Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Fixed Maturities, Available-for-sale Securities

The following tables set forth the composition of fixed maturity securities (excluding investments classified as trading), as of the dates indicated:

	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1,010,188	$	21,942	$	83,145	$	0	$	948,985
Obligations of U.S. states and their political subdivisions	752,425		2,787		23,498		0		731,714
Foreign government bonds	323,945		1,146		57,467		0		267,624
U.S. public corporate securities	10,833,337		51,557		878,936		1,232		10,004,726
U.S. private corporate securities	5,256,562		20,051		294,191		185		4,982,237
Foreign public corporate securities	2,178,852		9,138		125,425		233		2,062,332
Foreign private corporate securities	5,154,303		69,870		452,413		0		4,771,760
Asset-backed securities(1)	3,024,574		26,682		8,452		0		3,042,804
Commercial mortgage-backed securities	893,912		4,163		63,558		0		834,517
Residential mortgage-backed securities(2)	393,342		1,824		10,381		0		384,785
Total fixed maturities, available-for-sale	$	29,821,440	$	209,160	$	1,997,466	$	1,650	$	28,031,484

(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.

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

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	1,009,937	$	38,858	$	73,508	$	0	$	975,287
Obligations of U.S. states and their political subdivisions	789,856		5,288		18,517		0		776,627
Foreign government bonds	330,830		1,840		50,684		0		281,986
U.S. public corporate securities	10,159,089		98,047		760,274		950		9,495,912
U.S. private corporate securities	5,207,699		37,435		254,828		812		4,989,494
Foreign public corporate securities	1,809,347		12,658		115,673		238		1,706,094
Foreign private corporate securities	4,902,391		109,806		381,215		0		4,630,982
Asset-backed securities(1)	2,016,028		23,035		11,512		1		2,027,550
Commercial mortgage-backed securities	913,347		4,776		66,345		0		851,778
Residential mortgage-backed securities(2)	399,542		4,016		7,481		7		396,070
Total fixed maturities, available-for-sale	$	27,538,066	$	335,759	$	1,740,037	$	2,008	$	26,131,780

(1)Includes credit-tranched securities collateralized by loan obligations, education loans, auto loans and home equity.

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

Duration Of Gross Unrealized Losses On Fixed Maturity Securities

The following tables set forth the fair value and gross unrealized losses on fixed maturity, available-for-sale securities without an allowance for credit losses aggregated by investment category and length of time that individual fixed maturity securities had

been in a continuous unrealized loss position, as of the dates indicated:

	March 31, 2024
	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	$	97,935	$	2,189	$	206,348	$	80,956	$	304,283	$	83,145
Obligations of U.S. states and their political subdivisions	223,854		2,020		222,390		21,478		446,244		23,498
Foreign government bonds	25,819		805		219,833		56,662		245,652		57,467
U.S. public corporate securities	1,923,127		32,957		5,440,539		845,953		7,363,666		878,910
U.S. private corporate securities	1,166,202		27,298		2,789,185		266,893		3,955,387		294,191
Foreign public corporate securities	240,006		1,856		949,080		123,377		1,189,086		125,233
Foreign private corporate securities	948,742		17,812		2,405,290		434,601		3,354,032		452,413
Asset-backed securities	552,452		2,424		342,617		6,028		895,069		8,452
Commercial mortgage-backed securities	22,085		39		585,189		63,519		607,274		63,558
Residential mortgage-backed securities	61,540		671		150,028		9,710		211,568		10,381
Total fixed maturities, available-for-sale	$	5,261,762	$	88,071	$	13,310,499	$	1,909,177	$	18,572,261	$	1,997,248

	December 31, 2023
	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	$	98,174	$	945	$	214,889	$	72,563	$	313,063	$	73,508
Obligations of U.S. states and their political subdivisions	83,729		293		218,375		18,224		302,104		18,517
Foreign government bonds	10,226		116		233,757		50,568		243,983		50,684
U.S. public corporate securities	782,904		10,009		5,201,353		750,265		5,984,257		760,274
U.S. private corporate securities	707,674		16,613		2,794,697		238,181		3,502,371		254,794
Foreign public corporate securities	92,955		1,063		948,963		114,169		1,041,918		115,232
Foreign private corporate securities	429,212		8,035		2,461,367		373,180		2,890,579		381,215
Asset-backed securities	208,970		1,761		532,814		9,750		741,784		11,511
Commercial mortgage-backed securities	42,621		298		580,931		66,047		623,552		66,345
Residential mortgage-backed securities	35,904		435		124,956		7,046		160,860		7,481
Total fixed maturities, available-for-sale	$	2,492,369	$	39,568	$	13,312,102	$	1,699,993	$	15,804,471	$	1,739,561

Fixed Maturities Classified by Contractual Maturity Date

The following table sets forth the amortized cost and fair value of fixed maturities, available-for-sale by contractual maturities, as of the date indicated:

	March 31, 2024
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	1,729,699	$	1,690,127
Due after one year through five years	9,365,511		9,041,701
Due after five years through ten years	6,980,612		6,650,110
Due after ten years	7,433,790		6,387,440
Asset-backed securities	3,024,574		3,042,804
Commercial mortgage-backed securities	893,912		834,517
Residential mortgage-backed securities	393,342		384,785
Total fixed maturities, available-for-sale	$	29,821,440	$	28,031,484

Sources of Fixed Maturity Proceeds, Realized Investment Gains (Losses), and Losses on Impairments

The following table sets forth the sources of fixed maturity proceeds and related investment gains (losses), as well as losses on write-downs and the allowance for credit losses of fixed maturities, available-for-sale, for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	106,155	$	60,373
Proceeds from maturities/prepayments	437,443		295,128
Gross investment gains from sales and maturities	937		2,672
Gross investment losses from sales and maturities	(8,132)		(11,938)
Write-downs recognized in earnings(2)	0		3
(Addition to) release of allowance for credit losses	358		1,042

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $(8.7) million and $54.9 million for the three months ended March 31, 2024 and 2023, respectively.

(2)Amounts represent write-downs of credit adverse securities and securities actively marketed for sale.

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 tables set forth the activity in the allowance for credit losses for fixed maturity available-for-sale securities, as of the dates indicated:

	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	0	$	2,000	$	1	$	0	$	7	$	2,008
Additions to allowance for credit losses not previously recorded	0		0		57		0		0		0		57
Reductions for securities sold during the period	0		0		(41)		0		0		0		(41)
Additions (reductions) on securities with previous allowance	0		0		(845)		(1)		0		(7)		(853)
Assets transferred to parent and affiliates	0		0		479		0		0		0		479
Balance, end of period	$	0	$	0	$	1,650	$	0	$	0	$	0	$	1,650

	Three Months Ended March 31, 2023
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Bonds		U.S. and Foreign Corporate Securities		Asset-Backed Securities		Commercial Mortgage-Backed Securities		Residential Mortgage-Backed Securities		Total
	(in thousands)
Fixed maturities, available-for-sale:
Balance, beginning of period	$	0	$	5	$	4,755	$	0	$	0	$	9	$	4,769
Additions to allowance for credit losses not previously recorded	0		0		2,923		0		0		0		2,923
Reductions for securities sold during the period	0		(1)		(3,733)		0		0		0		(3,734)
Additions (reductions) on securities with previous allowance	0		(4)		(225)		0		0		(2)		(231)
Balance, end of period	$	0	$	0	$	3,720	$	0	$	0	$	7	$	3,727

Commercial Mortgage and Other Loans

The following table sets forth the composition of “Commercial mortgage and other loans”, as of the dates indicated:

	March 31, 2024				December 31, 2023
	Amount (in thousands)		% of Total		Amount (in thousands)		% of Total
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	1,640,502	26.0	%	$	1,578,785	25.7	%
Hospitality	102,388		1.6		102,952		1.7
Industrial	2,390,837		37.9		2,486,230		40.4
Office	593,748		9.4		604,611		9.8
Other	660,992		10.5		456,720		7.4
Retail	351,806		5.5		363,706		5.9
Total commercial mortgage loans	5,740,273		90.9		5,593,004		90.9
Agricultural property loans	575,293		9.1		562,046		9.1
Total commercial mortgage and agricultural property loans	6,315,566		100.0	%	6,155,050		100.0	%
Allowance for credit losses	(42,682)				(37,689)
Total net commercial mortgage and agricultural property loans	6,272,884				6,117,361
Other loans:
Other collateralized loans	6,978				5,360
Total other loans	6,978				5,360
Total net commercial mortgage and other loans	$	6,279,862			$	6,122,721

The affiliated commercial mortgage loan included in "Commercial mortgage and other loans" at March 31, 2024 and December 31, 2023 were as follows:

	Maturity Date	Interest Rate		March 31, 2024		December 31, 2023
				(in thousands)
Affiliated Commercial Mortgage Loan	2025	9.83	%	$	70,741	$	71,038

Allowance for Credit 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:

	Three Months Ended March 31,
	2024						2023
	Commercial Mortgage Loans		Agricultural Property Loans		Total		Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Allowance, beginning of period	$	36,758	$	931	$	37,689	$	19,665	$	598	$	20,263
Addition to (release of) allowance for expected losses	5,011		(18)		4,993		762		385		1,147
Allowance, end of period	$	41,769	$	913	$	42,682	$	20,427	$	983	$	21,410

Financing Receivable Credit Quality Indicators

The following tables set forth key credit quality indicators based upon the recorded investment gross of allowance for credit losses, as of the dates indicated:

	March 31, 2024
	Amortized Cost by Origination Year
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	968	$	248,758	$	245,290	$	470,775	$	109,045	$	1,197,318	$	0	$	2,272,154
60%-69.99%	206,874		674,670		355,359		463,957		171,819		421,052		0		2,293,731
70%-79.99%	84,613		217,263		133,198		254,023		77,515		103,786		0		870,398
80% or greater	0		0		46,494		73,992		3,834		179,670		0		303,990
Total	$	292,455	$	1,140,691	$	780,341	$	1,262,747	$	362,213	$	1,901,826	$	0	$	5,740,273
Debt Service Coverage Ratio:
Greater than 1.2x	$	252,287	$	1,036,927	$	776,847	$	1,262,747	$	291,472	$	1,759,044	$	0	$	5,379,324
1.0 - 1.2x	40,168		103,764		3,494		0		0		70,021		0		217,447
Less than 1.0x	0		0		0		0		70,741		72,761		0		143,502
Total	$	292,455	$	1,140,691	$	780,341	$	1,262,747	$	362,213	$	1,901,826	$	0	$	5,740,273
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	7,035	$	71,353	$	168,560	$	131,883	$	25,686	$	40,265	$	21,184	$	465,966
60%-69.99%	0		38,302		56,210		0		0		0		14,815		109,327
70%-79.99%	0		0		0		0		0		0		0		0
80% or greater	0		0		0		0		0		0		0		0
Total	$	7,035	$	109,655	$	224,770	$	131,883	$	25,686	$	40,265	$	35,999	$	575,293
Debt Service Coverage Ratio:
Greater than 1.2x	$	6,035	$	109,655	$	222,770	$	130,187	$	23,912	$	40,265	$	35,999	$	568,823
1.0 - 1.2x	1,000		0		2,000		0		1,774		0		0		4,774
Less than 1.0x	0		0		0		1,696		0		0		0		1,696
Total	$	7,035	$	109,655	$	224,770	$	131,883	$	25,686	$	40,265	$	35,999	$	575,293

	December 31, 2023
	Amortized Cost by Origination Year
	2023		2022		2021		2020		2019		Prior		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	249,037	$	245,914	$	482,718	$	109,249	$	265,053	$	1,068,763	$	2,420,734
60%-69.99%	675,153		355,984		449,878		172,721		225,803		206,237		2,085,776
70%-79.99%	218,015		133,343		255,299		77,812		20,924		86,806		792,199
80% or greater	0		47,555		73,702		3,817		16,508		152,713		294,295
Total	$	1,142,205	$	782,796	$	1,261,597	$	363,599	$	528,288	$	1,514,519	$	5,593,004
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,038,315	$	779,282	$	1,261,597	$	292,561	$	497,407	$	1,402,831	$	5,271,993
1.0 - 1.2x	103,890		3,514		0		0		15,632		40,521		163,557
Less than 1.0x	0		0		0		71,038		15,249		71,167		157,454
Total	$	1,142,205	$	782,796	$	1,261,597	$	363,599	$	528,288	$	1,514,519	$	5,593,004
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	73,774	$	179,375	$	132,042	$	25,875	$	15,824	$	25,771	$	452,661
60%-69.99%	47,489		56,210		0		0		0		0		103,699
70%-79.99%	5,686		0		0		0		0		0		5,686
80% or greater	0		0		0		0		0		0		0
Total	$	126,949	$	235,585	$	132,042	$	25,875	$	15,824	$	25,771	$	562,046
Debt Service Coverage Ratio:
Greater than 1.2x	$	126,949	$	233,585	$	130,353	$	24,063	$	15,824	$	25,771	$	556,545
1.0 - 1.2x	0		2,000		0		1,812		0		0		3,812
Less than 1.0x	0		0		1,689		0		0		0		1,689
Total	$	126,949	$	235,585	$	132,042	$	25,875	$	15,824	$	25,771	$	562,046

Aging of Past Due Commercial Mortgage and Other Loans and Nonaccrual Status

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:

	March 31, 2024
	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	$	5,732,181	$	0	$	0	$	8,092	$	5,740,273	$	8,092
Agricultural property loans	571,799		1,301		0		2,193		575,293		3,494
Other collateralized loans	6,978		0		0		0		6,978		0
Total	$	6,310,958	$	1,301	$	0	$	10,285	$	6,322,544	$	11,586

(1)As of March 31, 2024, 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 to the Consolidated Financial Statements included

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

	December 31, 2023
	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	$	5,593,004	$	0	$	0	$	0	$	5,593,004	$	0
Agricultural property loans	562,046		0		0		0		562,046		1,301
Other collateralized loans	5,360		0		0		0		5,360		0
Total	$	6,160,410	$	0	$	0	$	0	$	6,160,410	$	1,301

(1)As of December 31, 2023, 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 to the Consolidated Financial Statements included

in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Other Invested Assets

The following table sets forth the composition of “Other invested assets,” as of the dates indicated:

	March 31, 2024		December 31, 2023
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	336,276	$	333,863
Hedge funds	808,887		720,360
Real estate-related	95,718		83,339
Subtotal equity method	1,240,881		1,137,562
Fair value:
Private equity	48,495		48,483
Hedge funds	76		137
Real estate-related	17,278		18,687
Subtotal fair value	65,849		67,307
Total LPs/LLCs	1,306,730		1,204,869
Derivative instruments	30,769		17,718
Other (1)	454		398
Total other invested assets	$	1,337,953	$	1,222,985

(1)Assets consist of investments in separate account funds.

Accrued Investment Income

The following table sets forth the composition of “Accrued investment income,” as of the dates indicated:

	March 31, 2024		December 31, 2023
	(in thousands)
Fixed maturities	$	290,554	$	272,031
Equity securities	381		220
Commercial mortgage and other loans	22,246		21,070
Policy loans	40,818		35,210
Other invested assets	39		43
Short-term investments and cash equivalents	7,016		5,264
Total accrued investment income	$	361,054	$	333,838

Net Investment Income

The following table sets forth “Net investment income” by investment type, for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Fixed maturities, available-for-sale	$	338,809	$	234,810
Fixed maturities, trading	31,669		17,874
Equity securities	3,747		2,777
Commercial mortgage and other loans	73,758		48,656
Policy loans	14,445		4,996
Other invested assets	23,320		26,099
Short-term investments and cash equivalents	46,315		31,176
Gross investment income	532,063		366,388
Less: investment expenses	(26,743)		(16,938)
Net investment income	$	505,320	$	349,450

Realized Investment Gains (Losses), Net

The following table sets forth “Realized investment gains (losses), net” by investment type, for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Fixed maturities(1)	$	(6,837)	$	(8,221)
Commercial mortgage and other loans	(5,781)		(1,278)
Other invested assets	15,511		5,627
Derivatives	106,097		(118,270)
Short-term investments and cash equivalents	(347)		1,463
Realized investment gains (losses), net	$	108,643	$	(120,679)

(1)Includes fixed maturity securities classified as available-for-sale and excludes fixed maturity securities classified as trading.

Net Unrealized Gains and (Losses) on Investments

The following table sets forth net unrealized gains (losses) on investments, as of the dates indicated:

	March 31, 2024		December 31, 2023
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	1,356	$	1,987
Fixed maturity securities, available-for-sale without an allowance	(1,789,662)		(1,406,265)
Derivatives designated as cash flow hedges(1)	39,113		11,934
Affiliated notes	(8,033)		(8,760)
Other investments(2)	(992)		(1,089)
Net unrealized gains (losses) on investments	$	(1,758,218)	$	(1,402,193)

(1)For more information on cash flow hedges, see Note 4.

(2)Includes net unrealized gains (losses) on certain joint ventures that are strategic in nature and are included in "Other assets".

Repurchase Agreements and Securities Lending

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:

	March 31, 2024						December 31, 2023
	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)
Foreign government bonds	$	0	$	0	$	0	$	486	$	0	$	486
U.S. public corporate securities	607		0		607		27,247		0		27,247
Foreign public corporate securities	3,091		0		3,091		13,101		0		13,101
Equity securities	0		0		0		177,476		0		177,476
Total cash collateral for loaned securities(1)	$	3,698	$	0	$	3,698	$	218,310	$	0	$	218,310

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