Net Investment Income

9 Months Ended

Sep. 30, 2024

Net investment income consisted of the following:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,

(In thousands)	2024		2023		2024		2023
Investment income (loss) earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	295,272	$	239,727	$	954,655	$	653,200
Arbitrage trading account (1)	17,869		17,876		52,562		53,168
Equity securities	12,203		12,714		35,924		41,714
Investment funds	4,741		4,450		868		5,444
Real estate	(3,711)		(1,986)		(20,579)		(7,821)

Gross investment income	326,374		272,781		1,023,430		745,705
Investment expense	(2,618)		(1,837)		(7,707)		(6,211)
Net investment income	$	323,756	$	270,944	$	1,015,723	$	739,494

(1) Net investment income includes earnings from trading account receivables from brokers and clearing organizations.