixed maturity securities available for sale in an unrealized loss position at June 30, 2022 were $ 18.9 billion and $ 1.6 billion, respectively. The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at June 30, 2022, did not exceed 5.3 % of the overall fair value of the Company’s fixed maturity securities available for sale. The fair value of the securities for the issuer with the second largest unrealized loss position at June 30, 2022, comprised less than 1.3 % of the Company’s fixed maturity securities available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 1.3 billion of unrealized losses related to fixed maturity securities available for sale that have been in an unrealized loss position for less than one year were generally comprised of foreign and domestic corporate securities, agency residential and commercial mortgage-backed securities, asset-backed securities, U.S government securities and foreign government securities. Of these unrealized losses, $ 1.1 billion were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ 313.7 million of unrealized losses related to fixed maturity securities available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities, agency residential mortgage-backed securities and U.S. government securities. Of these unrealized losses, $ 300.6 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage -backed securities still have excess credit coverage and are current on interest and principal payments. Based upon the Company’s current evaluation of securities in an unrealized loss position as of June 30, 2022, the unrealized losses are due to changes in interest rates and non-issuer specific credit spreads and are not credit-related. In addition, the contractual terms of these securities do not permit these securities to be settled at a price less than their amortized cost. The Company, given the size of its investment portfolio and capital position, does not have the intent to sell these securities; and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis. In addition, all securities currently in an unrealized loss position are current with respect to principal and interest payments. The tables below display the aggregate fair value and gross unrealized depreciation of fixed maturity securities available for sale, by security type and contractual maturity, in each case subdivided according to length of time that individual securities had been in a continuous unrealized loss position for the periods indicated. The amounts presented in the tables below include $ 15.7 million of fair value and $( 0.4 ) million of gross unrealized depreciation as of December 31, 2021 related to fixed maturity securities available for sale for which the Company has recorded an allowance for credit losses. 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) 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) The aggregate fair value and gross unrealized losses related to investments in an unrealized loss position at December 31, 2021 were $ 9.3 billion and $ 203.1 million, respectively. The fair value of securities for the single issuer (the United States government) whose securities comprised the largest unrealized loss position at December 31, 2021, did not exceed 2.7 % of the overall fair value of the Company’s fixed maturity securities available for sale. The fair value of the securities for the issuer with the second largest unrealized loss comprised less than 0.5 % of the Company’s fixed maturity securities available for sale. In addition, as indicated on the above table, there was no significant concentration of unrealized losses in any one market sector. The $ 127.8 million of unrealized losses related to fixed maturity securities available for sale that have been in an unrealized loss position for less than one year were generally comprised of domestic and foreign corporate securities, agency residential mortgage-backed securities, asset-backed securities and foreign government securities. Of these unrealized losses, $ 116.2 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. The $ 75.3 million of unrealized losses related to fixed maturity securities available for sale in an unrealized loss position for more than one year related primarily to domestic and foreign corporate securities, foreign government securities and agency residential mortgage-backed securities. Of these unrealized losses, $ 72.3 million were related to securities that were rated investment grade by at least one nationally recognized rating agency. In all instances, there were no projected cash flow shortfalls to recover the full book value of the investments and the related interest obligations. The mortgage-backed securities still have excess credit coverage and are current on interest and principal payments. The components of net investment income are presented in the table below for the periods indicated: 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 The Company records results from limited partnership investments on the equity method of accounting with changes in value reported through net investment income. The net investment income from limited partnerships is dependent upon the Company’s share of the net asset values of interests underlying each limited partnership. Due to the timing of receiving financial information from these partnerships, the results are generally reported on a one month or quarter lag. If the Company determines there has been a significant decline in value of a limited partnership during this lag period, a loss will be recorded in the period in which the Company identifies the decline. The Company had contractual commitments to invest up to an additional $ 2.4 billion in limited partnerships and private placement loan securities at June 30, 2022. These commitments will be funded when called in accordance with the partnership and loan agreements, which have investment periods that expire, unless extended, through 2026 . The Company participates in a private placement liquidity sweep facility (“the facility”). The primary purpose of the facility is to enhance the Company’s return on its short-term investments and cash positions. The facility invests in high quality, short-duration securities and permits daily liquidity. The Company consolidates its participation in the facility. As of June 30, 2022, the fair value of investments in the facility consolidated within the Company’s balance sheets was $ 377.7 million. Variable Interest Entities The Company is engaged with various special purpose entities and other entities that are deemed to be VIEs primarily as an investor through normal investment activities but also as an investment manager. A VIE is an entity that either has investors that lack certain essential characteristics of a controlling financial interest, such as simple majority kick-out rights, or lacks sufficient funds to finance its own activities without financial support provided by other entities. The Company performs ongoing qualitative assessments of its VIEs to determine whether the Company has a controlling financial interest in the VIE and therefore is the primary beneficiary. The Company is deemed to have a controlling financial interest when it has both the ability to direct the activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s assessment, if it determines it is the primary beneficiary, the Company consolidates the VIE in the Company’s Consolidated Financial Statements. As of June 30, 2022 and December 31, 2021, the Company did no t hold any securities for which it is the primary beneficiary. The Company, through normal investment activities, makes passive investments in general and limited partnerships and other alternative investments. For these non-consolidated VIEs, the Company has determined it is not the primary beneficiary as it has no ability to direct activities that could significantly affect the economic performance of the investments. The Company’s maximum exposure to loss as of June 30, 2022 and December 31, 2021 is limited to the total carrying value of $ 3.1 billion and $ 2.9 billion, respectively, which are included in general and limited partnerships and other alternative investments in Other Invested Assets in the Company's Consolidated Balance Sheets. As of June 30, 2022, the Company has outstanding commitments totaling $ 2.2 billion whereby the Company is committed to fund these investments and may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. These investments are generally of a passive nature in that the Company does not take an active role in management. In addition, the Company makes passive investments in structured securities issued by VIEs for which the Company is not the manager. These investments are included in asset-backed securities, which includes collateralized loan obligations and are reported in fixed maturities, available -for-sale and fixed maturities held to maturity. The Company has not provided financial or other support with respect to these investments other than its original investment. For these investments, the Company determined it is not the primary beneficiary due to the relative size of the Company’s investment in comparison to the principal amount of the structured securities issued by the VIEs, the level of credit subordination which reduces the Company’s obligation to absorb losses or right to receive benefits and the Company’s inability to direct the activities that most significantly impact the economic performance of the VIEs. The Company’s maximum exposure to loss on these investments is limited to the amount of the Company’s investment. The components of net gains (losses) on investments are presented in the tables below for the periods indicated: 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) The proceeds and split between gross gains and losses from dispositions of fixed maturity and equity securities, are presented in the table below for the periods indicated: 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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