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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Schedule of Fixed Maturity Securities

At December 31, 2022 and 2021, the amortized cost and fair value of fixed maturity securities were as follows:

			Amortized Cost (1)						Gross Unrealized Gains						Gross Unrealized Losses (2)						Allowance for Credit Losses						Fair Value
			(Dollars in thousands)
December 31, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies			$	173,638					$	70					$	(4,637)					$	—					$	169,071
States, municipalities and territories			4,356,251						41,565						(574,834)						—						3,822,982
Foreign corporate securities and foreign governments			748,770						11,661						(83,579)						—						676,852
Corporate securities			27,706,440						146,065						(3,687,370)						(3,214)						24,161,921
Residential mortgage backed securities			1,492,242						11,870						(126,368)						(133)						1,377,611
Commercial mortgage backed securities			4,098,755						493						(411,770)						—						3,687,478
Other asset backed securities			6,289,923						14,068						(395,289)						—						5,908,702
			$	44,866,019					$	225,792					$	(5,283,847)					$	(3,347)					$	39,804,617
December 31, 2021
Fixed maturity securities, available for sale:
U.S. Government and agencies			$	1,046,029					$	32,841					$	(124)					$	—					$	1,078,746
States, municipalities and territories			3,495,563						437,456						(3,042)						(2,776)						3,927,201
Foreign corporate securities and foreign governments			380,646						22,742						(843)						—						402,545
Corporate securities			31,084,629						3,614,047						(38,442)						—						34,660,234
Residential mortgage backed securities			1,056,778						70,434						(2,093)						(70)						1,125,049
Commercial mortgage backed securities			4,708,878						149,152						(17,719)						—						4,840,311
Other asset backed securities			5,226,660						95,304						(50,107)						—						5,271,857
			$	46,999,183					$	4,421,976					$	(112,370)					$	(2,846)					$	51,305,943

(1)Amortized cost excludes accrued interest receivable of $425.4 million and $400.7 million as of December 31, 2022 and 2021, respectively.

(2)Gross unrealized losses are net of allowance for credit losses.

Schedule of Fixed Maturity Securities by Contractual Maturity Date

The amortized cost and fair value of fixed maturity securities at December 31, 2022, by contractual maturity are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. All of our mortgage and other asset backed securities provide for periodic payments throughout their lives and are shown below as separate lines.

			Available for sale
			Amortized Cost						Fair Value
			(Dollars in thousands)
Due in one year or less			$	1,184,147					$	1,180,124
Due after one year through five years			5,641,072						5,406,059
Due after five years through ten years			6,254,569						5,672,730
Due after ten years through twenty years			9,853,998						8,817,815
Due after twenty years			10,051,313						7,754,098
			32,985,099						28,830,826
Residential mortgage backed securities			1,492,242						1,377,611
Commercial mortgage backed securities			4,098,755						3,687,478
Other asset backed securities			6,289,923						5,908,702
			$	44,866,019					$	39,804,617

Net Unrealized Gains (Losses) on Available For Sale Fixed Maturity Securities Reported as Separate Component of Stockholders' Equity

Net unrealized gains (losses) on available for sale fixed maturity securities reported as a separate component of stockholders' equity were comprised of the following:

			December 31,
			2022						2021
			(Dollars in thousands)
Net unrealized gains (losses) on available for sale fixed maturity securities			$	(5,065,422)					$	4,309,606
Deferred income tax valuation allowance reversal			22,534						22,534
Deferred income tax expense			1,063,441						(905,047)
Net unrealized gains (losses) reported as accumulated other comprehensive income (loss)			$	(3,979,447)					$	3,427,093

Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation

The following table summarizes the credit quality, as determined by NAIC designation, of our fixed maturity portfolio as of the dates indicated:

						December 31,
						2022												2021
NAIC Designation						Amortized Cost						Fair Value						Amortized Cost						Fair Value
						(Dollars in thousands)
1						$	27,061,903					$	24,211,086					$	26,157,531					$	28,785,839
2						17,023,157						14,944,131						19,758,594						21,396,020
3						595,193						510,392						909,311						941,210
4						109,409						91,495						133,070						147,160
5						61,721						36,738						16,496						15,357
6						14,636						10,775						24,181						20,357
						$	44,866,019					$	39,804,617					$	46,999,183					$	51,305,943

Schedule of Gross Unrealized Losses on Investments, By Category and Length of Time

The following table shows our investments' gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities (consisting of 4,510 and 1,427 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2022 and 2021:

			Less than 12 months												12 months or more												Total
			Fair Value						Unrealized Losses (1)						Fair Value						Unrealized Losses (1)						Fair Value						Unrealized Losses (1)
			(Dollars in thousands)
December 31, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies			$	160,201					$	(4,512)					$	908					$	(125)					$	161,109					$	(4,637)
States, municipalities and territories			2,595,122						(537,313)						95,184						(37,521)						2,690,306						(574,834)
Foreign corporate securities and foreign governments			522,826						(76,957)						21,816						(6,622)						544,642						(83,579)
Corporate securities			18,784,181						(3,218,323)						1,411,177						(469,047)						20,195,358						(3,687,370)
Residential mortgage backed securities			992,783						(101,100)						116,388						(25,268)						1,109,171						(126,368)
Commercial mortgage backed securities			2,941,293						(302,513)						651,923						(109,257)						3,593,216						(411,770)
Other asset backed securities			2,561,390						(162,821)						1,924,026						(232,468)						4,485,416						(395,289)
			$	28,557,796					$	(4,403,539)					$	4,221,422					$	(880,308)					$	32,779,218					$	(5,283,847)
December 31, 2021
Fixed maturity securities, available for sale:
U.S. Government and agencies			$	760,977					$	(124)					$	—					$	—					$	760,977					$	(124)
States, municipalities and territories			168,942						(2,468)						15,711						(3,350)						184,653						(5,818)
Foreign corporate securities and foreign governments			42,861						(843)						—						—						42,861						(843)
Corporate securities			2,375,603						(30,070)						116,819						(8,372)						2,492,422						(38,442)
Residential mortgage backed securities			250,964						(1,408)						26,917						(755)						277,881						(2,163)
Commercial mortgage backed securities			784,464						(5,500)						142,224						(12,219)						926,688						(17,719)
Other asset backed securities			1,351,324						(11,345)						1,771,182						(38,762)						3,122,506						(50,107)
			$	5,735,135					$	(51,758)					$	2,072,853					$	(63,458)					$	7,807,988					$	(115,216)

(1)Unrealized losses have not been reduced to reflect the allowance for credit losses of $3.3 million and $2.8 million as of December 31, 2022 and 2021, respectively.

Schedule of Changes in Net Unrealized Gains/Losses on Investments

Changes in net unrealized gains/losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows:

			Year Ended December 31,
			2022						2021						2020
			(Dollars in thousands)
Fixed maturity securities available for sale carried at fair value			$	(9,375,028)					$	(987,434)					$	1,955,496
Adjustment for effect on other balance sheet accounts:
Deferred policy acquisition costs, deferred sales inducements and policy benefit reserves			—						—						(880,517)
Deferred income tax asset/liability			1,968,488						207,361						(225,746)
			1,968,488						207,361						(1,106,263)
Change in net unrealized gains/losses on investments carried at fair value			$	(7,406,540)					$	(780,073)					$	849,233

Components of Net Investment Income

Components of net investment income are as follows:

			Year Ended December 31,
			2022						2021						2020
			(Dollars in thousands)
Fixed maturity securities			$	1,849,915					$	1,772,675					$	2,035,762
Real estate investments			40,243						14,138						—
Mortgage loans on real estate			301,118						215,138						170,749
Cash and cash equivalents			24,985						3,385						4,871
Limited partnerships and limited liability companies			188,131						67,157						(12,204)
Other investments			49,537						29,399						15,372
			2,453,929						2,101,892						2,214,550
Less: investment expenses			(146,466)						(64,417)						(32,472)
Net investment income			$	2,307,463					$	2,037,475					$	2,182,078

Net Realized Gains (Losses) on Investments

Net realized losses on investments for the years ended December 31, 2022, 2021 and 2020 are as follows:

			Year Ended December 31,
			2022						2021						2020
			(Dollars in thousands)
Fixed maturity securities, available for sale:
Gross realized gains			$	139,819					$	10,167					$	305,170
Gross realized losses			(153,712)						(19,140)						(276,847)
Net credit loss (provision) release			(15,536)						(6,241)						(94,560)
			(29,429)						(15,214)						(66,237)
Mortgage loans on real estate:
Decrease (increase) in allowance for credit losses			(15,126)						7,005						(15,447)
Recovery of specific allowance			1,677						—						712
Gain (loss) on sale of mortgage loans			(4,970)						(5,033)						292
			(18,419)						1,972						(14,443)
Total net realized losses			$	(47,848)					$	(13,242)					$	(80,680)

Non-Income Producing Investments

The following table summarizes the carrying value of our investments that have been non-income producing for 12 consecutive months:

			December 31,
			2022						2021
			(Dollars in thousands)
Fixed maturity securities, available for sale			$	10,708					$	4,118
Mortgage loans on real estate			1,483						—
			$	12,191					$	4,118

Rollforward of Allowance for Credit Loss

The following table provides a rollforward of the allowance for credit loss:

			Year Ended December 31, 2022
			States, Municipalities and Territories						Corporate Securities												Residential Mortgage Backed Securities												Total
			(Dollars in thousands)
Beginning balance			$	2,776					$	—											$	70											$	2,846
Additions for credit losses not previously recorded			—						3,825												1,070												4,895
Change in allowance on securities with previous allowance			(2,776)						(611)												(579)												(3,966)
Reduction for securities with credit losses due to intent to sell			—						—												—												—
Reduction for securities sold during the period			—						—												(428)												(428)
Write-offs charged against the allowance			—						—												—												—
Recoveries of amounts previously written off			—						—												—												—
Ending balance			$	—					$	3,214											$	133											$	3,347
			Year Ended December 31, 2021
			States, Municipalities and Territories						Corporate Securities												Residential Mortgage Backed Securities												Total
			(Dollars in thousands)
Beginning balance			$	2,844					$	60,193											$	1,734											$	64,771
Additions for credit losses not previously recorded			—						705												407												1,112
Change in allowance on securities with previous allowance			(68)						443												(857)												(482)
Reduction for securities with credit losses due to intent to sell			—						(209)												—												(209)
Reduction for securities sold during the period			—						(50,758)												—												(50,758)
Write-offs charged against the allowance			—						(10,032)												—												(10,032)
Recoveries of amounts previously written off			—						(342)												(1,214)												(1,556)
Ending balance			$	2,776					$	—											$	70											$	2,846

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