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Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investments [Abstract]  
Schedule of Fixed Maturity Securities
At December 31, 2023 and 2022, 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 LossesFair Value
(Dollars in thousands)
December 31, 2023
Fixed maturity securities, available for sale:
U.S. Government and agencies$172,683 $606 $(2,148)$— $171,141 
States, municipalities and territories3,654,571 17,477 (573,108)— 3,098,940 
Foreign corporate securities and foreign governments
563,890 1,669 (71,820)— 493,739 
Corporate securities23,036,862 175,014 (2,605,048)(3,412)20,603,416 
Residential mortgage backed securities1,503,639 11,598 (112,736)— 1,402,501 
Commercial mortgage backed securities3,405,647 995 (454,095)— 2,952,547 
Other asset backed securities6,200,170 30,530 (171,884)(618)6,058,198 
$38,537,462 $237,889 $(3,990,839)$(4,030)$34,780,482 
December 31, 2022
Fixed maturity securities, available for sale:
U.S. Government and agencies$173,638 $70 $(4,637)$— $169,071 
States, municipalities and territories4,356,251 41,565 (574,834)— 3,822,982 
Foreign corporate securities and foreign governments
748,770 11,661 (83,579)— 676,852 
Corporate securities27,706,440 146,065 (3,687,370)(3,214)24,161,921 
Residential mortgage backed securities1,492,242 11,870 (126,368)(133)1,377,611 
Commercial mortgage backed securities4,098,755 493 (411,770)— 3,687,478 
Other asset backed securities6,289,923 14,068 (395,289)— 5,908,702 
$44,866,019 $225,792 $(5,283,847)$(3,347)$39,804,617 
(1)Amortized cost excludes accrued interest receivable of $360.9 million and $425.4 million as of December 31, 2023 and 2022, 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, 2023, 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$1,371,424 $1,368,322 
Due after one year through five years4,924,030 4,787,802 
Due after five years through ten years4,686,405 4,325,294 
Due after ten years through twenty years7,569,350 6,754,603 
Due after twenty years8,876,797 7,131,215 
27,428,006 24,367,236 
Residential mortgage backed securities1,503,639 1,402,501 
Commercial mortgage backed securities3,405,647 2,952,547 
Other asset backed securities6,200,170 6,058,198 
$38,537,462 $34,780,482 
Net Unrealized Gains (Losses) on Investments Reported as Separate Component of Stockholders' Equity
Net unrealized losses on investments reported as a separate component of stockholders' equity were comprised of the following:
December 31,
20232022
(Dollars in thousands)
Net unrealized losses on investments
$(3,755,689)$(5,065,422)
Deferred income tax valuation allowance reversal22,534 22,534 
Deferred income tax expense788,236 1,063,441 
Net unrealized losses reported as accumulated other comprehensive loss
$(2,944,919)$(3,979,447)
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,
20232022
NAIC
Designation (1)
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
(Dollars in thousands)
1$22,493,843 $20,209,842 $27,061,903 $24,211,086 
214,910,687 13,529,169 17,023,157 14,944,131 
3583,131 527,556 595,193 510,392 
4201,610 168,191 109,409 91,495 
588,581 68,538 61,721 36,738 
69,400 10,132 14,636 10,775 
$38,287,252 $34,513,428 $44,866,019 $39,804,617 
(1)The table excludes residual tranche securities that are not rated with an amortized cost of $250,210 and fair value of $267,054 as of December 31, 2023.
Schedule of Unrealized Gain (Loss) on Investments
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 3,639 and 4,510 securities, respectively) have been in a continuous unrealized loss position, at December 31, 2023 and 2022:
Less than 12 months12 months or moreTotal
Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)		Fair ValueUnrealized
Losses (1)
(Dollars in thousands)
December 31, 2023
Fixed maturity securities, available for sale:
U.S. Government and agencies$55,087 $(279)$47,639 $(1,869)$102,726 $(2,148)
States, municipalities and territories451,091 (44,832)2,290,704 (528,276)2,741,795 (573,108)
Foreign corporate securities and foreign governments
1,555 (195)427,021 (71,625)428,576 (71,820)
Corporate securities3,275,031 (237,744)13,625,542 (2,367,304)16,900,573 (2,605,048)
Residential mortgage backed securities145,093 (7,614)858,821 (105,122)1,003,914 (112,736)
Commercial mortgage backed securities431,947 (69,007)2,416,868 (385,088)2,848,815 (454,095)
Other asset backed securities968,026 (29,606)3,057,618 (142,278)4,025,644 (171,884)
$5,327,830 $(389,277)$22,724,213 $(3,601,562)$28,052,043 $(3,990,839)
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 territories2,595,122 (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 securities18,784,181 (3,218,323)1,411,177 (469,047)20,195,358 (3,687,370)
Residential mortgage backed securities992,783 (101,100)116,388 (25,268)1,109,171 (126,368)
Commercial mortgage backed securities2,941,293 (302,513)651,923 (109,257)3,593,216 (411,770)
Other asset backed securities2,561,390 (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)
(1)Unrealized losses have been reduced to reflect the allowance for credit losses of $4.0 million and $3.3 million as of December 31, 2023 and 2022, respectively.
Changes in net unrealized gains/losses on investments for the years ended December 31, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
202320222021
(Dollars in thousands)
Fixed maturity securities available for sale carried at fair value$1,309,733 $(9,375,028)$(987,434)
Adjustment for effect on other balance sheet accounts:
Deferred income tax asset/liability(275,205)1,968,488 207,361 
(275,205)1,968,488 207,361 
Change in net unrealized gains/losses on investments carried at fair value$1,034,528 $(7,406,540)$(780,073)
Components of Net Investment Income
Components of net investment income are as follows:
Year Ended December 31,
202320222021
(Dollars in thousands)
Fixed maturity securities$1,653,897 $1,849,915 $1,772,675 
Real estate investments(7,303)40,243 14,138 
Mortgage loans on real estate404,303 301,118 215,138 
Cash and cash equivalents208,923 24,985 3,385 
Limited partnerships and limited liability companies112,612 188,131 67,157 
Other investments43,510 49,537 29,399 
2,415,942 2,453,929 2,101,892 
Less: investment expenses(143,144)(146,466)(64,417)
Net investment income$2,272,798 $2,307,463 $2,037,475 
Net Realized Gains (Losses) on Investments
Net realized losses on investments for the years ended December 31, 2023, 2022 and 2021 are as follows:
Year Ended December 31,
202320222021
(Dollars in thousands)
Available for sale fixed maturity securities:
Gross realized gains$137,901 $139,819 $10,167 
Gross realized losses(179,479)(153,712)(19,140)
Net credit loss (provision)
(47,471)(15,536)(6,241)
(89,049)(29,429)(15,214)
Other investments:
Gross realized gains2,210 — — 
Gross realized losses(5,199)— — 
(2,989)— — 
Mortgage loans on real estate:
Decrease (increase) in allowance for credit losses252 (15,126)7,005 
Recovery of specific allowance— 1,677 — 
Loss on sale of mortgage loans
(7,417)(4,970)(5,033)
(7,165)(18,419)1,972 
Total net realized losses$(99,203)$(47,848)$(13,242)
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,
20232022
(Dollars in thousands)
Fixed maturity securities, available for sale$1,711 $10,708 
Mortgage loans on real estate14,479 1,483 
Real estate owned3,629 — 
$19,819 $12,191 
Rollforward of Allowance for Credit Loss
The following table provides a rollforward of the allowance for credit loss:
Year Ended December 31, 2023
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesOther Asset Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$— $3,214 $133 $— $3,347 
Additions for credit losses not previously recorded— — 97 947 1,044 
Change in allowance on securities with previous allowance— 198 (230)(329)(361)
Reduction for securities sold during the period— — — — — 
Ending balance$— $3,412 $— $618 $4,030 
Year Ended December 31, 2022
States, Municipalities and
Territories		Corporate SecuritiesResidential Mortgage Backed SecuritiesOther Asset Backed SecuritiesTotal
(Dollars in thousands)
Beginning balance$2,776 $— $70 $— $2,846 
Additions for credit losses not previously recorded— 3,825 1,070 — 4,895 
Change in allowance on securities with previous allowance(2,776)(611)(579)— (3,966)
Reduction for securities sold during the period— — (428)— (428)
Ending balance$— $3,214 $133 $— $3,347