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Net Investment (Losses) Gains
6 Months Ended
Jun. 30, 2025
Realized and Unrealized Investment Gains (Losses) [Abstract]  
Net Investment (Losses) Gains Net Investment Gains
     Net investment gains (losses) were as follows:
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
(In thousands)2025202420252024
Net investment gains (losses):  
Fixed maturity securities:  
Gains$4,209 $3,092 $6,841 $6,649 
Losses(5,654)(5,362)(8,366)(7,685)
Equity securities (1):
Net realized (losses) gains on investment sales (1,100)61,521 (3,695)101,798 
Change in unrealized gains (losses)63,630 (66,717)83,577 (40,905)
Investment funds808 217 822 1,210 
Real estate (5,256)(1,958)(1,313)(4,174)
Other (2)(26,104)(51,099)(31,622)(105,696)
Net realized and unrealized gains (losses) on investments in earnings before allowance for expected credit losses30,533 (60,306)46,244 (48,803)
Change in allowance for expected credit losses on investments:
Fixed maturity securities21 998 339 14,879 
Loans receivable419 796 745 1,191 
Change in allowance for expected credit losses on investments440 1,794 1,084 16,070 
Net investment gains (losses)30,973 (58,512)47,328 (32,733)
Income tax (expense) benefit(6,685)12,401 (10,213)5,769 
After-tax net investment gains (losses)$24,288 $(46,111)$37,115 $(26,964)
Change in unrealized investment gains (losses) on available for sale securities:  
Fixed maturity securities without allowance for expected credit losses$152,235 $(11,394)$336,222 $(99,988)
Fixed maturity securities with allowance for expected credit losses478 (7,683)(73)(6,696)
Investment funds5,110 (1,338)7,606 (3,041)
Other35 (225)(42)(212)
Total change in unrealized investment gains (losses)157,858 (20,640)343,713 (109,937)
Income tax (expense) benefit(37,593)7,302 (75,175)26,477 
Noncontrolling interests— (1)
After-tax change in unrealized investment gains (losses) of available for sale securities$120,265 $(13,337)$268,537 $(83,459)
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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.