
	March 31, 2021
(In thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	172,927	$	—	$	323	$	(8,681)	$	164,569
State and municipal obligations	151,222		—		11,326		(1,510)		161,038
Corporate bonds and notes	2,938,328		(638)		145,509		(47,600)		3,035,599
RMBS	752,109		—		25,667		(3,666)		774,110
CMBS	685,914		—		27,763		(5,330)		708,347
CLO	561,013		—		2,183		(608)		562,588
Other ABS	236,464		—		2,334		(461)		238,337
Foreign government and agency securities	5,102		—		291		—		5,393

Total securities available for sale, including loaned securities	5,503,079		$	(638)	$	215,396	$	(67,856)	5,649,981
Less: loaned securities (1)	98,960								96,270
Total fixed-maturities available for sale	$	5,404,119							$	5,553,711


	December 31, 2020
(In thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	176,033	$	—	$	1,677	$	(3,611)	$	174,099
State and municipal obligations	149,258		—		16,113		(100)		165,271
Corporate bonds and notes	2,832,350		(948)		250,771		(3,758)		3,078,415
RMBS	799,814		—		34,439		(314)		833,939
CMBS	645,071		—		39,495		(3,301)		681,265
CLO	569,173		—		2,026		(2,641)		568,558
Other ABS	249,988		—		2,901		(432)		252,457
Foreign government and agency securities	5,100		—		338		—		5,438

Total securities available for sale, including loaned securities	5,426,787		$	(948)	$	347,760	$	(14,157)	5,759,442
Less: loaned securities (1)	33,164								36,102
Total fixed-maturities available for sale	$	5,393,623							$	5,723,340

The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated. There was no allowance for the three months ended March 31, 2020.


(In thousands)	Three Months Ended March 31, 2021
Beginning balance	$	948

Net increases (decreases) in allowance on previously impaired securities	(310)

Ending balance	$	638

For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of March 31, 2021 and December 31, 2020 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.


	March 31, 2021
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	7	$	87,663	$	(8,681)	—	$	—	$	—	7	$	87,663	$	(8,681)
State and municipal obligations	29	37,553		(1,510)		—	—		—		29	37,553		(1,510)
Corporate bonds and notes	225	819,835		(47,419)		1	2,725		(181)		226	822,560		(47,600)
RMBS	32	239,012		(3,654)		2	869		(12)		34	239,881		(3,666)
CMBS	51	111,105		(4,146)		17	42,527		(1,184)		68	153,632		(5,330)
CLO	33	101,725		(172)		24	92,497		(436)		57	194,222		(608)
Other ABS	34	101,363		(283)		3	7,812		(178)		37	109,175		(461)

Total	411	$	1,498,256	$	(65,865)	47	$	146,430	$	(1,991)	458	$	1,644,686	$	(67,856)


	December 31, 2020
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	4	$	90,591	$	(3,611)	—	$	—	$	—	4	$	90,591	$	(3,611)
State and municipal obligations	4	9,626		(100)		—	—		—		4	9,626		(100)
Corporate bonds and notes	60	174,848		(3,758)		—	—		—		60	174,848		(3,758)
RMBS	5	42,003		(305)		2	915		(9)		7	42,918		(314)
CMBS	43	118,345		(3,035)		6	8,312		(266)		49	126,657		(3,301)
CLO	52	173,459		(970)		25	137,506		(1,671)		77	310,965		(2,641)
Other ABS	26	70,759		(322)		3	12,119		(110)		29	82,878		(432)

Total	194	$	679,631	$	(12,101)	36	$	158,852	$	(2,056)	230	$	838,483	$	(14,157)

See “Net Gains (Losses) on Investments” below for additional details on our net gains (losses) on investments, including the changes in the allowance for credit losses on fixed maturities available for sale and other impairments due to our intent to sell securities in an unrealized loss position. See Note 2 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for information regarding our accounting policy for impairments.

We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Although we report such securities at fair value within other assets in our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 6 includes these securities. See Note 5 for additional detail on the loaned securities, and see Note 6 of Notes to Consolidated Financial Statements in our 2020 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $93.8 million and $43.3 million as of March 31, 2021 and December 31, 2020, respectively,

may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.


	Three Months Ended March 31,
(In thousands)	2021		2020
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	(790)	$	11,247
Trading securities	503		49
Equity securities	—		310
Other investments	105		33
Net realized gains (losses) on investments	(182)		11,639
Impairment losses due to intent to sell	—		(622)
Net decrease (increase) in expected credit losses	310		—
Net unrealized gains (losses) on investments	(2,519)		(26,845)
Total net gains (losses) on investments	$	(2,391)	$	(15,828)

(1)Components of net realized gains (losses) on fixed-maturities available for sale include the following.


	Three Months Ended March 31,
(In thousands)	2021		2020
Gross investment gains from sales and redemptions	$	4,117	$	11,899
Gross investment losses from sales and redemptions	(4,907)		(652)


	Three Months Ended March 31,
(In thousands)	2021		2020
Net unrealized gains (losses) on investments still held:
Trading securities	$	(8,089)	$	(2,034)
Equity securities	5,118		(24,020)
Other investments	886		804
Net unrealized gains (losses) on investments still held	$	(2,085)	$	(25,250)


	March 31, 2021
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	132,399	$	133,403
Due after one year through five years (1)	1,154,711		1,203,984
Due after five years through 10 years (1)	1,232,690		1,278,861
Due after 10 years (1)	747,779		750,351
Asset-backed and mortgage-backed securities (2)	2,235,500		2,283,382
Total	5,503,079		5,649,981
Less: loaned securities	98,960		96,270
Total fixed-maturities available for sale	$	5,404,119	$	5,553,711

Our fixed-maturities available for sale include securities totaling $17.1 million and $16.9 million at March 31, 2021 and December 31, 2020, respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.