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Net Investment Income
 12 Months Ended
Dec. 31, 2013
Net Investment Income [Abstract]  
Net Investment Income
Net Investment Income
Net investment income consists of the following:
(In thousands)
2013
 
2012
 
2011
Investment income earned on:
 

 
 

 
 

Fixed maturity securities, including cash and cash equivalents and loans receivable
$
442,287

 
$
479,035

 
$
483,905

Equity securities available for sale
11,380

 
16,419

 
12,416

Investment funds
67,712

 
77,015

 
9,452

Arbitrage trading account
20,431

 
8,286

 
16,576

Real estate
12,498

 
12,097

 
7,471

Gross investment income
554,308

 
592,852

 
529,820

Investment expense
(10,017
)
 
(6,089
)
 
(3,469
)
Net investment income
$
544,291

 
$
586,763

 
$
526,351