Note 6 Net Realized Investment Gains (Losses)

3 Months Ended

Mar. 31, 2012

Net Realized Investment Gains (Losses)

Net Realized Investment Gains (Losses)

Note 6.                        Net Realized Investment Gains (Losses)

            Net realized investment gains (losses) for the three months ended March 31, 2012 and 2011 are as follows (in thousands):

				Three Months Ended
				March 31,
				2012		2011
Sales of available-for-sale securities:
	Fixed maturities		$	1,241	$	(1,495)
	Common stocks			-		(45)
	Preferred stocks			(491)		1,338
		Total sales of available-for-sale securities		750		(202)
Sales of trading securities				256		-
		Total realized gains (losses)		1,006		(202)
Unrealized gains (losses) on trading securities:
	Available-for-sale securities transferred
		to trading category on January 1, 2012		138		-
	Change in unrealized gains (losses) on trading securities			(7)		-
		Total unrealized gains (losses)  on trading securities		131		-
Net realized investment gains (losses)			$	1,137	$	(202)

For the three months ended March 31, 2012, the Company realized gross gains of $3,290,000 and realized gross losses of $2,540,000 on sales of available-for-sale securities. For the three months ended March 31, 2011, the Company realized gross gains of $3,532,000 and realized gross losses of $3,734,000 on sales of available-for-sale securities.

On January 1, 2012, the Company transferred equity securities previously classified as available-for-sale into the trading category and, as a result, recognized $287,000 of gross gains and $149,000 of gross losses in net realized investment gains on the accompanying Condensed Consolidated Statement of Operations. These gains and losses were previously included in accumulated other comprehensive income on the accompanying Condensed Consolidated Balance Sheet at December 31, 2011.