Investments (Tables)

12 Months Ended

Dec. 31, 2015

Fixed Maturities and Equity Securities, Available-for-sale Securities

The following tables provide information relating to fixed maturities and equity securities (excluding investments classified as trading) as of the dates indicated:



	December 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI (3)
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	87,107	$	7,170	$	228	$	94,049	$	—
Obligations of U.S. states and their political subdivisions	602,508		24,219		1,958		624,769		—
Foreign government bonds	70,107		3,094		2,791		70,410		—
Public utilities	790,038		30,862		18,402		802,498		—
Redeemable preferred stock	5,316		1,530		145		6,701		—
All other U.S. public corporate securities	2,138,358		81,905		61,142		2,159,121		(217		)
All other U.S. private corporate securities	1,085,345		26,299		13,963		1,097,681		—
All other foreign public corporate securities	270,063		8,230		6,508		271,785		—
All other foreign private corporate securities	784,283		9,933		42,528		751,688		—
Asset-backed securities (1)	431,578		6,203		2,650		435,131		(3,056		)
Commercial mortgage-backed securities	396,160		10,614		2,429		404,345		—
Residential mortgage-backed securities (2)	114,943		7,876		65		122,754		(690		)
Total fixed maturities, available-for-sale	$	6,775,806	$	217,935	$	152,809	$	6,840,932	$	(3,963	)
Equity securities, available-for-sale
Common stocks:
Mutual funds	$	54,543	$	256	$	3,030	$	51,769
Public utilities	66		2		29		39
Industrial, miscellaneous & other	—		165		—		165
Non-redeemable preferred stocks	—		—		—		—
Total equity securities, available-for-sale	$	54,609	$	423	$	3,059	$	51,973


(1)	Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans, and other asset types.


(2)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(3)	Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $9 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.



	December 31, 2014(4)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		OTTI in AOCI (3)
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	83,372	$	8,711	$	1	$	92,082	$	—
Obligations of U.S. states and their political subdivisions	310,518		15,323		187		325,654		—
Foreign government bonds	35,228		3,284		14		38,498		—
Public utilities	683,652		62,060		3,288		742,424		—
Redeemable preferred stock	3,185		763		137		3,811		—
All other U.S. public corporate securities	2,042,843		143,969		10,280		2,176,532		(247		)
All other U.S. private corporate securities	983,361		47,266		2,106		1,028,521		—
All other foreign public corporate securities	182,884		12,468		1,019		194,333		—
All other foreign private corporate securities	534,716		24,236		7,415		551,537		—
Asset-backed securities (1)	395,180		8,281		1,210		402,251		(3,531		)
Commercial mortgage-backed securities	482,769		17,978		1,868		498,879		—
Residential mortgage-backed securities (2)	129,165		10,902		25		140,042		(836		)
Total fixed maturities, available-for-sale	$	5,866,873	$	355,241	$	27,550	$	6,194,564	$	(4,614	)
Equity securities, available-for-sale
Common stocks:
Mutual funds	$	28,470	$	468	$	295	$	28,643
Public utilities	66		23		—		89
Industrial, miscellaneous & other	5		173		—		178
Non-redeemable preferred stocks	340		250		—		590
Total equity securities, available-for-sale	$	28,881	$	914	$	295	$	29,500


(1)	Includes credit-tranched securities collateralized by sub-prime mortgages, auto loans, credit cards, education loans, and other asset types.


(2)	Includes publicly-traded agency pass-through securities and collateralized mortgage obligations.


(3)	Represents the amount of OTTI losses in AOCI, which were not included in earnings. Amount excludes $10 million of net unrealized gains on impaired available-for-sale securities relating to changes in the value of such securities subsequent to the impairment measurement date.


(4)	Prior period amounts are presented on a basis consistent with the current period presentation.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturities by contractual maturities at December 31, 2015, are as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
	(in thousands)
Due in one year or less	$	264,119	$	262,759
Due after one year through five years	1,133,468		1,171,399
Due after five years through ten years	1,423,371		1,418,482
Due after ten years	3,012,167		3,026,062
Asset-backed securities	431,578		435,131
Commercial mortgage-backed securities	396,160		404,345
Residential mortgage-backed securities	114,943		122,754
Total	$	6,775,806	$	6,840,932

Sources of Fixed Maturity Proceeds, Related Investment Gains (Losses), and Losses on Impairments of Fixed Maturities and Equity Securities

The following table depicts the sources of fixed maturity and equity security proceeds and related investment gains (losses), as well as losses on impairments of both fixed maturities and equity securities:



	2015			2014			2013
				(in thousands)
Fixed maturities, available-for-sale
Proceeds from sales	$	171,589		$	245,618		$	816,125
Proceeds from maturities/repayments	642,503			656,249			760,433
Gross investment gains from sales, prepayments and maturities	12,496			20,394			60,261
Gross investment losses from sales and maturities	(1,528		)	(2,704		)	(22,380		)
Equity securities, available-for-sale
Proceeds from sales	$	5,732		$	17,873		$	13,606
Gross investment gains from sales	400			1,085			1,337
Gross investment losses from sales	—			—			(791		)
Fixed maturity and equity security impairments
Net writedowns for other-than-temporary impairment losses on fixed maturities recognized in earnings (1)	$	(1,463	)	$	(127	)	$	(4,441	)
Writedowns for impairments on equity securities	(3		)	—			(67		)


(1)	Excludes the portion of OTTI recorded in “Other comprehensive income (loss),” representing any difference between the fair value of the impaired debt security and the net present value of its projected future cash flows at the time of the impairment.

Credit Losses Recognized in Earnings on Fixed Maturity Securities Held by the Company for which a Portion of the OTTI Loss was Recognized in OCI

The following table sets forth the amount of pre-tax credit loss impairments on fixed maturity securities held by the Company as of the dates indicated, for which a portion of the OTTI loss was recognized in OCI, and the corresponding changes in such amounts.



	Year Ended December 31,
	2015			2014
	(in thousands)
Balance, beginning of period	$	8,729		$	14,660
Credit loss impairments previously recognized on securities which matured, paid down, prepaid or were sold during the period	(1,719		)	(6,533		)
Credit loss impairments recognized in the current period on securities not previously impaired	—			—
Additional credit loss impairments recognized in the current period on securities previously impaired	71			—
Increases due to the passage of time on previously recorded credit losses	213			1,098
Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected	(253		)	(496		)
Balance, end of period	$	7,041		$	8,729

Trading Account Assets Disclosure

The following table sets forth the composition of “Trading account assets” as of the dates indicated:



	December 31, 2015				December 31, 2014
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Fixed maturities	$	50,565	$	46,364	$	43,490	$	44,121
Equity securities	14,761		18,248		3,447		5,540
Total trading account assets	$	65,326	$	64,612	$	46,937	$	49,661

Commercial Mortgage and Other Loans

The Company’s commercial mortgage and other loans are comprised as follows, as of the dates indicated:



	December 31, 2015					December 31, 2014
	Amount (in thousands)			% of Total		Amount (in thousands)			% of Total
Commercial mortgage and agricultural property loans by property type:
Retail	$	440,767		26.7	%	$	439,679		26.2	%
Apartments/Multi-Family	445,379			27.0		401,568			23.9
Industrial	254,884			15.4		286,104			17.1
Office	226,332			13.6		244,072			14.6
Other	92,581			5.6		99,083			5.9
Hospitality	85,910			5.2		92,126			5.5
Total commercial mortgage loans	1,545,853			93.5		1,562,632			93.2
Agricultural property loans	106,623			6.5		114,665			6.8
Total commercial mortgage and agricultural property loans by property type	1,652,476			100.0	%	1,677,297			100.0	%
Valuation allowance	(2,651		)			(4,154		)
Total net commercial mortgage and agricultural property loans by property type	1,649,825					1,673,143
Other loans
Uncollateralized loans	8,410					8,410
Valuation allowance	—					—
Total net other loans	8,410					8,410
Total commercial mortgage and other loans	$	1,658,235				$	1,681,553

Allowance for Losses

Activity in the allowance for credit losses for all commercial mortgage and other loans, as of the dates indicated, is as follows:



	December 31, 2015			December 31, 2014			December 31, 2013
	(in thousands)
Allowance for credit losses, beginning of year	$	4,154		$	8,904		$	6,028
Addition to (release of) allowance for losses	(1,503		)	(1,832		)	2,876
Charge-offs, net of recoveries	—			(2,918		)	—
Total ending balance (1)	$	2,651		$	4,154		$	8,904


(1)	Agricultural loans represent less than $0.1 million of the ending allowance at both December 31, 2015 and 2014 and $0.3 million at December 31, 2013.

Allowance for Credit Losses and Recorded Investment in Commercial Mortgage and Other Loans

The following tables set forth the allowance for credit losses and the recorded investment in commercial mortgage and other loans as of the dates indicated:



	December 31, 2015		December 31, 2014
	(in thousands)
Allowance for Credit Losses:
Individually evaluated for impairment (1)	$	—	$	940
Collectively evaluated for impairment (2)	2,651		3,214
Total ending balance	$	2,651	$	4,154
Recorded Investment (3):
Gross of reserves: individually evaluated for impairment (1)	$	287	$	15,875
Gross of reserves: collectively evaluated for impairment (2)	1,660,599		1,669,832
Total ending balance, gross of reserves	$	1,660,886	$	1,685,707


(1)	There were $0.3 million and $0.0 million agricultural loans individually evaluated for impairment at December 31, 2015 and 2014, respectively. There were no uncollateralized loans individually evaluated for impairment at both December 31, 2015 and 2014.

(2)

Agricultural loans collectively evaluated for impairment had a recorded investment of $107 million and $115 million at December 31, 2015 and 2014, respectively, and a related allowance of less than $0.1 million at both period ends. Uncollateralized loans collectively evaluated for impairment had a recorded investment of $8 million at both December 31, 2015 and 2014, and no related allowance at both period ends.


(3)	Recorded investment reflects the balance sheet carrying value gross of related allowance.

Credit Quality Indicators

Total commercial mortgage and agricultural property loans



	Debt Service Coverage Ratio - December 31, 2015
	Greater than 1.2X		1.0X to <1.2X		Less than 1.0X		Total
	(in thousands)
Loan-to-Value Ratio
0%-59.99%	$	1,004,751	$	35,579	$	6,762	$	1,047,092
60%-69.99%	378,799		4,969		4,016		387,784
70%-79.99%	197,208		12,471		—		209,679
Greater than 80%	—		2,938		4,983		7,921
Total commercial mortgage and agricultural property loans	$	1,580,758	$	55,957	$	15,761	$	1,652,476



	Debt Service Coverage Ratio - December 31, 2014
	Greater than 1.2X		1.0X to <1.2X		Less than 1.0X		Total
	(in thousands)
Loan-to-Value Ratio
0%-59.99%	$	997,610	$	24,491	$	9,393	$	1,031,494
60%-69.99%	372,958		15,741		13,981		402,680
70%-79.99%	177,956		31,463		3,493		212,912
Greater than 80%	2,991		22,068		5,152		30,211
Total commercial mortgage and agricultural property loans	$	1,551,515	$	93,763	$	32,019	$	1,677,297

Schedule Of Other Long Term Investments

The following table sets forth the composition of “Other long-term investments” at December 31 for the years indicated.



	2015		2014
	(in thousands)
Company’s investment in separate accounts	$	28,567	$	25,761
Joint ventures and limited partnerships	280,570		244,330
Derivatives	70,100		28,052
Total other long-term investments	$	379,237	$	298,143

Net Investment Income

Net investment income for the years ended December 31, was from the following sources:



	2015			2014			2013
	(in thousands)
Fixed maturities, available-for-sale	$	269,073		$	262,532		$	278,747
Equity securities, available-for-sale	2			2			1
Trading account assets	2,800			1,018			657
Commercial mortgage and other loans	86,354			81,848			84,006
Policy loans	62,304			60,847			59,287
Short-term investments and cash equivalents	1,042			528			654
Other long-term investments	17,739			16,962			15,023
Gross investment income	439,314			423,737			438,375
Less: investment expenses	(22,727		)	(19,719		)	(19,364		)
Net investment income	$	416,587		$	404,018		$	419,011

Realized Gain (Loss) on Investments

Realized investment gains (losses), net, for the years ended December 31, were from the following sources:



	2015			2014		2013
	(in thousands)
Fixed maturities	$	9,505		$	17,563	$	33,440
Equity securities	397			1,085		480
Commercial mortgage and other loans	1,503			4,644		5,494
Joint ventures and limited partnerships	320			210		(83		)
Derivatives	(220,292		)	90,556		(52,799		)
Other	29			9		18
Realized investment gains (losses), net	$	(208,538	)	$	114,067	$	(13,450	)

Components of Accumulated Other Comprehensive Income

The balance of and changes in each component of “Accumulated other comprehensive income (loss)” for the years ended December 31, are as follows:



	Accumulated Other Comprehensive Income (Loss)
	Foreign Currency Translation Adjustment			Net Unrealized Investment Gains (Losses) (1)			Total Accumulated Other Comprehensive Income (Loss)
	(in thousands)
Balance, December 31, 2012	$	257		$	267,204		$	267,461
Change in component during period (2)	146			(210,961		)	(210,815		)
Balance, December 31, 2013	$	403		$	56,243		$	56,646
Change in component during period (2)	(470		)	122,515			122,045
Balance, December 31, 2014	$	(67	)	$	178,758		$	178,691
Change in other comprehensive income before reclassifications	(507		)	(164,799		)	(165,306		)
Amounts reclassified from AOCI	—			(9,902		)	(9,902		)
Income tax benefit (expense)	177			61,145			61,322
Balance, December 31, 2015	$	(397	)	$	65,202		$	64,805


(1)	Includes cash flow hedges of $48 million, $12 million, and $(5) million as of December 31, 2015, 2014 and 2013, respectively.


(2)	Net of taxes.

Reclassification Out Of Accumulated Other Comprehensive Income

Reclassifications out of Accumulated Other Comprehensive Income (Loss)



	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
	(in thousands)
Amounts reclassified from AOCI (1)(2):
Net unrealized investment gains (losses):
Cash flow hedges—Currency/Interest rate (3)	$	4,286	$	6,594	$	329
Net unrealized investment gains (losses) on available-for-sale securities (4)	5,616		12,055		33,591
Total net unrealized investment gains (losses)	9,902		18,649		33,920
Total reclassifications for the period	$	9,902	$	18,649	$	33,920


(1)	All amounts are shown before tax.


(2)	Positive amounts indicate gains/benefits reclassified out of AOCI. Negative amounts indicate losses/costs reclassified out of AOCI.


(3)	See Note 10 for additional information on cash flow hedges.


(4)	See table below for additional information on unrealized investment gains (losses), including the impact on deferred policy acquisition and other costs, future policy benefits and policyholders’ account balances.

Net Unrealized Investment Gain (Loss) AOCI Rollforward

The amounts for the periods indicated below, split between amounts related to fixed maturity securities on which an OTTI loss has been recognized, and all other net unrealized investment gains and losses, are as follows:

Net Unrealized Investment Gains and Losses on Fixed Maturity Securities on which an OTTI loss has been recognized



	Net Unrealized Gains (Losses) on Investments			Deferred Policy Acquisition Costs and Other Costs			Future Policy Benefits and Policyholders’ Account Balances(2)			Deferred Income Tax (Liability) Benefit			Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2012	$	(618	)	$	295		$	563		$	(115	)	$	125
Net investment gains (losses) on investments arising during the period	1,053			—			—			(369		)	684
Reclassification adjustment for (gains) losses included in net income	4,114			—			—			(1,440		)	2,674
Reclassification adjustment for OTTI losses excluded from net income(1)	(51		)	—			—			18			(33		)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	—			(3,619		)	—			1,266			(2,353		)
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders’ account balances	—			—			1,256			(439		)	817
Balance, December 31, 2013	$	4,498		$	(3,324	)	$	1,819		$	(1,079	)	$	1,914
Net investment gains (losses) on investments arising during the period	996			—			—			(348		)	648
Reclassification adjustment for (gains) losses included in net income	(161		)	—			—			56			(105		)
Reclassification adjustment for OTTI losses excluded from net income(1)	—			—			—			—			—
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	—			786			—			(275		)	511
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders’ account balances	—			—			(591		)	206			(385		)
Balance, December 31, 2014	$	5,333		$	(2,538	)	$	1,228		$	(1,440	)	$	2,583
Net investment gains (losses) on investments arising during the period	107			—			—			(37		)	70
Reclassification adjustment for (gains) losses included in net income	(251		)	—			—			88			(163		)
Reclassification adjustment for OTTI losses excluded from net income(1)	7			—			—			(2		)	5
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	—			1,188			—			(416		)	772
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders’ account balances	—			—			(114		)	40			(74		)
Balance, December 31, 2015	$	5,196		$	(1,350	)	$	1,114		$	(1,767	)	$	3,193


(1)	Represents "transfers in" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.


(2)	Balances are net of reinsurance.

All Other Net Unrealized Investment Gain (Loss) AOCI Rollforward

All Other Net Unrealized Investment Gains and Losses in AOCI



	Net Unrealized Gains (Losses) on Investments(2)			Deferred Policy Acquisition Costs and Other Costs			Future Policy Benefits and Policyholders’ Account Balances(3)			Deferred Income Tax (Liability) Benefit			Accumulated Other Comprehensive Income (Loss) Related To Net Unrealized Investment Gains (Losses)
	(in thousands)
Balance, December 31, 2012	$	505,100		$	(220,208	)	$	125,833		$	(143,646	)	$	267,079
Net investment gains (losses) on investments arising during the period	(343,964		)	—			—			120,388			(223,576		)
Reclassification adjustment for (gains) losses included in net income	(38,034		)	—			—			13,312			(24,722		)
Reclassification adjustment for OTTI losses excluded from net income(1)	51			—			—			(18		)	33
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	—			177,178			—			(62,012		)	115,166
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders’ account balances	—			—			(122,540		)	42,889			(79,651		)
Balance, December 31, 2013	$	123,153		$	(43,030	)	$	3,293		$	(29,087	)	$	54,329
Net investment gains (losses) on investments arising during the period	239,912			—			—			(83,969		)	155,943
Reclassification adjustment for (gains) losses included in net income	(18,488		)	—			—			6,471			(12,017		)
Reclassification adjustment for OTTI losses excluded from net income(1)	—			—			—			—			—
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	—			(69,799		)	—			24,430			(45,369		)
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders’ account balances	—			—			35,829			(12,540		)	23,289
Balance, December 31, 2014	$	344,577		$	(112,829	)	$	39,122		$	(94,695	)	$	176,175
Net investment gains (losses) on investments arising during the period	(223,082		)	—			—			78,078			(145,004		)
Reclassification adjustment for (gains) losses included in net income	(9,651		)	—			—			3,378			(6,273		)
Reclassification adjustment for OTTI losses excluded from net income(1)	(7		)	—			—			2			(5		)
Impact of net unrealized investment (gains) losses on deferred policy acquisition costs and other costs	—			93,577			—			(32,752		)	60,825
Impact of net unrealized investment (gains) losses on future policy benefits and policyholders’ account balances	—			—			(36,475		)	12,766			(23,709		)
Balance, December 31, 2015	$	111,837		$	(19,252	)	$	2,647		$	(33,223	)	$	62,009


(1)	Represents "transfers in" related to the portion of OTTI losses recognized during the period that were not recognized in earnings for securities with no prior OTTI loss.


(2)	Includes cash flow hedges. See Note 10 for information on cash flow hedges.


(3)	Balances are net of reinsurance.

Unrealized Gains and (Losses) on Investments

The table below presents net unrealized gains (losses) on investments by asset class as of the dates indicated:



	2015			2014		2013

	(in thousands)
Fixed maturity securities on which an OTTI loss has been recognized	$	5,196		$	5,333	$	4,498
Fixed maturity securities, available-for-sale—all other	59,930			322,358		107,970
Equity securities, available-for-sale	(2,636		)	619		204
Derivatives designated as cash flow hedges(1)	48,271			11,585		(4,701		)
Other investments	6,272			10,015		19,680
Net unrealized gains (losses) on investments	$	117,033		$	349,910	$	127,651


(1)	See Note 10 for more information on cash flow hedges.

Duration Of Gross Unrealized Losses On Fixed Maturity Securities Disclosures

The following table shows the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity securities and equity securities have been in a continuous unrealized loss position, at December 31 for the years indicated:



	2015
	Less than twelve months				Twelve months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of
U.S. government authorities and agencies	$	5,985	$	228	$	—	$	—	$	5,985	$	228
Obligations of U.S. states and their political subdivisions	77,756		1,958		—		—		77,756		1,958
Foreign government bonds	44,854		1,940		1,813		851		46,667		2,791
Public utilities	323,086		13,151		26,094		5,251		349,180		18,402
All other U.S. public corporate securities	802,158		49,343		61,110		11,799		863,268		61,142
All other U.S. private corporate securities	323,218		12,476		17,103		1,487		340,321		13,963
All other foreign public corporate securities	121,662		5,098		6,079		1,410		127,741		6,508
All other foreign private corporate securities	284,191		14,234		154,791		28,439		438,982		42,673
Asset-backed securities	249,084		1,565		93,675		1,085		342,759		2,650
Commercial mortgage-backed securities	129,765		2,350		4,221		79		133,986		2,429
Residential mortgage-backed securities	18,435		59		1,519		6		19,954		65
Total	$	2,380,194	$	102,402	$	366,405	$	50,407	$	2,746,599	$	152,809
Equity securities, available-for-sale	$	35,869	$	2,339	$	9,281	$	720	$	45,150	$	3,059

	2014(1)
	Less than twelve months				Twelve months or more				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed maturities, available-for-sale
U.S. Treasury securities and obligations of
U.S. government authorities and agencies	$	994	$	1	$	—	$	—	$	994	$	1
Obligations of U.S. states and their political subdivisions	9,852		125		2,886		62		12,738		187
Foreign government bonds	2,246		14		—		—		2,246		14
Public utilities	30,974		1,618		45,756		1,670		76,730		3,288
All other U.S. public corporate securities	130,922		3,385		221,396		6,895		352,318		10,280
All other U.S. private corporate securities	73,317		1,475		26,781		631		100,098		2,106
All other foreign public corporate securities	15,768		1,019		—		—		15,768		1,020
All other foreign private corporate securities	136,341		7,315		12,808		237		149,149		7,551
Asset-backed securities	209,774		737		54,711		473		264,485		1,210
Commercial mortgage-backed securities	15,824		155		87,606		1,713		103,430		1,868
Residential mortgage-backed securities	776		11		3,878		14		4,654		25
Total	$	626,788	$	15,855	$	455,822	$	11,695	$	1,082,610	$	27,550
Equity securities, available-for-sale	$	14,706	$	295	$	—	$	—	$	14,706	$	295


(1)	Prior period amounts are presented on a basis consistent with the current period presentation.

Securities Pledged

At December 31, the carrying value of investments pledged to third parties as reported in the Consolidated Statements of Financial Position included the following:



	2015		2014
	(in thousands)
Fixed maturity securities, available-for-sale	$	38,421	$	63,100
Total securities pledged	$	38,421	$	63,100