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Investments | 9 Months Ended
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Sep. 30, 2020
Investments [Abstract] |
Investments | Investments (a) Information about our AFS securities as of September 30, 2020, and December 31, 2019, is as follows:
September 30, 2020 |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Cost/ Amortized Cost |  | Allowance for Credit Losses |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 110,201 |  |  | — |  |  | 7,374 |  |  | (46) |  |  | 117,529 |
Foreign government |  | 15,679 |  |  | (7) |  |  | 1,336 |  |  | — |  |  | 17,008 |
Obligations of states and political subdivisions |  | 1,152,794 |  |  | (15) |  |  | 78,841 |  |  | (164) |  |  | 1,231,456 |
Corporate securities |  | 2,154,302 |  |  | (5,358) |  |  | 157,689 |  |  | (7,802) |  |  | 2,298,831 |
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS") |  | 942,627 |  |  | (1,121) |  |  | 18,274 |  |  | (14,198) |  |  | 945,582 |
Residential mortgage-backed securities ("RMBS") |  | 1,122,678 |  |  | (647) |  |  | 61,259 |  |  | (333) |  |  | 1,182,957 |
Commercial mortgage-backed securities ("CMBS") |  | 599,692 |  |  | (32) |  |  | 46,386 |  |  | (1,872) |  |  | 644,174 |
Total AFS fixed income securities |  | $ | 6,097,973 |  |  | (7,180) |  |  | 371,159 |  |  | (24,415) |  |  | 6,437,537 |
December 31, 2019 |  |  |  |  |  |  |  |
($ in thousands) |  | Cost/ Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 112,680 |  |  | 3,506 |  |  | — |  |  | 116,186 |
Foreign government |  | 18,011 |  |  | 533 |  |  | (2) |  |  | 18,542 |
Obligations of states and political subdivisions |  | 1,168,185 |  |  | 62,175 |  |  | (270) |  |  | 1,230,090 |
Corporate securities |  | 1,866,881 |  |  | 81,906 |  |  | (1,310) |  |  | 1,947,477 |
CLO and other ABS |  | 790,517 |  |  | 7,929 |  |  | (5,434) |  |  | 793,012 |
RMBS |  | 1,409,003 |  |  | 43,421 |  |  | (455) |  |  | 1,451,969 |
CMBS |  | 514,709 |  |  | 23,902 |  |  | (267) |  |  | 538,344 |
Total AFS fixed income securities |  | $ | 5,879,986 |  |  | 223,372 |  |  | (7,738) |  |  | 6,095,620 |
The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the periods indicated:
Quarter ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Beginning Balance |  | Current Provision for Securities without Prior Allowance |  | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities |  | Reductions for Securities Sold |  | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period |  | Ending Balance
Foreign government |  | $ | 28 |  |  | — |  |  | (2) |  |  | (19) |  |  | — |  |  | 7 |
Obligations of states and political subdivisions |  | 17 |  |  | 9 |  |  | (11) |  |  | — |  |  | — |  |  | 15 |
Corporate securities |  | 8,077 |  |  | 1,016 |  |  | (3,455) |  |  | (265) |  |  | (15) |  |  | 5,358 |
CLO and other ABS |  | 1,389 |  |  | — |  |  | (210) |  |  | (51) |  |  | (7) |  |  | 1,121 |
RMBS |  | 831 |  |  | — |  |  | (157) |  |  | (27) |  |  | — |  |  | 647 |
CMBS |  | 53 |  |  | — |  |  | (21) |  |  | — |  |  | — |  |  | 32 |
Total AFS fixed income securities |  | $ | 10,395 |  |  | 1,025 |  |  | (3,856) |  |  | (362) |  |  | (22) |  |  | 7,180 |
Nine Months ended September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |
($ in thousands) |  | Beginning Balance |  | Current Provision for Securities without Prior Allowance |  | Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities |  | Reductions for Securities Sold |  | Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period |  | Ending Balance
Foreign government |  | $ | — |  |  | 26 |  |  | — |  |  | (19) |  |  | — |  |  | 7 |
Obligations of states and political subdivisions |  | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Corporate securities |  | — |  |  | 6,100 |  |  | — |  |  | (659) |  |  | (83) |  |  | 5,358 |
CLO and other ABS |  | — |  |  | 1,237 |  |  | — |  |  | (109) |  |  | (7) |  |  | 1,121 |
RMBS |  | — |  |  | 690 |  |  | — |  |  | (43) |  |  | — |  |  | 647 |
CMBS |  | — |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | 32 |
Total AFS fixed income securities |  | $ | — |  |  | 8,100 |  |  | — |  |  | (830) |  |  | (90) |  |  | 7,180 |
During 2020, we neither experienced any write-offs or recoveries of our AFS fixed income securities nor purchased any assets with credit deterioration, so these items are not included in the table above. As disclosed in Note 1. "Basis of Presentation and Accounting Policies," we do not evaluate accrued interest on our AFS securities for credit impairment as we write-off these balances in a timely manner. As of September 30, 2020, accrued interest on AFS securities amounted to $45.3 million and we did not record any write-offs of accrued interest during 2020. (b) Quantitative information about unrealized losses on our AFS portfolio is provided below.
September 30, 2020 |  | Less than 12 months |  | 12 months or longer |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agencies |  | $ | 4,855 |  |  | (46) |  |  | — |  |  | — |  |  | 4,855 |  |  | (46) |
Obligations of states and political subdivisions |  | 15,929 |  |  | (164) |  |  | — |  |  | — |  |  | 15,929 |  |  | (164) |
Corporate securities |  | 100,989 |  |  | (7,444) |  |  | 2,695 |  |  | (358) |  |  | 103,684 |  |  | (7,802) |
CLO and other ABS |  | 302,492 |  |  | (7,804) |  |  | 149,893 |  |  | (6,394) |  |  | 452,385 |  |  | (14,198) |
RMBS |  | 55,128 |  |  | (300) |  |  | 2,316 |  |  | (33) |  |  | 57,444 |  |  | (333) |
CMBS |  | 80,308 |  |  | (1,320) |  |  | 14,342 |  |  | (552) |  |  | 94,650 |  |  | (1,872) |
Total AFS fixed income securities |  | $ | 559,701 |  |  | (17,078) |  |  | 169,246 |  |  | (7,337) |  |  | 728,947 |  |  | (24,415) |
December 31, 2019 |  | Less than 12 months |  | 12 months or longer |  | Total
($ in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
AFS fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign government |  | $ | 1,416 |  |  | (2) |  |  | — |  |  | — |  |  | 1,416 |  |  | (2) |
Obligations of states and political subdivisions |  | 35,838 |  |  | (270) |  |  | — |  |  | — |  |  | 35,838 |  |  | (270) |
Corporate securities |  | 84,832 |  |  | (480) |  |  | 20,182 |  |  | (830) |  |  | 105,014 |  |  | (1,310) |
CLO and other ABS |  | 205,191 |  |  | (1,938) |  |  | 204,385 |  |  | (3,496) |  |  | 409,576 |  |  | (5,434) |
RMBS |  | 126,089 |  |  | (425) |  |  | 5,375 |  |  | (30) |  |  | 131,464 |  |  | (455) |
CMBS |  | 62,893 |  |  | (264) |  |  | 828 |  |  | (3) |  |  | 63,721 |  |  | (267) |
Total AFS fixed income securities |  | $ | 516,259 |  |  | (3,379) |  |  | 230,770 |  |  | (4,359) |  |  | 747,029 |  |  | (7,738) |
We currently do not intend to sell any of the securities in the tables above, nor is it likely we will be required to sell any of them. After considering these factors and our review of these securities under our methodology for analyzing OTTI, we have concluded that they are temporarily impaired because we believe (i) they will mature at par value, (ii) they have not incurred a credit impairment, and (iii) future values of these securities will fluctuate with changes in interest rates. This conclusion reflects our current judgment as to the financial position and future prospects of the entity that issued the investment security and underlying collateral. The COVID-19-related governmental orders have caused uncertainty and volatility in the financial markets. While market conditions improved during Third Quarter 2020, gross unrealized losses on our AFS fixed income securities portfolio increased to $24.4 million at September 30, 2020, from $7.7 million at December 31, 2019. This increase was driven by widening credit spreads as a result of the uncertainty in the marketplace, and was partially offset by a significant decline in benchmark United States Treasury rates. (c) Fixed income securities at September 30, 2020, are shown below by contractual maturity. Mortgage-backed securities are included in the maturity tables using the estimated average life of each security. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations, with or without call or prepayment penalties.
|  | AFS |  | HTM
($ in thousands) |  | Fair Value |  | Carrying Value |  | Fair Value
Due in one year or less |  | $ | 336,142 |  |  | 1,456 |  |  | 1,490 |
Due after one year through five years |  | 3,714,414 |  |  | 15,131 |  |  | 16,293 |
Due after five years through 10 years |  | 1,960,132 |  |  | 2,500 |  |  | 2,430 |
Due after 10 years |  | 426,849 |  |  | — |  |  | — |
Total fixed income securities |  | $ | 6,437,537 |  |  | 19,087 |  |  | 20,213 |
(d) The following table summarizes our other investment portfolio by strategy:
Other Investments |  | September 30, 2020 |  | December 31, 2019
($ in thousands) |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss 1 |  | Carrying Value |  | Remaining Commitment |  | Maximum Exposure to Loss 1
Alternative Investments |  |  |  |  |  |  |  |  |  |  |  |
Private equity |  | $ | 146,810 |  |  | 110,173 |  |  | 256,983 |  |  | 118,352 |  |  | 93,138 |  |  | 211,490 |
Private credit |  | 49,254 |  |  | 96,131 |  |  | 145,385 |  |  | 42,532 |  |  | 105,340 |  |  | 147,872 |
Real assets |  | 21,859 |  |  | 19,070 |  |  | 40,929 |  |  | 23,256 |  |  | 20,741 |  |  | 43,997 |
Total alternative investments |  | 217,923 |  |  | 225,374 |  |  | 443,297 |  |  | 184,140 |  |  | 219,219 |  |  | 403,359 |
Other securities |  | 40,725 |  |  | — |  |  | 40,725 |  |  | 32,667 |  |  | — |  |  | 32,667 |
Total other investments |  | $ | 258,648 |  |  | 225,374 |  |  | 484,022 |  |  | 216,807 |  |  | 219,219 |  |  | 436,026 |
1 The maximum exposure to loss includes both the carry value of these investments and the related remaining commitments. In addition, tax credits that have been previously recognized in Other securities are subject to the risk of recapture, which we do not consider significant. We are contractually committed to make additional investments up to the remaining commitments stated above; but we do not have a future obligation to fund losses or debts on behalf of these investments. We have not provided any non-contractual financial support at any time during 2020 or 2019. The following table shows gross summarized financial information for our other investments portfolio, including the portion we do not own. The majority of these investments are carried under the equity method of accounting and report results to us on a one-quarter lag. The following table provides (i) the gross summarized financial statement information for these investments for the three-month and nine-month periods ended June 30, and (ii) the portion of these results that are included in our Third Quarter results:
Income Statement Information |  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net investment (loss) income |  | $ | 83.4 |  |  | (14.0) |  |  | 92.9 |  |  | 10.1 |
Realized (losses) gains |  | 731.3 |  |  | 121.1 |  |  | 1,075.0 |  |  | 370.4 |
Net change in unrealized appreciation (depreciation) |  | 2,230.4 |  |  | 1,739.4 |  |  | 571.6 |  |  | 4,517.4 |
Net income |  | $ | 3,045.1 |  |  | 1,846.5 |  |  | 1,739.5 |  |  | 4,897.9 |
Insurance Subsidiaries’ alternative investments income |  | $ | 18.7 |  |  | 5.2 |  |  | 8.9 |  |  | 13.0 |
As noted above, the majority of our alternative investments report their results to us on a one-quarter lag, so the $18.7 million of gains in the table above reflects the improvement in the financial markets during the second quarter of 2020. (e) Certain Insurance Subsidiaries, as members of the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"), have pledged certain AFS fixed income securities as collateral. To comply with insurance laws, certain Insurance Subsidiaries also had certain securities deposited with various state and regulatory agencies at September 30, 2020. We retain all rights regarding all securities pledged as collateral. The following table summarizes the market value of these securities at September 30, 2020:
($ in millions) |  | FHLBI Collateral |  | FHLBNY Collateral |  |  |  | State and Regulatory Deposits |  | Total
U.S. government and government agencies |  | $ | — |  |  | — |  |  |  |  | 22.7 |  |  | 22.7 |
Obligations of states and political subdivisions |  | — |  |  | — |  |  |  |  | 5.1 |  |  | 5.1 |
RMBS |  | 133.0 |  |  | 205.2 |  |  |  |  | — |  |  | 338.2 |
CMBS |  | 7.2 |  |  | 36.7 |  |  |  |  | — |  |  | 43.9 |
Total pledged as collateral |  | $ | 140.2 |  |  | 241.9 |  |  |  |  | 27.8 |  |  | 409.9 |
(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than certain U.S. government-backed investments, as of September 30, 2020, or December 31, 2019. (g) The components of pre-tax net investment income earned were as follows:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Fixed income securities |  | $ | 51,285 |  |  | 50,749 |  |  | 152,617 |  |  | 150,689 |
CMLs |  | 245 |  |  | — |  |  | 463 |  |  | — |
Equity securities |  | 1,948 |  |  | 1,885 |  |  | 5,523 |  |  | 5,265 |
Short-term investments |  | 244 |  |  | 1,410 |  |  | 1,830 |  |  | 5,213 |
Other investments |  | 18,671 |  |  | 5,267 |  |  | 9,167 |  |  | 13,421 |
Investment expenses |  | (4,208) |  |  | (3,485) |  |  | (11,004) |  |  | (9,639) |
Net investment income earned |  | $ | 68,185 |  |  | 55,826 |  |  | 158,596 |  |  | 164,949 |
The increase in net investment income earned in Third Quarter 2020 compared to Third Quarter 2019 was driven by our alternative investments in our other investments portfolio, and reflect the improvement in the equity markets from the second quarter of 2020, as our results on these holdings are recorded on a one-quarter lag. The decrease in net investment income earned Nine Months 2020 compared to Nine Months 2019 was driven by our alternative investments within our other investments portfolio, and reflects deterioration in the equity markets related to the financial market volatility that existed in the year due to COVID-19. (h) The following table summarizes OTTI by asset type for the periods indicated:
|  | Quarter ended September 30,
|  | 2020 |  | 2019
($ in thousands) |  | Credit Loss Benefit (Expense) |  | Other Impairment Expense |  | Recognized in Earnings |  | Recognized in Earnings
HTM fixed income securities: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 3 |  |  | — |  |  | 3 |  |  | — |
Total HTM fixed income securities |  | 3 |  |  | — |  |  | 3 |  |  | — |
AFS fixed income securities: |  |  |  |  |  |  |  |
Foreign government |  | 3 |  |  | — |  |  | 3 |  |  | — |
Obligations of states and political subdivisions |  | 2 |  |  | — |  |  | 2 |  |  | — |
Corporate securities |  | 2,454 |  |  | — |  |  | 2,454 |  |  | (1,681) |
CLO and other ABS |  | 217 |  |  | (44) |  |  | 173 |  |  | — |
RMBS |  | 157 |  |  | — |  |  | 157 |  |  | — |
CMBS |  | 21 |  |  | — |  |  | 21 |  |  | — |
Total AFS fixed income securities |  | 2,854 |  |  | (44) |  |  | 2,810 |  |  | (1,681) |
CMLs |  | (2) |  |  | — |  |  | (2) |  |  | — |
Short term investments |  | (1) |  |  | — |  |  | (1) |  |  | — |
Other investments |  | — |  |  | — |  |  | — |  |  | (610) |
Total OTTI benefit (expense) |  | $ | 2,854 |  |  | (44) |  |  | 2,810 |  |  | (2,291) |
|  | Nine Months ended September 30,
|  | 2020 |  | 2019
($ in thousands) |  | Credit Loss (Expense) Benefit |  | Other Impairment Expense |  | Recognized in Earnings |  | Recognized in Earnings
HTM fixed income securities: |  |  |  |  |  |  |  |
Corporate securities |  | $ | 4 |  |  | — |  |  | 4 |  |  | — |
Total HTM fixed income securities |  | 4 |  |  | — |  |  | 4 |  |  | — |
AFS fixed income securities: |  |  |  |  |  |  |  |
U.S. government and government agencies |  | — |  |  | (14) |  |  | (14) |  |  | — |
Foreign government |  | (25) |  |  | — |  |  | (25) |  |  | — |
Obligations of states and political subdivisions |  | (15) |  |  | (62) |  |  | (77) |  |  | (65) |
Corporate securities |  | (6,018) |  |  | (12,103) |  |  | (18,121) |  |  | (2,455) |
CLO and other ABS |  | (1,230) |  |  | (2,137) |  |  | (3,367) |  |  | — |
RMBS |  | (690) |  |  | (91) |  |  | (781) |  |  | — |
CMBS |  | (32) |  |  | (1,852) |  |  | (1,884) |  |  | — |
Total AFS fixed income securities |  | (8,010) |  |  | (16,259) |  |  | (24,269) |  |  | (2,520) |
CMLs |  | (220) |  |  | — |  |  | (220) |  |  | — |
Short-term investments |  | (1) |  |  | — |  |  | (1) |  |  | — |
Other investments |  | — |  |  | — |  |  | — |  |  | (846) |
Total OTTI expense |  | $ | (8,227) |  |  | (16,259) |  |  | (24,486) |  |  | (3,366) |
OTTI amounted to $24.5 million in Nine Months 2020 and included $16.3 million of impairments on securities we intended to sell to provide our investment managers flexibility to trade and optimize our investment portfolio in the COVID-19-related market volatility and uncertainty. The remaining $8.2 million of OTTI in Nine Months 2020 related to our allowance for credit losses and included an approximate $2.9 million reduction of this allowance in Third Quarter 2020 from improving market conditions during the quarter as compared to June 30, 2020. (i) Net realized and unrealized gains and losses (excluding OTTI) for Third Quarter 2020 and 2019 included the following:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Net realized gains (losses) on the disposals of securities: |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 561 |  |  | (1,141) |  |  | 7,137 |  |  | 2,063 |
CMLs |  | 1 |  |  | — |  |  | 2 |  |  | — |
Equity securities |  | — |  |  | 21,602 |  |  | (3) |  |  | 24,733 |
Short-term investments |  | 11 |  |  | (36) |  |  | 157 |  |  | (21) |
Other investments |  | — |  |  | — |  |  | (5) |  |  | (23) |
Net realized gains (losses) on the disposal of securities |  | 573 |  |  | 20,425 |  |  | 7,288 |  |  | 26,752 |
OTTI benefit (expense) |  | 2,810 |  |  | (2,291) |  |  | (24,486) |  |  | (3,366) |
Net realized gains (losses) |  | 3,383 |  |  | 18,134 |  |  | (17,198) |  |  | 23,386 |
Unrealized gains (losses) recognized in income on equity securities |  | 4,338 |  |  | (20,317) |  |  | (7,098) |  |  | (8,091) |
Total net realized and unrealized investment gains (losses) |  | $ | 7,721 |  |  | (2,183) |  |  | $ | (24,296) |  |  | 15,295 |
During Third Quarter 2020, the $9.9 million increase in net realized and unrealized investment gains was primarily driven by the improvements in the allowance for credit losses on our AFS fixed income securities as discussed above. Excluding OTTI, realized and unrealized gains and losses were impacted in Third Quarter 2020 by improvements in market conditions that resulted in unrealized gains on our equity portfolio. In the comparable quarter last year, we sold a significant portion of our public equity securities, realizing net gains of $21.6 million. These realized gains were substantially offset by the reversal of previously-recorded unrealized gains related to the securities sold, which accounted for $21.4 million of the $20.3 million reduction in the table above. For Nine Months 2020, net realized and unrealized investment losses were $24.3 million, compared to net gains of $15.3 million for Nine Months 2019. This fluctuation was driven by the increase in OTTI expense discussed above, coupled with the decrease in realized gains on the disposal of securities, which were higher last year due to the referenced public equity sales. Unrealized gains (losses) recognized in income on equity securities, as reflected in the table above, include the following:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Unrealized gains (losses) recognized in income on equity securities: |  |  |  |  |  |  |  |
On securities remaining in our portfolio at September 30, 2020 |  | $ | 4,338 |  |  | 1,109 |  |  | (7,101) |  |  | 1,805 |
On securities sold in each respective period |  | — |  |  | (21,426) |  |  | 3 |  |  | (9,896) |
Total unrealized gains (losses) recognized in income on equity securities |  | $ | 4,338 |  |  | (20,317) |  |  | (7,098) |  |  | (8,091) |
The components of net realized gains on disposals of securities for the periods indicated were as follows:
|  | Quarter ended September 30, |  | Nine Months ended September 30,
($ in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
HTM fixed income securities |  |  |  |  |  |  |  |
Gains |  | $ | 1 |  |  | — |  |  | 2 |  |  | 1 |
Losses |  | — |  |  | — |  |  | — |  |  | (15) |
AFS fixed income securities |  |  |  |  |  |  |  |
Gains |  | 2,955 |  |  | 1,078 |  |  | 14,770 |  |  | 5,565 |
Losses |  | (2,395) |  |  | (2,219) |  |  | (7,635) |  |  | (3,488) |
CMLs |  |  |  |  |  |  |  |
Gains |  | 1 |  |  | — |  |  | 2 |  |  | — |
Losses |  | — |  |  | — |  |  | — |  |  | — |
Equity securities |  |  |  |  |  |  |  |
Gains |  | — |  |  | 21,630 |  |  | — |  |  | 24,868 |
Losses |  | — |  |  | (28) |  |  | (3) |  |  | (135) |
Short-term investments |  |  |  |  |  |  |  |
Gains |  | 18 |  |  | 2 |  |  | 355 |  |  | 18 |
Losses |  | (7) |  |  | (38) |  |  | (198) |  |  | (39) |
Other investments |  |  |  |  |  |  |  |
Gains |  | — |  |  | — |  |  | — |  |  | 7 |
Losses |  | — |  |  | — |  |  | (5) |  |  | (30) |
Total net realized gains on disposals of securities |  | $ | 573 |  |  | 20,425 |  |  | 7,288 |  |  | 26,752 |
Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold.

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