Investments (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
	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	$	1,150,479	$	19,881	$	89,700	$	0	$	1,080,660
Obligations of U.S. states and their political subdivisions	551,375		1,254		35,445		0		517,184
Foreign government securities	439,135		3,108		49,006		0		393,237
U.S. public corporate securities	16,328,435		124,879		892,473		19		15,560,822
U.S. private corporate securities	6,538,902		29,688		250,640		9,164		6,308,786
Foreign public corporate securities	4,439,517		46,832		113,026		21		4,373,302
Foreign private corporate securities	6,180,964		70,080		437,381		33,624		5,780,039
Asset-backed securities(1)	3,801,789		25,349		10,782		0		3,816,356
Commercial mortgage-backed securities	1,018,053		8,052		44,565		0		981,540
Residential mortgage-backed securities(2)	359,337		2,769		7,960		0		354,146
Total fixed maturities, available-for-sale	$	40,807,986	$	331,892	$	1,930,978	$	42,828	$	39,166,072

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

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

	December 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	$	1,199,628	$	8,357	$	108,744	$	0	$	1,099,241
Obligations of U.S. states and their political subdivisions	570,253		1,156		30,343		0		541,066
Foreign government securities	362,154		646		52,466		0		310,334
U.S. public corporate securities	14,134,828		60,917		957,316		1		13,238,428
U.S. private corporate securities	6,030,898		35,828		301,451		11,178		5,754,097
Foreign public corporate securities	3,804,503		21,136		126,767		21		3,698,851
Foreign private corporate securities	5,838,939		43,334		511,426		29,214		5,341,633
Asset-backed securities(1)	3,728,073		31,431		8,841		0		3,750,663
Commercial mortgage-backed securities	944,652		4,567		53,444		0		895,775
Residential mortgage-backed securities(2)	367,005		861		11,794		0		356,072
Total fixed maturities, available-for-sale	$	36,980,933	$	208,233	$	2,162,592	$	40,414	$	34,986,160

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

(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 available-for-sale fixed maturity 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, 2025
	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	$	261,400	$	3,536	$	247,293	$	86,164	$	508,693	$	89,700
Obligations of U.S. states and their political subdivisions	179,660		7,026		244,108		28,419		423,768		35,445
Foreign government securities	54,388		1,173		173,897		47,833		228,285		49,006
U.S. public corporate securities	2,937,255		74,371		4,807,764		818,088		7,745,019		892,459
U.S. private corporate securities	2,004,535		27,408		2,416,353		223,102		4,420,888		250,510
Foreign public corporate securities	627,642		9,733		740,032		103,289		1,367,674		113,022
Foreign private corporate securities	1,765,712		47,356		2,109,881		388,941		3,875,593		436,297
Asset-backed securities	1,116,137		4,194		119,537		6,588		1,235,674		10,782
Commercial mortgage-backed securities	38,559		429		479,676		44,136		518,235		44,565
Residential mortgage-backed securities	23,594		347		123,794		7,613		147,388		7,960
Total fixed maturities, available-for-sale	$	9,008,882	$	175,573	$	11,462,335	$	1,754,173	$	20,471,217	$	1,929,746

	December 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	$	377,531	$	13,829	$	238,723	$	94,915	$	616,254	$	108,744
Obligations of U.S. states and their political subdivisions	226,731		5,019		212,060		25,324		438,791		30,343
Foreign government securities	118,168		2,615		171,166		49,851		289,334		52,466
U.S. public corporate securities	4,320,552		105,145		4,677,336		852,171		8,997,888		957,316
U.S. private corporate securities	1,999,008		41,931		2,379,755		259,489		4,378,763		301,420
Foreign public corporate securities	1,088,644		20,465		716,172		106,294		1,804,816		126,759
Foreign private corporate securities	1,977,169		69,399		2,107,705		440,330		4,084,874		509,729
Asset-backed securities	363,744		5,510		140,090		3,331		503,834		8,841
Commercial mortgage-backed securities	101,821		1,356		489,490		52,088		591,311		53,444
Residential mortgage-backed securities	142,961		1,946		123,853		9,848		266,814		11,794
Total fixed maturities, available-for-sale	$	10,716,329	$	267,215	$	11,256,350	$	1,893,641	$	21,972,679	$	2,160,856

Fixed Maturities 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:

	March 31, 2025
	Amortized Cost		Fair Value
	(in thousands)
Fixed maturities, available-for-sale:
Due in one year or less	$	2,712,978	$	2,661,173
Due after one year through five years	14,221,040		14,064,348
Due after five years through ten years	9,501,783		9,267,750
Due after ten years	9,193,006		8,020,759
Asset-backed securities	3,801,789		3,816,356
Commercial mortgage-backed securities	1,018,053		981,540
Residential mortgage-backed securities	359,337		354,146
Total fixed maturities, available-for-sale	$	40,807,986	$	39,166,072

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, for the periods indicated:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Fixed maturities, available-for-sale:
Proceeds from sales(1)	$	422,037	$	106,155
Proceeds from maturities/prepayments	845,709		437,443
Gross investment gains from sales and maturities	4,608		937
Gross investment losses from sales and maturities	(7,802)		(8,132)
Write-downs recognized in earnings(2)	(6,336)		0
(Addition to) release of allowance for credit losses	(2,414)		358

(1)Excludes activity from non-cash related proceeds due to the timing of trade settlements of $150.7 million and $(8.7) million for the three months ended March 31, 2025 and 2024, respectively.

(2)Amounts represent write-downs on credit adverse securities.

Allowance for Credit Losses for Fixed Maturity Securities

The following tables set forth the balance of and changes in the allowance for credit losses for fixed maturity securities, as of and for the periods indicated:

	Three Months Ended March 31, 2025
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		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	$	40,414	$	0	$	0	$	0	$	40,414
Additions to allowance for credit losses not previously recorded	0		0		5,512		0		0		0		5,512
Reductions for securities sold during the period	0		0		(76)		0		0		0		(76)
Additions (reductions) on securities with previous allowance	0		0		1,126		0		0		0		1,126
Write-downs charged against the allowance	0		0		(4,148)		0		0		0		(4,148)
Balance, end of period	$	0	$	0	$	42,828	$	0	$	0	$	0	$	42,828

            

	Three Months Ended March 31, 2024
	U.S. Treasury Securities and Obligations of U.S. States		Foreign Government Securities		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) from parent and affiliates	0		0		479		0		0		0		479
Balance, end of period	$	0	$	0	$	1,650	$	0	$	0	$	0	$	1,650

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, 2025				December 31, 2024
	Amount		% of Total		Amount		% of Total
	($ in thousands)
Commercial mortgage and agricultural property loans by property type:
Apartments/Multi-Family	$	2,070,419	25.6	%	$	1,949,926	25.0	%
Health Care Senior Living(1)	133,731		1.7		134,195		1.7
Hospitality	95,008		1.2		97,603		1.3
Industrial	3,014,351		37.3		2,906,413		37.3
Office	545,065		6.7		556,586		7.1
Retail	693,519		8.6		693,949		9.0
Self-Storage(1)	598,911		7.4		543,701		7.0
Other(1)	72,554		0.9		72,645		0.9
Total commercial mortgage loans	7,223,558		89.4		6,955,018		89.3
Agricultural property loans	858,136		10.6		830,041		10.7
Total commercial mortgage and agricultural property loans	8,081,694		100.0	%	7,785,059		100.0	%
Allowance for credit losses	(39,784)				(37,715)
Total net commercial mortgage and agricultural property loans	8,041,910				7,747,344
Other loans:
Other collateralized loans	12,509				11,979
Total other loans	12,509				11,979
Total net commercial mortgage and other loans	$	8,054,419			$	7,759,323

(1) Prior period amounts have been updated to conform to current period presentation.

Allowance for Credit Losses

The following table sets forth the balance of and changes in the allowance for credit losses for commercial mortgage and other loans, as of and for the periods ended:

	Three Months Ended March 31,
	2025						2024
	Commercial Mortgage Loans		Agricultural Property Loans		Total		Commercial Mortgage Loans		Agricultural Property Loans		Total
	(in thousands)
Allowance, beginning of period	$	33,004	$	4,711	$	37,715	$	36,758	$	931	$	37,689
Addition to (release of) allowance for expected losses	1,766		303		2,069		5,011		(18)		4,993
Allowance, end of period	$	34,770	$	5,014	$	39,784	$	41,769	$	913	$	42,682

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, 2025
	Amortized Cost by Origination Year
	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
	(in thousands)
Commercial mortgage loans
Loan-to-Value Ratio:
0%-59.99%	$	38,195	$	457,963	$	333,678	$	306,930	$	481,026	$	1,295,238	$	8,667	$	2,921,697
60%-69.99%	247,932		972,650		443,420		276,319		362,180		387,446		0		2,689,947
70%-79.99%	0		364,430		364,565		170,981		334,446		81,122		0		1,315,544
80% or greater	0		1,196		0		11,626		85,077		198,471		0		296,370
Total	$	286,127	$	1,796,239	$	1,141,663	$	765,856	$	1,262,729	$	1,962,277	$	8,667	$	7,223,558
Debt Service Coverage Ratio:
Greater than 1.2x	$	286,127	$	1,736,155	$	963,036	$	750,965	$	1,261,264	$	1,843,067	$	0	$	6,840,614
1.0 - 1.2x	0		60,084		178,627		14,891		0		55,934		8,667		318,203
Less than 1.0x	0		0		0		0		1,465		63,276		0		64,741
Total	$	286,127	$	1,796,239	$	1,141,663	$	765,856	$	1,262,729	$	1,962,277	$	8,667	$	7,223,558
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	22,300	$	241,375	$	75,069	$	162,037	$	126,284	$	60,701	$	24,338	$	712,104
60%-69.99%	0		29,560		19,339		49,210		0		1,619		0		99,728
70%-79.99%	17,999		0		0		0		5,235		0		0		23,234
80% or greater	0		0		0		7,403		0		0		15,667		23,070
Total	$	40,299	$	270,935	$	94,408	$	218,650	$	131,519	$	62,320	$	40,005	$	858,136
Debt Service Coverage Ratio:
Greater than 1.2x	$	40,299	$	259,307	$	92,050	$	206,492	$	124,641	$	48,428	$	24,338	$	795,555
1.0 - 1.2x	0		11,628		2,358		12,158		0		10,240		15,667		52,051
Less than 1.0x	0		0		0		0		6,878		3,652		0		10,530
Total	$	40,299	$	270,935	$	94,408	$	218,650	$	131,519	$	62,320	$	40,005	$	858,136

	December 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%	$	452,940	$	232,276	$	306,684	$	482,596	$	134,403	$	1,138,394	$	6,479	$	2,753,772
60%-69.99%	972,161		541,849		273,258		360,457		110,515		303,107		0		2,561,347
70%-79.99%	362,701		365,111		134,208		330,355		6,774		77,399		0		1,276,548
80% or greater	1,196		0		56,204		84,761		3,870		217,320		0		363,351
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Debt Service Coverage Ratio:
Greater than 1.2x	$	1,728,895	$	962,290	$	755,350	$	1,256,699	$	255,562	$	1,616,904	$	0	$	6,575,700
1.0 - 1.2x	60,103		176,946		15,004		0		0		59,871		6,479		318,403
Less than 1.0x	0		0		0		1,470		0		59,445		0		60,915
Total	$	1,788,998	$	1,139,236	$	770,354	$	1,258,169	$	255,562	$	1,736,220	$	6,479	$	6,955,018
Agricultural property loans
Loan-to-Value Ratio:
0%-59.99%	$	241,715	$	89,569	$	163,820	$	126,368	$	23,488	$	38,478	$	18,834	$	702,272
60%-69.99%	29,560		19,396		49,210		0		0		0		0		98,166
70%-79.99%	0		0		0		5,213		0		0		0		5,213
80% or greater	0		0		7,295		0		1,657		0		15,438		24,390
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041
Debt Service Coverage Ratio:
Greater than 1.2x	$	259,647	$	95,087	$	211,030	$	129,865	$	23,488	$	38,478	$	18,834	$	776,429
1.0 - 1.2x	11,628		13,878		9,295		0		0		0		15,438		50,239
Less than 1.0x	0		0		0		1,716		1,657		0		0		3,373
Total	$	271,275	$	108,965	$	220,325	$	131,581	$	25,145	$	38,478	$	34,272	$	830,041

Amortized Cost Basis of Loan Modifications made to Borrowers Experiencing Financial Difficulties

The following table sets forth the amortized cost basis of loan modifications made to borrowers experiencing financial difficulties during the periods indicated:

	Three Months Ended March 31,
	2025				2024
	Term Extension		% of Amortized Cost		Term Extension		% of Amortized Cost
	($ in thousands)
Commercial mortgage loans(1)	$	0	0.0	%	$	6,469	0.0	%

(1) Prior period amounts have been updated to conform to current period presentation.

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, 2025
	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	$	7,218,438	$	1,196	$	0	$	3,924	$	7,223,558	$	5,120
Agricultural property loans	817,681		0		17,386		23,069		858,136		27,596
Other collateralized loans	12,509		0		0		0		12,509		0
Total	$	8,048,628	$	1,196	$	17,386	$	26,993	$	8,094,203	$	32,716

(1)As of March 31, 2025, 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, 2024.

	December 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	$	6,951,093	$	0	$	0	$	3,925	$	6,955,018	$	5,120
Agricultural property loans	804,804		0		2,505		22,732		830,041		24,765
Other collateralized loans	11,979		0		0		0		11,979		0
Total	$	7,767,876	$	0	$	2,505	$	26,657	$	7,797,038	$	29,885

(1)As of December 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, 2024.

Other Invested Assets

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

	March 31, 2025		December 31, 2024
	(in thousands)
LPs/LLCs:
Equity method:
Private equity	$	397,782	$	388,822
Hedge funds	1,422,821		1,024,534
Real estate-related	74,555		75,730
Subtotal equity method	1,895,158		1,489,086
Fair value:
Private equity	24,326		28,094
Hedge funds	15		14
Real estate-related	15,575		16,016
Subtotal fair value	39,916		44,124
Total LPs/LLCs	1,935,074		1,533,210
Derivative instruments	80,482		24,499
Other(1)	25,056		24,385
Total other invested assets	$	2,040,612	$	1,582,094

(1)Includes tax advantaged investments and 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, 2025		December 31, 2024
	(in thousands)
Fixed maturities	$	423,507	$	396,173
Equity securities	218		436
Commercial mortgage and other loans	31,636		29,437
Policy loans	41,601		30,820
Short-term investments and cash equivalents	5,350		9,528
Total accrued investment income	$	502,312	$	466,394

Net Investment Income

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

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Fixed maturities, available-for-sale	$	487,200	$	338,809
Fixed maturities, trading	47,203		31,669
Equity securities	18,584		3,747
Commercial mortgage and other loans	97,247		73,758
Policy loans	16,216		14,445
Other invested assets	63,879		23,320
Short-term investments and cash equivalents	34,837		46,315
Gross investment income	765,166		532,063
Less: investment expenses	(30,370)		(26,743)
Net investment income	$	734,796	$	505,320

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,
	2025		2024
	(in thousands)
Fixed maturities(1)	$	(11,944)	$	(6,837)
Commercial mortgage and other loans	(2,597)		(5,781)
LPs/LLCs	(6)		0
Derivatives(2)	(49,859)		(5,351)
Short-term investments and cash equivalents	(83)		(347)
Ceded income on modified coinsurance investments(3)(4)	(176,702)		33,505
Other(4)	134,817		(17,994)
Realized investment gains (losses), net	$	(106,374)	$	(2,805)

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

(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

(3)Includes changes in the value of reinsurance and funds withheld payables, primarily reflecting the impact of net investment income on withheld assets that are ceded to certain reinsurance counterparties.

(4)Prior period amounts have been updated to conform to current period presentation.

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, 2025		December 31, 2024
	(in thousands)
Fixed maturity securities, available-for-sale with an allowance	$	3,913	$	893
Fixed maturity securities, available-for-sale without an allowance	(1,602,999)		(1,955,252)
Derivatives designated as cash flow hedges(1)	95,244		110,565
Affiliated notes	(2,752)		(3,276)
Other investments(2)	5,169		785
Net unrealized gains (losses) on investments	$	(1,501,425)	$	(1,846,285)

(1)For additional information regarding cash flow hedges, see Note 4.

(2)Primarily 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, 2025						December 31, 2024
	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)
Obligations of U.S. states and their political subdivisions	$	0	$	0	$	0	$	1,139	$	0	$	1,139
Foreign government securities	975		0		975		0		0		0
U.S. public corporate securities	59,256		0		59,256		6,949		0		6,949
U.S. private corporate securities	0		0		0		18		0		18
Foreign public corporate securities	14,978		0		14,978		10,100		0		10,100
Equity securities	161,584		0		161,584		103,166		0		103,166
Total cash collateral for loaned securities(1)	$	236,793	$	0	$	236,793	$	121,372	$	0	$	121,372

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