Net Investment (Losses) Gains (Tables)

3 Months Ended

Mar. 31, 2025

Realized and Unrealized Investment Gains (Losses) [Abstract]

Realized And Unrealized Investment Gains (Losses)

Net investment gains were as follows:

	For the Three Months Ended March 31,
(In thousands)	2025		2024
Net investment gains:
Fixed maturity securities:
Gains	$	2,632	$	3,557
Losses	(2,712)		(2,323)
Equity securities (1):
Net realized (losses) gains on investment sales	(2,595)		40,277
Change in unrealized gains	19,947		25,812
Investment funds	14		993
Real estate	3,943		(2,216)
Loans receivable	—		—
Other (2)	(5,518)		(54,597)
Net realized and unrealized gains on investments in earnings before allowance for expected credit losses	15,711		11,503
Change in allowance for expected credit losses on investments:
Fixed maturity securities	318		13,882
Loans receivable	326		395
Change in allowance for expected credit losses on investments	644		14,277
Net investment gains	16,355		25,780
Income tax expense	(3,528)		(6,633)
After-tax net investment gains	$	12,827	$	19,147

Change in unrealized investment gains (losses) on available for sale securities:
Fixed maturity securities without allowance for expected credit losses	$	183,987	$	(88,594)
Fixed maturity securities with allowance for expected credit losses	(551)		987
Investment funds	2,496		(1,703)
Other	(77)		13
Total change in unrealized investment gains (losses)	185,855		(89,297)
Income tax (expense) benefit	(37,582)		19,175
Noncontrolling interests	(1)		—
After-tax change in unrealized investment gains (losses) of available for sale securities	$	148,272	$	(70,122)

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