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Investments (Tables)
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Fixed Maturities and Equity Securities, Available-for-sale Securities
The following tables set forth information relating to fixed maturities and equity securities (excluding investments classified as trading), as of the dates indicated:
 
 
December 31, 2017
 
 
Amortized
Cost or 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
 
$
95,851

 
$
3,964

 
$
0

 
$
99,815

 
$
0

Obligations of U.S. states and their political subdivisions
 
597,254

 
38,204

 
0

 
635,458

 
0

Foreign government bonds
 
128,058

 
7,536

 
496

 
135,098

 
0

Public utilities
 
677,702

 
61,588

 
1,058

 
738,232

 
0

Redeemable preferred stock
 
4,053

 
957

 
0

 
5,010

 
0

All other U.S. public corporate securities
 
1,254,140

 
105,524

 
2,580

 
1,357,084

 
(215
)
All other U.S. private corporate securities
 
710,424

 
18,306

 
1,644

 
727,086

 
0

All other foreign public corporate securities
 
168,399

 
12,522

 
732

 
180,189

 
0

All other foreign private corporate securities
 
737,037

 
41,405

 
9,598

 
768,844

 
0

Asset-backed securities(1)
 
179,935

 
2,519

 
26

 
182,428

 
(138
)
Commercial mortgage-backed securities
 
320,223

 
5,148

 
2,539

 
322,832

 
0

Residential mortgage-backed securities(2)
 
68,868

 
2,527

 
169

 
71,226

 
(220
)
Total fixed maturities, available-for-sale
 
$
4,941,944

 
$
300,200

 
$
18,842

 
$
5,223,302

 
$
(573
)
Equity securities, available-for-sale:
 
 
 
 
 
 
 
 
 
 
Common stocks:
 
 
 
 
 
 
 
 
 
 
Mutual funds
 
$
20,700

 
$
2,291

 
$
0

 
$
22,991

 
 
Public utilities
 
54

 
40

 
0

 
94

 
 
Industrial, miscellaneous & other
 
0

 
37

 
0

 
37

 
 
Total equity securities, available-for-sale
 
$
20,754

 
$
2,368

 
$
0

 
$
23,122

 
 
(1)
Includes credit-tranched securities collateralized by loan obligations, 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 unrealized losses remaining in AOCI, from the impairment measurement date. Amount excludes $2.2 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, 2016
 
 
Amortized
Cost or 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
 
$
154,180

 
$
6,593

 
$
33

 
$
160,740

 
$
0

Obligations of U.S. states and their political subdivisions
 
618,447

 
14,592

 
6,553

 
626,486

 
0

Foreign government bonds
 
111,025

 
2,143

 
4,386

 
108,782

 
0

Public utilities
 
706,536

 
33,950

 
10,519

 
729,967

 
0

Redeemable preferred stock
 
4,136

 
834

 
156

 
4,814

 
0

All other U.S. public corporate securities
 
1,802,350

 
67,908

 
28,846

 
1,841,412

 
(215
)
All other U.S. private corporate securities
 
714,776

 
14,555

 
7,702

 
721,629

 
(236
)
All other foreign public corporate securities
 
216,428

 
7,371

 
4,127

 
219,672

 
0

All other foreign private corporate securities
 
577,761

 
4,866

 
33,455

 
549,172

 
0

Asset-backed securities(1)
 
184,414

 
5,164

 
562

 
189,016

 
(2,534
)
Commercial mortgage-backed securities
 
382,717

 
5,783

 
5,829

 
382,671

 
0

Residential mortgage-backed securities(2)
 
80,141

 
3,355

 
308

 
83,188

 
(274
)
Total fixed maturities, available-for-sale
 
$
5,552,911

 
$
167,114

 
$
102,476

 
$
5,617,549

 
$
(3,259
)
Equity securities, available-for-sale:
 
 
 
 
 
 
 
 
 
 
Common stocks:
 
 
 
 
 
 
 
 
 
 
Mutual funds
 
$
16,324

 
$
441

 
$
124

 
$
16,641

 
 
Public utilities
 
66

 
2

 
28

 
40

 
 
Industrial, miscellaneous & other
 
0

 
75

 
0

 
75

 
 
Total equity securities, available-for-sale
 
$
16,390

 
$
518

 
$
152

 
$
16,756

 
 

(1)
Includes credit-tranched securities collateralized by loan obligations, 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 unrealized losses remaining in AOCI, from the impairment measurement date. Amount excludes $8.1 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.
Duration Of Gross Unrealized Losses On Fixed Maturity and Equity Securities Disclosures
The following tables set forth the fair value and gross unrealized losses aggregated by investment category and length of time that individual fixed maturity and equity securities had been in a continuous unrealized loss position, as of the dates indicated:
 
 
December 31, 2017
 
 
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
 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

Obligations of U.S. states and their political subdivisions
 
0

 
0

 
0

 
0

 
0

 
0

Foreign government bonds
 
16,522

 
210

 
11,959

 
286

 
28,481

 
496

Public utilities
 
26,466

 
380

 
27,354

 
678

 
53,820

 
1,058

Redeemable preferred stock
 
0

 
0

 
0

 
0

 
0

 
0

All other U.S. public corporate securities
 
36,100

 
304

 
102,490

 
2,276

 
138,590

 
2,580

All other U.S. private corporate securities
 
79,495

 
781

 
36,642

 
863

 
116,137

 
1,644

All other foreign public corporate securities
 
27,078

 
190

 
8,390

 
542

 
35,468

 
732

All other foreign private corporate securities
 
48,109

 
472

 
133,055

 
9,126

 
181,164

 
9,598

Asset-backed securities
 
6,351

 
22

 
317

 
4

 
6,668

 
26

Commercial mortgage-backed securities
 
49,823

 
285

 
93,403

 
2,254

 
143,226

 
2,539

Residential mortgage-backed securities
 
8,030

 
28

 
6,160

 
141

 
14,190

 
169

Total fixed maturities, available-for-sale
 
$
297,974

 
$
2,672

 
$
419,770

 
$
16,170

 
$
717,744

 
$
18,842

Equity securities, available-for-sale
 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
$
0

 
 
December 31, 2016
 
 
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
 
$
603

 
$
33

 
$
0

 
$
0

 
$
603

 
$
33

Obligations of U.S. states and their political subdivisions
 
239,146

 
6,553

 
0

 
0

 
239,146

 
6,553

Foreign government bonds
 
81,074

 
4,055

 
1,690

 
331

 
82,764

 
4,386

Public utilities
 
207,226

 
7,847

 
21,394

 
2,672

 
228,620

 
10,519

Redeemable preferred stock
 
0

 
0

 
0

 
156

 
0

 
156

All other U.S. public corporate securities
 
568,763

 
20,695

 
73,575

 
8,151

 
642,338

 
28,846

All other U.S. private corporate securities
 
232,561

 
6,082

 
29,071

 
1,620

 
261,632

 
7,702

All other foreign public corporate securities
 
86,492

 
3,188

 
5,433

 
939

 
91,925

 
4,127

All other foreign private corporate securities
 
236,512

 
13,604

 
101,858

 
19,851

 
338,370

 
33,455

Asset-backed securities
 
37,355

 
492

 
49,346

 
70

 
86,701

 
562

Commercial mortgage-backed securities
 
191,674

 
5,827

 
947

 
2

 
192,621

 
5,829

Residential mortgage-backed securities
 
36,224

 
302

 
1,045

 
6

 
37,269

 
308

Total fixed maturities, available-for-sale
 
$
1,917,630

 
$
68,678

 
$
284,359

 
$
33,798

 
$
2,201,989

 
$
102,476

Equity securities, available-for-sale
 
$
0

 
$
0

 
$
2,965

 
$
152

 
$
2,965

 
$
152
Investments Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of fixed maturities by contractual maturities, as of the date indicated:
 
 
December 31, 2017
 
 
Amortized Cost
 
Fair Value
 
 
(in thousands)
Fixed maturities, available-for-sale:
 
 
 
 
Due in one year or less
 
$
87,018

 
$
87,741

Due after one year through five years
 
707,958

 
722,359

Due after five years through ten years
 
1,064,550

 
1,107,779

Due after ten years
 
2,513,392

 
2,728,937

Asset-backed securities
 
179,935

 
182,428

Commercial mortgage-backed securities
 
320,223

 
322,832

Residential mortgage-backed securities
 
68,868

 
71,226

Total fixed maturities, available-for-sale
 
$
4,941,944

 
$
5,223,302
Sources of Fixed Maturity Proceeds, Related Investment Gains (Losses), and Losses on Impairments of Fixed Maturities and Equity Securities
The following table sets forth 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, for the periods indicated:
 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
 
 
 
 
(in thousands)
 
 
Fixed maturities, available-for-sale:
 
 
 
 
 
 
Proceeds from sales(1)
 
$
569,151

 
$
833,562

 
$
171,589

Proceeds from maturities/prepayments
 
492,944

 
495,969

 
642,503

Gross investment gains from sales and maturities
 
44,458

 
94,262

 
12,496

Gross investment losses from sales and maturities
 
(9,956
)
 
(10,475
)
 
(1,528
)
OTTI recognized in earnings(2)
 
(7,379
)
 
(17,677
)
 
(1,463
)
Equity securities, available-for-sale:
 
 
 
 
 
 
Proceeds from sales(3)
 
$
510

 
$
34,618

 
$
5,732

Gross investment gains from sales
 
11

 
363

 
400

Gross investment losses from sales
 
0

 
(1,933
)
 
0

OTTI recognized in earnings
 
(136
)
 
0

 
(3
)
(1)
Includes $(0.1) million, $(1.5) million and $0.4 million of non-cash related proceeds for the years ended December 31, 2017, 2016 and 2015, respectively.
(2)
Excludes the portion of OTTI recorded in OCI 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.
(3)
Includes $(0.0) million of non-cash related proceeds for the year ended December 31, 2015. There were no non-cash related proceeds for the years ended December 31, 2017 and 2016.
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 for which a portion of the OTTI loss was recognized in OCI and the corresponding changes in such amounts, for the periods indicated: 
 
 
Years Ended December 31,
 
 
2017
 
2016
 
 
(in thousands)
Credit loss impairments:
 
 
 
 
Balance, beginning of period
 
$
5,520

 
$
7,041

New credit loss impairments
 
424

 
522

Additional credit loss impairments on securities previously impaired
 
664

 
6

Increases due to the passage of time on previously recorded credit losses
 
106

 
242

Reductions for securities which matured, paid down, prepaid or were sold during the period
 
(1,909
)
 
(1,294
)
Reductions for securities impaired to fair value during the period(1)
 
(327
)
 
0

Accretion of credit loss impairments previously recognized due to an increase in cash flows expected to be collected
 
(104
)
 
(339
)
Assets transferred to parent and affiliates
 
0

 
(658
)
Balance, end of period
 
$
4,374

 
$
5,520


(1)
Represents circumstances where the Company determined in the current period that it intends to sell the security or it is more likely than not that it will be required to sell the security before recovery of the security's amortized cost.
Trading Account Assets Disclosure
The following table sets forth the composition of “Trading account assets,” as of the dates indicated: 
 
 
December 31, 2017
 
December 31, 2016
 
 
Amortized
Cost or Cost
 
Fair
Value
 
Amortized
Cost or Cost
 
Fair
Value
 
 
(in thousands)
Fixed maturities
 
$
38,279

 
$
38,793

 
$
23,555

 
$
19,558

Equity securities
 
11,940

 
17,488

 
11,929

 
15,770

Total trading account assets
 
$
50,219

 
$
56,281

 
$
35,484

 
$
35,328
Commercial Mortgage and Other Loans
The following table sets forth the composition of “Commercial mortgage and other loans,” as of the dates indicated:
 
 
December 31, 2017
 
December 31, 2016
 
 
Amount
(in thousands)
 
% of
Total
 
Amount
(in thousands)
 
% of
Total
Commercial mortgage and agricultural property loans by property type:
 
 
 
 
 
 
 
 
Apartments/Multi-Family
 
$
356,694

 
32.9
%
 
$
318,667

 
27.7
%
Hospitality
 
16,529

 
1.5

 
54,597

 
4.7

Industrial
 
180,619

 
16.7

 
185,682

 
16.1

Office
 
159,646

 
14.7

 
161,980

 
14.1

Other
 
99,119

 
9.1

 
124,465

 
10.8

Retail
 
205,367

 
18.9

 
243,225

 
21.1

Total commercial mortgage loans
 
1,017,974

 
93.8

 
1,088,616

 
94.5

Agricultural property loans
 
67,239

 
6.2

 
63,323

 
5.5

Total commercial mortgage and agricultural property loans by property type
 
1,085,213

 
100.0
%
 
1,151,939

 
100.0
%
Valuation allowance
 
(1,794
)
 
 
 
(1,558
)
 
 
Total commercial mortgage and other loans
 
$
1,083,419

 
 
 
$
1,150,381

 
 
Allowance for Losses
The following tables set forth the activity in the allowance for credit losses for commercial mortgage and other loans, as of the dates indicated: 
 
 
December 31, 2017
 
 
Commercial Mortgage Loans
 
Agricultural Property Loans
 
Total
 
 
(in thousands)
Allowance for credit losses:
 
 
 
 
 
 
Balance, beginning of year
 
$
1,513

 
$
45

 
$
1,558

Addition to (release of) allowance for losses
 
215

 
21

 
236

Charge-offs, net of recoveries
 
0

 
0

 
0

Total ending balance
 
$
1,728

 
$
66

 
$
1,794

 
 
December 31, 2016
 
 
Commercial Mortgage Loans
 
Agricultural Property Loans
 
Total
 
 
(in thousands)
Allowance for credit losses:
 
 
 
 
 
 
Balance, beginning of year
 
$
2,587

 
$
64

 
$
2,651

Addition to (release of) allowance for losses
 
(1,074
)
 
(19
)
 
(1,093
)
Charge-offs, net of recoveries
 
0

 
0

 
0

Total ending balance
 
$
1,513

 
$
45

 
$
1,558
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, 2017
 
 
Commercial Mortgage Loans
 
Agricultural Property Loans
 
Total
 
 
(in thousands)
Allowance for credit losses:
 
 
 
 
 
 
Individually evaluated for impairment
 
$
0

 
$
0

 
$
0

Collectively evaluated for impairment
 
1,728

 
66

 
1,794

Total ending balance(1)
 
$
1,728

 
$
66

 
$
1,794

Recorded investment(2):
 
 
 
 
 
 
Individually evaluated for impairment
 
$
2,316

 
$
1,153

 
$
3,469

Collectively evaluated for impairment
 
1,015,658

 
66,086

 
1,081,744

Total ending balance(1)
 
$
1,017,974

 
$
67,239

 
$
1,085,213


(1)
As of December 31, 2017, there were no loans acquired with deteriorated credit quality.
(2)
Recorded investment reflects the carrying value gross of related allowance.
 
 
December 31, 2016
 
 
Commercial Mortgage Loans
 
Agricultural Property Loans
 
Total
 
 
(in thousands)
Allowance for credit losses:
 
 
 
 
 
 
Individually evaluated for impairment
 
$
0

 
$
0

 
$
0

Collectively evaluated for impairment
 
1,513

 
45

 
1,558

Total ending balance(1)
 
$
1,513

 
$
45

 
$
1,558

Recorded investment(2):
 
 
 
 
 
 
Individually evaluated for impairment
 
$
2,528

 
$
0

 
$
2,528

Collectively evaluated for impairment
 
1,086,088

 
63,323

 
1,149,411

Total ending balance(1)
 
$
1,088,616

 
$
63,323

 
$
1,151,939



(1)
As of December 31, 2016, there were no loans acquired with deteriorated credit quality.
(2)
Recorded investment reflects the carrying value gross of related allowance.
Credit Quality Indicators
The following tables set forth certain key credit quality indicators for commercial mortgage and agricultural property loans based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:
 
 
December 31, 2017
 
 
Debt Service Coverage Ratio
 
 
 
 
> 1.2X
 
1.0X to <1.2X
 
< 1.0X
 
Total
 
 
(in thousands)
Loan-to-Value Ratio:
 
 
 
 
 
 
 
 
0%-59.99%
 
$
606,846

 
$
21,709

 
$
705

 
$
629,260

60%-69.99%
 
333,185

 
9,594

 
2,010

 
344,789

70%-79.99%
 
84,492

 
26,439

 
0

 
110,931

80% or greater
 
0

 
0

 
233

 
233

Total commercial mortgage and agricultural property loans
 
$
1,024,523

 
$
57,742

 
$
2,948

 
$
1,085,213

 
 
 
December 31, 2016
 
 
Debt Service Coverage Ratio
 
 
 
 
> 1.2X
 
1.0X to <1.2X
 
< 1.0X
 
Total
 
 
(in thousands)
Loan-to-Value Ratio:
 
 
 
 
 
 
 
 
0%-59.99%
 
$
732,473

 
$
19,844

 
$
0

 
$
752,317

60%-69.99%
 
267,122

 
7,515

 
900

 
275,537

70%-79.99%
 
88,811

 
30,533

 
0

 
119,344

80% or greater
 
4,503

 
0

 
238

 
4,741

Total commercial mortgage and agricultural property loans
 
$
1,092,909

 
$
57,892

 
$
1,138

 
$
1,151,939
Past Due Financing Receivables
The following tables set forth an aging of past due commercial mortgage and other loans based upon the recorded investment gross of allowance for credit losses, as well as the amount of commercial mortgage and other loans on non-accrual status, as of the dates indicated:
 
 
December 31, 2017
 
 
Current
 
30-59 Days Past Due
 
60-89 Days Past Due
 
90 Days or More Past Due(1)
 
Total Loans
 
Non-Accrual Status(2)
 
 
(in thousands)
Commercial mortgage loans
 
$
1,017,974

 
$
0

 
$
0

 
$
0

 
$
1,017,974

 
$
0

Agricultural property loans
 
67,239

 
0

 
0

 
0

 
67,239

 
0

Total
 
$
1,085,213

 
$
0

 
$
0

 
$
0

 
$
1,085,213

 
$
0


(1)
As of December 31, 2017, there were no loans in this category accruing interest.
(2)
For additional information regarding the Company's policies for accruing interest on loans, see Note 2.
 
 
December 31, 2016
 
 
Current
 
30-59 Days Past Due
 
60-89 Days Past Due
 
90 Days or More Past Due(1)
 
Total Loans
 
Non-Accrual Status(2)
 
 
(in thousands)
Commercial mortgage loans
 
$
1,088,616

 
$
0

 
$
0

 
$
0

 
$
1,088,616

 
$
0

Agricultural property loans
 
63,323

 
0

 
0

 
0

 
63,323

 
0

Total
 
$
1,151,939

 
$
0

 
$
0

 
$
0

 
$
1,151,939

 
$
0


(1)
As of December 31, 2016, there were no loans in this category accruing interest.
(2)
For additional information regarding the Company's policies for accruing interest on loans, see Note 2.
Schedule Of Other Long Term Investments
The following table sets forth the composition of “Other long-term investments,” as of the dates indicated:
 
 
December 31,
 
 
2017
 
2016
 
 
(in thousands)
Company's investment in separate accounts
 
$
37,404

 
$
34,088

Joint ventures and limited partnerships:
 
 
 
 
Private equity
 
159,643

 
139,493

Hedge funds
 
53,792

 
81,104

Real estate-related
 
12,226

 
11,912

Total joint ventures and limited partnerships
 
225,661

 
232,509

Derivatives
 
9

 
77,866

Total other long-term investments
 
$
263,074

 
$
344,463
Net Investment Income
The following table sets forth “Net investment income” by investment type, for the periods indicated: 
 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Fixed maturities, available-for-sale
 
$
230,060

 
$
242,351

 
$
269,073

Equity securities, available-for-sale
 
0

 
1

 
2

Trading account assets
 
1,718

 
2,051

 
2,800

Commercial mortgage and other loans
 
52,127

 
58,940

 
86,354

Policy loans
 
63,884

 
62,735

 
62,304

Short-term investments and cash equivalents
 
1,090

 
1,767

 
1,042

Other long-term investments
 
23,518

 
29,512

 
17,739

Gross investment income
 
372,397

 
397,357

 
439,314

Less: investment expenses
 
(19,987
)
 
(21,407
)
 
(22,727
)
Net investment income
 
$
352,410

 
$
375,950

 
$
416,587
Schedule of Realized Gains (Losses)
The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:
 
 
Years Ended December 31,
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Fixed maturities
 
$
27,123

 
$
66,110

 
$
9,505

Equity securities
 
(125
)
 
(1,570
)
 
397

Commercial mortgage and other loans
 
(337
)
 
29,584

 
1,503

Joint ventures and limited partnerships
 
(221
)
 
(229
)
 
320

Derivatives(1)
 
(106,625
)
 
664,533

 
(220,292
)
Short-term investments and cash equivalents
 
(1
)
 
21

 
29

Realized investment gains (losses), net
 
$
(80,186
)
 
$
758,449

 
$
(208,538
)


(1)
Includes the hedged items offset in qualifying fair value hedge accounting relationships.
Unrealized Gains and (Losses) on Investments
The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated: 
 
 
December 31,
 
 
2017
 
2016
 
2015
 
 
(in thousands)
Fixed maturity securities, available-for-sale—with OTTI

 
$
1,609

 
$
4,883

 
$
5,196

Fixed maturity securities, available-for-sale—all other
 
279,749

 
59,755

 
59,930

Equity securities, available-for-sale
 
2,368

 
366

 
(2,636
)
Derivatives designated as cash flow hedges(1)
 
(17,678
)
 
40,931

 
48,271

Affiliated notes
 
4,782

 
5,056

 
5,064

Other investments
 
3,588

 
1,441

 
1,208

Net unrealized gains (losses) on investments
 
$
274,418

 
$
112,432

 
$
117,033


(1)
See Note 10 for more information on cash flow hedges.
Schedule of Securities Financing Transactions
In the normal course of business, the Company sells securities under agreements to repurchase and enters into securities lending transactions. The following table sets forth the composition of “Securities sold under agreements to repurchase,” as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Remaining Contractual Maturities of the Agreements
 
 
 
Remaining Contractual Maturities of the Agreements
 
 
 
Overnight & Continuous
 
Up to 30 Days
 
Total
 
Overnight & Continuous
 
Up to 30 Days
 
Total
 
(in thousands)
 
(in thousands)
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
0

 
$
0

 
$
0

 
$
68,904

 
$
0

 
$
68,904

Total securities sold under agreements to repurchase(1)
$
0

 
$
0

 
$
0

 
$
68,904

 
$
0

 
$
68,904


(1)
The Company did not have agreements with remaining contractual maturities of thirty days or greater, as of the dates indicated.



The following table sets forth the composition of “Cash collateral for loaned securities,” which represents the liability to return cash collateral received for the following types of securities loaned, as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Remaining Contractual Maturities of the Agreements
 
 
 
Remaining Contractual Maturities of the Agreements
 
 
 
Overnight & Continuous
 
Up to 30 Days
 
Total
 
Overnight & Continuous
 
Up to 30 Days
 
Total
 
(in thousands)
 
(in thousands)
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$
0

 
$
22,460

 
$
22,460

 
$
0

 
$
0

 
$
0

Foreign government bonds
6,157

 
0

 
6,157

 
6,827

 
0

 
6,827

U.S. public corporate securities
4,074

 
0

 
4,074

 
62,584

 
0

 
62,584

Foreign public corporate securities
478

 
0

 
478

 
5,565

 
0

 
5,565

Total cash collateral for loaned securities(1)
$
10,709

 
$
22,460

 
$
33,169

 
$
74,976

 
$
0

 
$
74,976


(1)
The Company did not have agreements with remaining contractual maturities of thirty days or greater, as of the dates indicated.
Securities Pledged
The following table sets forth the carrying value of investments pledged to third parties and the carrying amount of the associated liabilities supported by the pledged collateral, as of the dates indicated:
 
 
December 31,
 
 
2017
 
2016
 
 
(in thousands)
Pledged collateral:
 
 
 
 
Fixed maturity securities, available-for-sale
 
$
32,109

 
$
140,810

Total securities pledged
 
$
32,109

 
$
140,810

Liabilities supported by pledged collateral:
 
 
 
 
Cash collateral for loaned securities
 
$
33,169

 
$
74,976

Securities sold under agreements to repurchase
 
0

 
68,904

Total liabilities supported by pledged collateral
 
$
33,169

 
$
143,880