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Investments (Tables)
 6 Months Ended
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)