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Schedule II - Financial Information of Registrant (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Financial Information of Registrant, Condensed Balance Sheet, Parent Company Only | Condensed Balance Sheet Parent Company Only
(In thousands, except per-share amounts) |  | December 31, 2022 |  | December 31, 2021
Assets |  |  |  |
Investments |  |  |  |
Fixed-maturities available for sale—at fair value (amortized cost of $747,309 and $485,727) |  | $ | 675,948 |  |  | $ | 481,659 |
Equity securities—at fair value (cost of $140,733) |  | 140,804 |  |  | — |
Other invested assets—at fair value |  | 3,958 |  |  | 3,511 |
Short-term investments—at fair value (includes $61,328 and $1,058 of reinvested cash collateral held under securities lending agreements) |  | 108,232 |  |  | 120,601 |
Total investments |  | 928,942 |  |  | 605,771 |
Cash |  | 1,872 |  |  | 38,846 |
Investment in subsidiaries, at equity in net assets (Note C) |  | 4,576,644 |  |  | 5,210,917 |
Accounts and notes receivable (Note C) |  | 657 |  |  | 100,002 |
Other assets (Note C) |  | 157,370 |  |  | 65,923 |
Total assets |  | $ | 5,665,485 |  |  | $ | 6,021,459 |
Liabilities and stockholders’ equity |  |  |  |
Liabilities |  |  |  |
Senior notes |  | $ | 1,413,504 |  |  | $ | 1,409,473 |
Net deferred tax liability (Note A) |  | 196,829 |  |  | 283,585 |
Other liabilities (Note C) |  | 135,825 |  |  | 69,605 |
Total liabilities |  | 1,746,158 |  |  | 1,762,663 |
Common stockholders’ equity |  |  |  |
Common stock ($0.001 par value; 485,000 shares authorized; 2022: 176,509 and 157,056 shares issued and outstanding, respectively; 2021: 194,408 and 175,421 shares issued and outstanding, respectively) |  | 176 |  |  | 194 |
Treasury stock, at cost (2022: 19,453 shares; 2021: 18,987 shares) |  | (930,643) |  |  | (920,798) |
Additional paid-in capital |  | 1,519,641 |  |  | 1,878,372 |
Retained earnings |  | 3,786,952 |  |  | 3,180,935 |
Accumulated other comprehensive income (loss) |  | (456,799) |  |  | 120,093 |
Total common stockholders’ equity |  | 3,919,327 |  |  | 4,258,796 |
Total liabilities and stockholders’ equity |  | $ | 5,665,485 |  |  | $ | 6,021,459 |
Financial Information of Registrant, Condensed Statements of Operations, Parent Company Only | Schedule II—Financial Information of Registrant Condensed Statements of Operations Parent Company Only
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Revenues |  |  |  |  |  |
Net investment income |  | $ | 20,584 |  |  | $ | 7,540 |  |  | $ | 19,459 |
Net gains (losses) on investments and other financial instruments |  | (4,322) |  |  | 980 |  |  | 5,682 |
Other income |  | 78 |  |  | 11 |  |  | 101 |
Total revenues |  | 16,340 |  |  | 8,531 |  |  | 25,242 |
Expenses |  |  |  |  |  |
Other operating expenses |  | 2,043 |  |  | 3,163 |  |  | 2,619 |
Total expenses (Note B) |  | 2,043 |  |  | 3,163 |  |  | 2,619 |
Pretax income |  | 14,297 |  |  | 5,368 |  |  | 22,623 |
Income tax provision (benefit) |  | 8,148 |  |  | 1,167 |  |  | (3,165) |
Equity in net income of affiliates |  | 736,785 |  |  | 596,470 |  |  | 367,838 |
Net income |  | 742,934 |  |  | 600,671 |  |  | 393,626 |
Other comprehensive income (loss), net of tax |  | (576,892) |  |  | (143,632) |  |  | 153,237 |
Comprehensive income |  | $ | 166,042 |  |  | $ | 457,039 |  |  | $ | 546,863 |
Financial Information of Registrant, Condensed Statements of Cash Flows, Parent Company Only | Schedule II—Financial Information of Registrant Condensed Statements of Cash Flows Parent Company Only
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Cash flows from operating activities |  |  |  |  |  |
Net cash provided by (used in) operating activities (1) |  | $ | (71) |  |  | $ | 66,317 |  |  | $ | (13,741) |
Cash flows from investing activities |  |  |  |  |  |
Proceeds from sales of: |  |  |  |  |  |
Fixed-maturities available for sale |  | 56,934 |  |  | 195,452 |  |  | 304,737 |
Trading securities |  | 8,868 |  |  | — |  |  | — |
Equity securities |  | — |  |  | — |  |  | 13,401 |
Proceeds from redemptions of: |  |  |  |  |  |
Fixed-maturities available for sale |  | 194,859 |  |  | 301,788 |  |  | 238,161 |
Purchases of: |  |  |  |  |  |
Fixed-maturities available for sale |  | (29,039) |  |  | (156,344) |  |  | (691,874) |
Equity securities |  | (2,500) |  |  | — |  |  | — |
Sales, redemptions and (purchases) of: |  |  |  |  |  |
Short-term investments, net |  | 188,149 |  |  | 113,939 |  |  | (53,024) |
Other assets, net |  | (3,851) |  |  | (864) |  |  | (6,068) |
Capital distributions from subsidiaries |  | 32,512 |  |  | 44,951 |  |  | 19,000 |
Capital contributions to subsidiaries |  | (8,000) |  |  | (43,250) |  |  | (5,050) |
Net cash provided by (used in) investing activities |  | 437,932 |  |  | 455,672 |  |  | (180,717) |
Cash flows from financing activities |  |  |  |  |  |
Dividends and dividend equivalents paid |  | (135,437) |  |  | (103,298) |  |  | (97,458) |
Issuance of common stock |  | 1,341 |  |  | 1,382 |  |  | 1,553 |
Repurchases of common stock |  | (400,195) |  |  | (399,100) |  |  | (226,305) |
Issuance of senior notes, net |  | — |  |  | — |  |  | 515,567 |
Credit facility commitment fees paid |  | (814) |  |  | (3,325) |  |  | (2,292) |
Change in secured borrowings, net (with terms three months or less) |  | 60,270 |  |  | 1,057 |  |  | — |
Net cash provided by (used in) financing activities |  | (474,835) |  |  | (503,284) |  |  | 191,065 |
Increase (decrease) in cash and restricted cash |  | (36,974) |  |  | 18,705 |  |  | (3,393) |
Cash and restricted cash, beginning of period |  | 38,846 |  |  | 20,141 |  |  | 23,534 |
Cash and restricted cash, end of period |  | $ | 1,872 |  |  | $ | 38,846 |  |  | $ | 20,141 |
(1)Includes cash distributions received from subsidiaries of $49.8 million, $85.0 million and $1.7 million in 2022, 2021 and 2020, respectively. Excludes non-cash distributions received from subsidiaries of $888.0 million, $92.3 million and $484.1 million in 2022, 2021 and 2020, respectively.
Components of Parent Company Expenses Allocated to Subsidiaries | The following table shows the components of our Parent Company expenses that have been allocated to our subsidiaries for the periods indicated.
Total allocated expenses |  |  |  |  |  |
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Allocated operating expenses |  | $ | 163,000 |  |  | $ | 147,386 |  |  | $ | 129,870 |
Allocated interest expense |  | 82,568 |  |  | 82,833 |  |  | 68,938 |
Total allocated expenses |  | $ | 245,568 |  |  | $ | 230,219 |  |  | $ | 198,808 |

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