Net Investment Income (Tables)

3 Months Ended

Mar. 31, 2025

Net investment income consisted of the following:


	For the Three Months Ended March 31,

(In thousands)	2025		2024
Investment income (loss) earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	313,788	$	335,248
Investment funds	27,023		(29,349)
Arbitrage trading account (1)	16,329		18,011
Equity securities	10,641		11,336

Real estate	(4,017)		(13,163)

Gross investment income	363,764		322,083
Investment expense	(3,472)		(2,244)
Net investment income	$	360,292	$	319,839

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