
June 30, 2022
($ 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	$	125,665	—	76	(11,396)	114,345
Foreign government	16,900		(265)	1	(1,338)	15,298
Obligations of states and political subdivisions	1,093,211		(1,206)	5,791	(31,558)	1,066,238
Corporate securities	2,461,952		(35,072)	3,651	(154,204)	2,276,327
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,518,994		(3,623)	2,906	(80,499)	1,437,778
Residential mortgage-backed securities ("RMBS")	971,347		(10,616)	1,254	(50,185)	911,800
Commercial mortgage-backed securities ("CMBS")	645,361		(18)	666	(28,517)	617,492
Total AFS fixed income securities	$	6,833,430	(50,800)	14,345	(357,697)	6,439,278


December 31, 2021
($ 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	$	127,974	—	3,629	(1,145)	130,458
Foreign government	15,420		(46)	609	(123)	15,860
Obligations of states and political subdivisions	1,121,422		(137)	68,258	(235)	1,189,308
Corporate securities	2,478,348		(6,682)	106,890	(4,953)	2,573,603
CLO and other ABS	1,343,687		(939)	14,350	(6,284)	1,350,814
RMBS	756,280		(1,909)	24,813	(2,932)	776,252
CMBS	647,622		(11)	27,752	(1,682)	673,681
Total AFS fixed income securities	$	6,490,753	(9,724)	246,301	(17,354)	6,709,976


Quarter ended June 30, 2022
($ in thousands)	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	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	$	150	117	—	12	(14)	—	265
Obligations of states and political subdivisions	1,991		534	—	(1,166)	(153)	—	1,206
Corporate securities	23,066		8,323	—	5,732	(1,944)	(105)	35,072
CLO and other ABS	2,283		530	—	819	(9)	—	3,623
RMBS	10,029		173	—	507	(93)	—	10,616
CMBS	80		—	—	(62)	—	—	18
Total AFS fixed income securities	$	37,599	9,677	—	5,842	(2,213)	(105)	50,800


Quarter ended June 30, 2021
($ 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	$	56	—	(7)	—	—	49
Obligations of states and political subdivisions	201		—	(163)	—	—	38
Corporate securities	6,166		148	(2,403)	(373)	(61)	3,477
CLO and other ABS	1,470		—	(70)	(1)	—	1,399
RMBS	864		3	230	(63)	—	1,034
CMBS	24		4	(14)	—	—	14
Total AFS fixed income securities	$	8,781	155	(2,427)	(437)	(61)	6,011


Six Months ended June 30, 2022
($ in thousands)	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	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	$	46	236	—	(3)	(14)	—	265
Obligations of states and political subdivisions	137		1,237	—	(4)	(164)	—	1,206
Corporate securities	6,682		28,243	—	4,542	(3,191)	(1,204)	35,072
CLO and other ABS	939		2,058	—	637	(11)	—	3,623
RMBS	1,909		174	8,318	443	(228)	—	10,616
CMBS	11		17	—	(10)	—	—	18
Total AFS fixed income securities	$	9,724	31,965	8,318	5,605	(3,608)	(1,204)	50,800


Six Months ended June 30, 2021
($ 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	$	1	49	(1)	—	—	49
Obligations of states and political subdivisions	4		25	9	—	—	38
Corporate securities	2,782		2,185	(909)	(520)	(61)	3,477
CLO and other ABS	592		941	(116)	(18)	—	1,399
RMBS	561		618	(68)	(77)	—	1,034
CMBS	29		2	(17)	—	—	14
Total AFS fixed income securities	$	3,969	3,820	(1,102)	(615)	(61)	6,011

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report. Accrued interest on AFS securities was $49.1 million as of June 30, 2022, and $46.3 million as of December 31, 2021. We did not record any material write-offs of accrued interest during 2022 and 2021.


June 30, 2022	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	$	89,797	(9,864)	4,522	(1,532)	94,319	(11,396)
Foreign government	11,027		(962)	1,799	(376)	12,826	(1,338)
Obligations of states and political subdivisions	466,743		(31,280)	2,875	(278)	469,618	(31,558)
Corporate securities	1,649,434		(152,902)	6,839	(1,302)	1,656,273	(154,204)
CLO and other ABS	1,114,978		(68,918)	158,322	(11,581)	1,273,300	(80,499)
RMBS	813,811		(47,346)	17,605	(2,839)	831,416	(50,185)
CMBS	511,458		(24,251)	33,690	(4,266)	545,148	(28,517)
Total AFS fixed income securities	$	4,657,248	(335,523)	225,652	(22,174)	4,882,900	(357,697)


December 31, 2021	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	$	34,857	(746)	7,827	(399)	42,684	(1,145)
Foreign government	2,000		(84)	1,061	(39)	3,061	(123)
Obligations of states and political subdivisions	25,837		(235)	—	—	25,837	(235)
Corporate securities	300,549		(4,903)	2,520	(50)	303,069	(4,953)
CLO and other ABS	663,976		(4,934)	53,368	(1,350)	717,344	(6,284)
RMBS	236,010		(2,931)	20	(1)	236,030	(2,932)
CMBS	112,899		(1,016)	20,326	(666)	133,225	(1,682)
Total AFS fixed income securities	$	1,376,128	(14,849)	85,122	(2,505)	1,461,250	(17,354)

We currently do not intend to sell any of the securities summarized in the tables above, nor will we be required to sell any of them. The increase in gross unrealized losses as of June 30, 2022 compared to December 31, 2021 was driven by an increase in benchmark U.S. Treasury rates and a widening of credit spreads. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2021 Annual Report, we have concluded that no allowance for credit loss is required on these balances in addition to the allowance for credit loss already recorded in Six Months 2022. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) Fixed income securities at June 30, 2022, by contractual maturity are shown below. The maturities of mortgage-backed securities were calculated using each security's estimated average life. 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	$	330,440	6,721	6,817
Due after one year through five years	2,794,530		5,252	5,218
Due after five years through 10 years	2,450,184		20,121	19,270
Due after 10 years	864,124		—	—
Total fixed income securities	$	6,439,278	32,094	31,305


Other Investments	June 30, 2022				December 31, 2021
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss1	Carrying Value	Remaining Commitment	Maximum Exposure to Loss1
Alternative Investments
Private equity	$	289,965	124,342	414,307	273,070	99,734	372,804
Private credit	56,805		92,436	149,241	63,138	92,674	155,812
Real assets	26,546		29,916	56,462	23,524	22,579	46,103
Total alternative investments	373,316		246,694	620,010	359,732	214,987	574,719
Other securities	56,230		—	56,230	49,300	—	49,300
Total other investments	$	429,546	246,694	676,240	409,032	214,987	624,019

1In addition to the amounts in this table, previously recognized tax credits are subject to the risk of recapture. We do not consider the risk of recapture to be significant and therefore do not reflect this risk in the Maximum Exposure to Loss column in this table.

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2022 or 2021.

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 total net income reported by these investments to all of their investors for the three and six months ended March 31, 2022 and March 31, 2021, and (ii) the portion of these results that are included in our Second Quarter and Six Months 2022 and 2021 results:


Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2022		2021	2022		2021
Net investment income	$	270.9	8.4	$	406.5	490.0
Realized gains	6,233.5		1,392.5	8,981.5		2,168.6
Net change in unrealized appreciation	(3,962.4)		4,948.9	1,215.9		9,579.7
Net income	$	2,542.0	6,349.8	$	10,603.9	12,238.3
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	9.3	29.9	$	28.4	50.1

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at June 30, 2022 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.


($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	20.1	20.1
Obligations of states and political subdivisions	—		—	3.6	3.6



RMBS	60.5		32.8	—	93.3
CMBS	5.2		12.2	—	17.4


Total pledged as collateral	$	65.7	45.0	23.7	134.4

(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 agencies, as of June 30, 2022, or December 31, 2021.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2022		2021	2022		2021
Fixed income securities	$	62,144	52,608	$	116,069	105,431
Commercial mortgage loans ("CMLs")	1,192		695	2,162		1,209
Equity securities	2,639		2,982	5,057		5,470
Short-term investments	407		55	508		140
Other investments	9,060		32,860	28,365		50,293
Investment expenses	(5,220)		(5,469)	(9,337)		(9,096)
Net investment income earned	$	70,222	83,731	$	142,824	153,447


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2022		2021	2022		2021
Gross gains on sales	$	14,552	2,079	$	16,749	5,755
Gross losses on sales	(19,345)		(1,811)	(32,905)		(6,282)
Net realized (losses) gains on disposals	(4,793)		268	(16,156)		(527)
Net unrealized (losses) gains on equity securities	(21,860)		7,661	(24,014)		18,941
Net credit loss (expense) benefit on fixed income securities, AFS	(15,519)		2,272	(37,571)		(2,725)
Net credit loss benefit (expense) on fixed income securities, HTM	(6)		(53)	8		(60)

Losses on securities for which we have the intent to sell	(702)		(91)	(5,499)		(453)
Net realized and unrealized (losses) gains	$	(42,880)	10,057	$	(83,232)	15,176

Net realized and unrealized investment gains decreased $52.9 million in Second Quarter 2022 and $98.4 million in Six Months 2022 compared to the same prior-year periods, primarily driven by (i) a decrease in valuations reflecting the current public equities market, (ii) active trading of our fixed income securities in an effort to opportunistically increase yield given the rising interest rate environment, and (iii) higher credit loss expense on our AFS fixed income securities portfolio.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2022		2021	2022		2021
Unrealized (losses) gains recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	(13,031)	7,458	$	(14,843)	16,942
On securities sold in period	(8,829)		203	(9,171)		1,999
Total unrealized (losses) gains recognized in income on equity securities	$	(21,860)	7,661	$	(24,014)	18,941