Net Investment Gains (Tables)

12 Months Ended

Dec. 31, 2024

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains were as follows:

(In thousands)	2024		2023		2022
Net investment gains:
Fixed maturity securities:
Gains	$	15,486	$	2,003	$	4,224
Losses	(32,866)		(25,429)		(11,654)
Equity securities (1):
Net realized gains (losses) on investment sales (2)	116,475		161,271		(12,879)
Change in unrealized gains (losses)	120,799		70,448		(632)
Investment funds	1,835		(25,625)		12,407
Real estate (3) (4)	(2,647)		(70,934)		293,525
Loans receivable	—		(18,841)		(32)
Other (5)	(139,344)		(45,353)		(67,648)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	79,738		47,540		217,311
Change in allowance for expected credit losses on investments:
Fixed maturity securities	36,080		715		(14,841)
Loans receivable	1,890		(1,213)		(73)
Change in allowance for expected credit losses on investments	37,970		(498)		(14,914)
Net investment gains	117,708		47,042		202,397
Income tax expense	(29,205)		(10,250)		(42,670)
After-tax net investment gains	$	88,503	$	36,792	$	159,727

Change in unrealized investment gains (losses):
Fixed maturity securities without allowance for expected credit losses	$	83,395	$	389,839	$	(1,216,292)
Fixed maturity securities with allowance for expected credit losses	4,428		643		(28,370)
Investment funds	(3,217)		3,989		(2,019)
Other	(132)		(1,568)		(1,447)
Total change in unrealized investment gains (losses)	84,474		392,903		(1,248,128)
Income tax (expense) benefit	(15,292)		(86,350)		264,325
Noncontrolling interests	2		(2)		(2)
After-tax change in unrealized investment gains (losses)	$	69,184	$	306,551	$	(983,805)

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(1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.

(2) In 2023, the Company completed a sale of the property and casualty insurance services division of Breckenridge IS, Inc. and recognized a pre-tax net realized gain on investment of $89 million on the sale (proceeds from the sale is presented on the business disposition line within the Consolidated Statements of Cash Flows).

(3) The Company recognized impairments on real estate of $72 million in 2023.

(4) In 2022, the Company realized a gain on the sale of a real estate investment in London, U.K. of $251 million, net of transaction expenses and the foreign currency impact, including the reversal of the currency translation adjustment (proceeds from the real estate and related entity are presented on the business disposition line within the Consolidated Statements of Cash Flows).

(5) Primarily relates to realized foreign currency losses upon the disposition of fixed maturity securities.