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INVESTMENT OPERATIONS (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Realized Gain (Loss) on Investments
Net realized gains (losses) - investments/derivatives are summarized as follows:
For The
Three Months Ended
June 30,		For The
Six Months Ended
June 30,
2020201920202019
 (Dollars In Thousands)
Fixed maturities$2,447  $1,062  $41,617  $6,199  
Equity securities25,442  7,540  (17,570) 38,175  
Modco trading portfolios187,505  89,571  63,305  184,473  
Net credit losses recognized in operations (1)
(30,288) —  (82,081) —  
Net impairment losses recognized in operations (2)
—  (698) —  (3,840) 
Commercial mortgage loans(3,686) 1,208  (99,082) 140  
Other investments(740) 128  (1,760) 50  
Realized gains (losses) - investments180,680  98,811  (95,571) 225,197  
Realized gains (losses) - derivatives(3)
(160,578) (55,266) 77,562  (128,574) 
Realized gains (losses) - investments/derivatives$20,102  $43,545  $(18,009) $96,623  
(1) Represents credit losses recognized under FASB ASC 326-20
(2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 326-20
(3) See Note 7, Derivative Financial Instruments
Gross realized gains and gross realized losses on investments available-for-sale (fixed maturities and short-term investments) are as follows:
For The
Three Months Ended
June 30,		For The
Six Months Ended
June 30,
2020201920202019
 (Dollars In Thousands)
Gross realized gains$6,471  $6,776  $46,439  $14,646  
Gross realized losses:
Credit losses(1)
$(30,288) $—  $(82,081) $—  
Impairment losses(2)
$—  $(698) $—  $(3,840) 
Other realized losses$(4,024) $(5,714) $(4,822) $(8,447) 
(1) Represents credit losses recognized under FASB ASC 326-20
(2) Represents other-than-temporary impairment losses recognized in prior periods under FASB ASC 326-20
Schedule of Fair Value (Proceeds) and Gains (Losses) on Securities in an Unrealized Gain or Loss Position
The chart below summarizes the fair value (proceeds) and the gains (losses) realized on securities the Company sold that were in an unrealized gain position and an unrealized loss position.
For The
Three Months Ended
June 30,		For The
Six Months Ended
June 30,
2020201920202019
 (Dollars In Thousands)
Securities in an unrealized gain position:
Fair value proceeds$431,876  $484,587  $936,213  $1,133,478  
Gains realized$6,471  $6,776  $46,439  $14,646  
Securities in an unrealized loss position:
Fair value proceeds$24,814  $159,626  $24,834  $330,928  
Losses realized$(4,024) $(5,714) $(4,822) $(8,447) 
Realized Gain (Loss) on Equity Securities
The chart below summarizes the realized gains (losses) on equity securities sold during the period and equity securities still held at the reporting date.
For The
Three Months Ended
June 30,		For The
Six Months Ended
June 30,
2020201920202019
 (Dollars In Thousands)
Gains (losses) recognized during the period on equity securities still held$25,441  $7,347  $(17,690) $37,922  
Net gains recognized on equity securities sold during the period1  193  $120  $253  
Net gains (losses) recognized during the period on equity securities$25,442  $7,540  $(17,570) $38,175  
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Available-for-Sale
The amortized cost, gross unrealized gains and losses, allowance for expected credit losses, and fair value of the Company’s investments classified as available-for-sale are as follows:
As of June 30, 2020Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance
for Expected
Credit Losses		Fair
Value
 (Dollars In Thousands)
Fixed maturities:    
Residential mortgage-backed securities$6,783,626  $231,006  $(503) $—  $7,014,129  
Commercial mortgage-backed securities2,482,700  87,882  (29,100) —  2,541,482  
Other asset-backed securities1,704,674  26,109  (28,104) (655) 1,702,024  
U.S. government-related securities1,145,220  29,542  (844) —  1,173,918  
Other government-related securities566,961  63,570  (4,361) —  626,170  
States, municipals, and political subdivisions4,143,375  424,024  (5,033) —  4,562,366  
Corporate securities44,810,937  4,157,060  (450,052) (81,426) 48,436,519  
Redeemable preferred stocks66,071  461  (859) —  65,673  
 61,703,564  5,019,654  (518,856) (82,081) 66,122,281  
Short-term investments1,037,969  —  —  —  1,037,969  
 $62,741,533  $5,019,654  $(518,856) $(82,081) $67,160,250  

As of December 31, 2019Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars In Thousands)
Fixed maturities:
Residential mortgage-backed securities$5,812,170  $125,493  $(6,322) $5,931,341  
Commercial mortgage-backed securities2,588,575  54,385  (3,292) 2,639,668  
Other asset-backed securities1,764,120  32,041  (14,926) 1,781,235  
U.S. government-related securities1,032,048  5,664  (5,316) 1,032,396  
Other government-related securities548,136  51,024  (1,991) 597,169  
States, municipals, and political subdivisions4,415,008  225,072  (1,230) 4,638,850  
Corporate securities44,493,799  2,603,636  (288,334) 46,809,101  
Redeemable preferred stocks87,237  3,677  (4,249) 86,665  
60,741,093  3,100,992  (325,660) 63,516,425  
Short-term investments1,229,651  —  —  1,229,651  
$61,970,744  $3,100,992  $(325,660) $64,746,076  
Schedule of Fair Value of Trading Securities The fair value of the investments held pursuant to these Modco arrangements are as follows:
As of
June 30, 2020December 31, 2019
 (Dollars In Thousands)
Fixed maturities:  
Residential mortgage-backed securities$192,944  $209,521  
Commercial mortgage-backed securities189,995  201,284  
Other asset-backed securities144,248  143,361  
U.S. government-related securities42,677  47,067  
Other government-related securities29,210  28,775  
States, municipals, and political subdivisions289,477  293,791  
Corporate securities1,757,339  1,590,936  
Redeemable preferred stocks11,933  12,832  
 2,657,823  2,527,567  
Equity securities15,724  6,656  
Short-term investments75,292  91,213  
 $2,748,839  $2,625,436  
Schedule of Amortized Cost and Fair Value of Available-for-Sale and Held-to-Maturity Fixed Maturities, by Expected Maturity
The amortized cost and fair value of available-for-sale and held-to-maturity fixed maturities as of June 30, 2020, by expected maturity, are shown below. Expected maturities of securities without a single maturity date are allocated based on estimated rates of prepayment that may differ from actual rates of prepayment.
 Available-for-SaleHeld-to-Maturity
Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
 (Dollars In Thousands)
Due in one year or less$2,208,672  $2,206,490  $—  $—  
Due after one year through five years11,090,362  11,494,899  —  —  
Due after five years through ten years14,580,642  15,561,473  —  —  
Due after ten years33,823,888  36,859,419  2,728,529  2,947,350  
 $61,703,564  $66,122,281  $2,728,529  $2,947,350  
Schedule of Available-for-sale Allowance for Credit Losses on Fixed Maturities
The following chart is a rollforward of available-for-sale allowance for expected credit losses on fixed maturities held by the Company:
For The
Three Months Ended
June 30, 2020		For The
Six Months Ended
June 30, 2020
Corporate
Securities		Other Asset-Backed SecuritiesTotalCorporate
Securities		Other Asset-Backed SecuritiesTotal
 (Dollars In Thousands)
Beginning Balance$51,135  $658  $51,793  $—  $—  $—  
Additions for securities for which allowance was not previously recorded11,307  —  11,307  62,442  658  63,100  
Adjustments on previously recorded allowances due to change in expected cash flows18,984  —  18,984  18,984  —  18,984  
Reductions on previously recorded allowances due to disposal of security in the current period—  (3) (3) —  (3) (3) 
Ending Balance$81,426  $655  $82,081  $81,426  $655  $82,081  
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired
The following table includes the gross unrealized losses, for which an allowance for credit losses has not been recorded, and fair value of the Company’s AFS fixed maturities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2020:
 Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
 (Dollars In Thousands)
Residential mortgage-backed securities$113,660  $(498) $2,098  $(5) $115,758  $(503) 
Commercial mortgage-backed securities412,551  (27,826) 31,248  (1,274) 443,799  (29,100) 
Other asset-backed securities566,551  (12,605) 282,432  (15,499) 848,983  (28,104) 
U.S. government-related securities134,265  (815) 1,334  (29) 135,599  (844) 
Other government-related securities22,576  (3,176) 6,358  (1,185) 28,934  (4,361) 
States, municipals, and political subdivisions106,083  (4,956) 5,965  (77) 112,048  (5,033) 
Corporate securities3,976,043  (230,736) 1,182,312  (219,316) 5,158,355  (450,052) 
Redeemable preferred stocks20,104  (859) —  —  20,104  (859) 
 $5,351,833  $(281,471) $1,511,747  $(237,385) $6,863,580  $(518,856) 
Schedule of Investments' Gross Unrealized Losses and Fair Value of the Company's Investments that are Not Deemed to be Other-than-Temporarily Impaired
The following table includes the gross unrealized losses and fair value of the Company’s investments that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019:
 Less Than 12 Months12 Months or MoreTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
 (Dollars In Thousands)
Residential mortgage-backed securities$851,333  $(4,231) $220,843  $(2,091) $1,072,176  $(6,322) 
Commercial mortgage-backed securities371,945  (1,721) 115,566  (1,571) 487,511  (3,292) 
Other asset-backed securities482,547  (6,516) 214,058  (8,410) 696,605  (14,926) 
U.S. government-related securities383,451  (3,373) 353,517  (1,943) 736,968  (5,316) 
Other government-related securities22,962  (669) 6,230  (1,322) 29,192  (1,991) 
States, municipals, and political subdivisions56,470  (1,001) 12,907  (229) 69,377  (1,230) 
Corporate securities3,176,489  (68,289) 2,886,648  (220,045) 6,063,137  (288,334) 
Redeemable preferred stocks—  —  16,689  (4,249) 16,689  (4,249) 
 $5,345,197  $(85,800) $3,826,458  $(239,860) $9,171,655  $(325,660) 
Summary of Change in Unrealized Gains (Losses), Net of Income Tax, on Fixed Maturity and Equity Securities, Classified as Available-for-Sale
The change in unrealized gains (losses), excluding the allowance for expected credit losses, net of income tax, on fixed maturities, classified as available-for-sale is summarized as follows:
For The
Three Months Ended
June 30,		For The
Six Months Ended
June 30,
2020201920202019
 (Dollars In Thousands)
Fixed maturities$3,568,509  $1,536,447  $1,363,118  $3,088,119  
Schedule of Amortized Cost and Fair Value of the Company's Investments Classified as Held-to-Maturity
The amortized cost and fair value of the Company’s investments classified as held-to-maturity as of June 30, 2020 and December 31, 2019, are as follows:
As of June 30, 2020Amortized
Cost		Gross
Unrecognized
Holding
Gains		Gross
Unrecognized
Holding
Losses		Fair
Value
 (Dollars In Thousands)
Fixed maturities:    
Securities issued by affiliates:
Red Mountain, LLC$813,529  $69,478  $—  $883,007  
Steel City, LLC1,915,000  149,343  —  2,064,343  
 $2,728,529  $218,821  $—  $2,947,350  
As of December 31, 2019Amortized
Cost		Gross
Unrecognized
Holding
Gains		Gross
Unrecognized
Holding
Losses		Fair
Value
(Dollars In Thousands)
Fixed maturities:    
Securities issued by affiliates:
Red Mountain, LLC$795,881  $81,022  $—  $876,903  
Steel City, LLC2,028,000  120,887  —  2,148,887  
 $2,823,881  $201,909  $—  $3,025,790