Net Investment Income

6 Months Ended

Jun. 30, 2025

Net investment income consisted of the following:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,

(In thousands)	2025		2024		2025		2024
Investment income (loss) earned on:
Fixed maturity securities, including cash and cash equivalents and loans receivable	$	322,518	$	324,136	$	636,306	$	659,384
Investment funds	27,268		25,476		54,291		(3,873)
Arbitrage trading account (1)	23,672		16,682		40,001		34,693
Equity securities	12,485		12,386		23,126		23,721

Real estate	(4,092)		(3,705)		(8,109)		(16,868)

Gross investment income	381,851		374,975		745,615		697,057
Investment expense	(2,548)		(2,846)		(6,020)		(5,090)
Net investment income	$	379,303	$	372,129	$	739,595	$	691,967

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