Investments In Fixed Maturity Securities

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments In Fixed Maturity Securities

Investments in Fixed Maturity Securities

    At June 30, 2025 and December 31, 2024, investments in fixed maturity securities were as follows:

(In thousands)	Amortized Cost		Allowance for Expected Credit Losses (1)		Gross Unrealized				Fair Value		Carrying Value
					Gains		Losses
June 30, 2025
Held to maturity:
State and municipal	$	27,983	$	(14)	$	1,040	$	—	$	29,009	$	27,969
Residential mortgage-backed	2,082		—		74		—		2,156		2,082
Total held to maturity	30,065		(14)		1,114		—		31,165		30,051
Available for sale:
U.S. government and government agency	3,108,090		—		23,421		(30,449)		3,101,062		3,101,062
State and municipal:
Special revenue	1,387,506		—		6,306		(40,427)		1,353,385		1,353,385
State general obligation	258,795		—		2,817		(5,451)		256,161		256,161
Pre-refunded	77,145		—		555		(223)		77,477		77,477
Corporate backed	187,565		—		1,688		(5,053)		184,200		184,200
Local general obligation	277,592		—		1,852		(4,066)		275,378		275,378
Total state and municipal	2,188,603		—		13,218		(55,220)		2,146,601		2,146,601
Mortgage-backed:
Residential	4,090,672		—		34,670		(157,265)		3,968,077		3,968,077
Commercial	355,922		—		3,911		(333)		359,500		359,500
Total mortgage-backed	4,446,594		—		38,581		(157,598)		4,327,577		4,327,577
Asset-backed	3,862,993		—		17,247		(26,805)		3,853,435		3,853,435
Corporate:
Industrial	3,680,399		—		45,729		(53,582)		3,672,546		3,672,546
Financial	3,417,541		—		54,356		(19,722)		3,452,175		3,452,175
Utilities	1,146,714		—		15,476		(10,772)		1,151,418		1,151,418
Other	481,868		—		2,775		(2,006)		482,637		482,637
Total corporate	8,726,522		—		118,336		(86,082)		8,758,776		8,758,776
Foreign government	2,006,836		(318)		34,642		(165,506)		1,875,654		1,875,654
Total available for sale	24,339,638		(318)		245,445		(521,660)		24,063,105		24,063,105
Total investments in fixed maturity securities	$	24,369,703	$	(332)	$	246,559	$	(521,660)	$	24,094,270	$	24,093,156

____________

(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.

(In thousands)	Amortized Cost		Allowance for Expected Credit Losses (1)		Gross Unrealized				Fair Value		Carrying Value
					Gains		Losses
December 31, 2024
Held to maturity:
State and municipal	$	42,145	$	(25)	$	1,492	$	—	$	43,612	$	42,120
Residential mortgage-backed	2,292		—		69		—		2,361		2,292
Total held to maturity	44,437		(25)		1,561		—		45,973		44,412
Available for sale:
U.S. government and government agency	2,268,596		—		9,608		(42,863)		2,235,341		2,235,341
State and municipal:
Special revenue	1,581,778		—		3,521		(67,591)		1,517,708		1,517,708
State general obligation	272,936		—		1,439		(8,981)		265,394		265,394
Pre-refunded	85,340		—		599		(347)		85,592		85,592
Corporate backed	158,322		—		1,079		(5,827)		153,574		153,574
Local general obligation	278,165		—		922		(6,711)		272,376		272,376
Total state and municipal	2,376,541		—		7,560		(89,457)		2,294,644		2,294,644
Mortgage-backed:
Residential	3,411,796		(5)		11,047		(189,630)		3,233,208		3,233,208
Commercial	534,936		(425)		1,201		(3,430)		532,282		532,282
Total mortgage-backed	3,946,732		(430)		12,248		(193,060)		3,765,490		3,765,490
Asset-backed	3,910,363		—		16,161		(41,512)		3,885,012		3,885,012
Corporate:
Industrial	3,746,501		—		14,518		(93,820)		3,667,199		3,667,199
Financial	3,339,718		—		18,871		(38,076)		3,320,513		3,320,513
Utilities	795,839		—		2,970		(20,115)		778,694		778,694
Other	653,194		—		2,493		(4,452)		651,235		651,235
Total corporate	8,535,252		—		38,852		(156,463)		8,417,641		8,417,641
Foreign government	1,928,978		(216)		11,936		(185,373)		1,755,325		1,755,325
Total available for sale	22,966,462		(646)		96,365		(708,728)		22,353,453		22,353,453
Total investments in fixed maturity securities	$	23,010,899	$	(671)	$	97,926	$	(708,728)	$	22,399,426	$	22,397,865

____________

(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the six months ended June 30, 2025 and 2024:

(In thousands)	2025		2024
Balance, beginning of period	$	25	$	43
Provision for expected credit losses	(11)		(9)
Balance, end of period	$	14	$	34

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2025 and 2024:

(In thousands)	2025		2024
Balance, beginning of period	$	20	$	38
Provision for expected credit losses	(6)		(4)
Balance, end of period	$	14	$	34

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2025 and 2024:

	2025								2024
(In thousands)	Foreign Government		Mortgage-backed		State and Municipal		Total		Foreign Government		Corporate		Mortgage-backed		Asset-backed		State and Municipal		Total
Balance, beginning of period	$	216	$	430	$	—	$	646	$	29,603	$	5,026	$	158	$	1,164	$	757	$	36,708
Change on securities for which credit losses were not previously recorded	—		—		10		10		300		—		1,701		—		—		2,001
Change on securities for which credit losses were previously recorded	102		(430)		(10)		(338)		(10,434)		(5,026)		(158)		(275)		(418)		(16,311)
Reduction due to disposals	—		—		—		—		—		—		(561)		—		—		(561)
Balance, end of period	$	318	$	—	$	—	$	318	$	19,469	$	—	$	1,140	$	889	$	339	$	21,837

During the six months ended June 30, 2025, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing related to mortgage-backed securities. During the six months ended June 30, 2024, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing associated with foreign government securities and corporate securities.

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2025 and 2024:

	2025						2024
(In thousands)	Foreign Government		State and Municipal		Total		Foreign Government		Mortgage-backed		Asset-backed		State and Municipal		Total
Balance, beginning of period	$	323	$	10	$	333	$	20,479	$	562	$	1,097	$	693	$	22,831
Change on securities for which credit losses were not previously recorded	—		—		—		300		1,139		—		—		1,439
Change on securities for which credit losses were previously recorded	(5)		(10)		(15)		(1,310)		—		(208)		(354)		(1,872)
Reduction due to disposals	—		—		—		—		(561)		—		—		(561)
Balance, end of period	$	318	$	—	$	318	$	19,469	$	1,140	$	889	$	339	$	21,837

The amortized cost and fair value of fixed maturity securities at June 30, 2025, 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 (1)		Fair Value
Due in one year or less	$	1,728,802	$	1,720,156
Due after one year through five years	9,001,644		8,861,485
Due after five years through ten years	4,046,210		4,065,444
Due after ten years	5,144,357		5,117,452
Mortgage-backed securities	4,448,676		4,329,733
Total	$	24,369,689	$	24,094,270

________________

(1) Amortized cost is reduced by the allowance for expected credit losses of $14 thousand related to held to maturity securities.    

At June 30, 2025 and December 31, 2024, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.