Investments in Fixed Maturity Securities

At June 30, 2018 and December 31, 2017, investments in fixed maturity securities were as follows:



(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
June 30, 2018
Held to maturity:
State and municipal	$	67,049	$	11,828	$	—		$	78,877	$	67,049
Residential mortgage-backed	12,037		835		—			12,872		12,037
Total held to maturity	79,086		12,663		—			91,749		79,086
Available for sale:
U.S. government and government agency	482,639		5,257		(6,263		)	481,633		481,633
State and municipal:
Special revenue	2,529,100		32,331		(25,828		)	2,535,603		2,535,603
State general obligation	339,685		10,749		(1,814		)	348,620		348,620
Pre-refunded	429,119		18,829		(103		)	447,845		447,845
Corporate backed	325,752		7,278		(1,643		)	331,387		331,387
Local general obligation	387,745		16,485		(2,831		)	401,399		401,399
Total state and municipal	4,011,401		85,672		(32,219		)	4,064,854		4,064,854
Mortgage-backed securities:
Residential (1)	1,116,207		5,206		(26,083		)	1,095,330		1,095,330
Commercial	368,000		969		(5,787		)	363,182		363,182
Total mortgage-backed securities	1,484,207		6,175		(31,870		)	1,458,512		1,458,512
Asset-backed	2,356,736		11,263		(13,084		)	2,354,915		2,354,915
Corporate:
Industrial	2,333,914		19,159		(44,380		)	2,308,693		2,308,693
Financial	1,355,554		16,775		(19,375		)	1,352,954		1,352,954
Utilities	273,223		8,004		(6,201		)	275,026		275,026
Other	41,779		2		(265		)	41,516		41,516
Total corporate	4,004,470		43,940		(70,221		)	3,978,189		3,978,189
Foreign	767,417		39,993		(5,870		)	801,540		801,540
Total available for sale	13,106,870		192,300		(159,527		)	13,139,643		13,139,643
Total investments in fixed maturity securities	$	13,185,956	$	204,963	$	(159,527	)	$	13,231,392	$	13,218,729



(In thousands)	Amortized Cost		Gross Unrealized					Fair Value		Carrying Value
			Gains		Losses
December 31, 2017
Held to maturity:
State and municipal	$	65,882	$	14,499	$	—		$	80,381	$	65,882
Residential mortgage-backed	13,450		1,227		—			14,677		13,450
Total held to maturity	79,332		15,726		—			95,058		79,332
Available for sale:
U.S. government and government agency	372,748		8,824		(3,832		)	377,740		377,740
State and municipal:
Special revenue	2,663,245		53,512		(10,027		)	2,706,730		2,706,730
State general obligation	439,358		16,087		(711		)	454,734		454,734
Pre-refunded	436,241		22,701		(9		)	458,933		458,933
Corporate backed	375,268		10,059		(860		)	384,467		384,467
Local general obligation	417,955		23,242		(967		)	440,230		440,230
Total state and municipal	4,332,067		125,601		(12,574		)	4,445,094		4,445,094
Mortgage-backed securities:
Residential (1)	1,043,629		9,304		(13,547		)	1,039,386		1,039,386
Commercial	261,652		1,521		(2,628		)	260,545		260,545
Total mortgage-backed securities	1,305,281		10,825		(16,175		)	1,299,931		1,299,931
Asset-backed	2,111,132		11,024		(10,612		)	2,111,544		2,111,544
Corporate:
Industrial	2,574,400		52,210		(7,718		)	2,618,892		2,618,892
Financial	1,402,161		37,744		(5,138		)	1,434,767		1,434,767
Utilities	284,886		11,316		(1,248		)	294,954		294,954
Other	40,560		5		(66		)	40,499		40,499
Total corporate	4,302,007		101,275		(14,170		)	4,389,112		4,389,112
Foreign	819,345		32,018		(2,866		)	848,497		848,497
Total available for sale	13,242,580		289,567		(60,229		)	13,471,918		13,471,918
Total investments in fixed maturity securities	$	13,321,912	$	305,293	$	(60,229	)	$	13,566,976	$	13,551,250

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(1) Gross unrealized gains for residential mortgage-backed securities include $87,647 and $76,467 as of June 30, 2018 and December 31, 2017, respectively, related to securities with the non-credit portion of other-than-temporary impairments (“OTTI”) recognized in accumulated other comprehensive income.

The amortized cost and fair value of fixed maturity securities at June 30, 2018, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.



(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	841,253	$	849,860
Due after one year through five years	4,392,395		4,428,769
Due after five years through ten years	3,042,177		3,074,332
Due after ten years	3,413,887		3,407,047
Mortgage-backed securities	1,496,244		1,471,384
Total	$	13,185,956	$	13,231,392

At June 30, 2018 and December 31, 2017, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.