Investments

The amortized cost, gross unrealized gains and losses and fair value of the investment portfolio at March 31, 2017 and December 31, 2016 are shown below.



March 31, 2017
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	61,035	$	387	$	(604	)	$	60,818
Obligations of U.S. states and political subdivisions	2,161,765		25,893		(19,208		)	2,168,450
Corporate debt securities	1,753,470		7,594		(13,724		)	1,747,340
ABS	37,107		29		(19		)	37,117
RMBS	220,739		93		(7,923		)	212,909
CMBS	300,185		1,038		(7,106		)	294,117
CLOs	121,156		380		(168		)	121,368
Total debt securities	4,655,457		35,414		(48,752		)	4,642,119
Equity securities	7,163		20		(21		)	7,162
Total investment portfolio	$	4,662,620	$	35,434	$	(48,773	)	$	4,649,281



December 31, 2016
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,847	$	407	$	(724	)	$	73,530
Obligations of U.S. states and political subdivisions	2,147,458		20,983		(25,425		)	2,143,016
Corporate debt securities	1,756,461		6,059		(18,610		)	1,743,910
ABS	59,519		74		(28		)	59,565
RMBS	231,733		102		(7,626		)	224,209
CMBS	327,042		769		(7,994		)	319,817
CLOs	121,151		226		(202		)	121,175
Total debt securities	4,717,211		28,620		(60,609		)	4,685,222
Equity securities	7,144		8		(24		)	7,128
Total investment portfolio	$	4,724,355	$	28,628	$	(60,633	)	$	4,692,350


⁽¹⁾	At March 31, 2017 and December 31, 2016, there were no other-than-temporary impairment losses recorded in other comprehensive income.

The FHLB Advance is secured by eligible collateral whose fair value must be maintained at 102% of the outstanding principal balance. As of March 31, 2017 that collateral is included in our total investment portfolio amount shown above with a total fair value of $165.0 million.

The amortized cost and fair values of debt securities at March 31, 2017, by contractual maturity, are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed and mortgage-backed securities and collateralized loan obligations provide for periodic payments throughout their lives, they are listed in separate categories.



March 31, 2017
(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	338,124	$	338,309
Due after one year through five years	1,318,577		1,323,558
Due after five years through ten years	1,091,184		1,082,035
Due after ten years	1,228,385		1,232,706
	$	3,976,270	$	3,976,608

ABS	37,107		37,117
RMBS	220,739		212,909
CMBS	300,185		294,117
CLOs	121,156		121,368
Total as of March 31, 2017	$	4,655,457	$	4,642,119

At March 31, 2017 and December 31, 2016, the investment portfolio had gross unrealized losses of $48.8 million and $60.6 million, respectively. For those securities in an unrealized loss position, the length of time the securities were in such a position, as measured by their month-end fair values, is as follows:



March 31, 2017	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	51,602	$	(604	)	$	—	$	—		$	51,602	$	(604	)
Obligations of U.S. states and political subdivisions	830,978		(18,391		)	22,930		(817		)	853,908		(19,208		)
Corporate debt securities	802,288		(12,157		)	34,552		(1,567		)	836,840		(13,724		)
ABS	2,998		(19		)	—		—			2,998		(19		)
RMBS	46,425		(985		)	162,729		(6,938		)	209,154		(7,923		)
CMBS	165,771		(6,994		)	16,453		(112		)	182,224		(7,106		)
CLOs	7,276		(168		)	—		—			7,276		(168		)
Equity securities	527		(12		)	138		(9		)	665		(21		)
Total	$	1,907,865	$	(39,330	)	$	236,802	$	(9,443	)	$	2,144,667	$	(48,773	)



December 31, 2016	Less Than 12 Months					12 Months or Greater					Total
(In thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	48,642	$	(724	)	$	—	$	—		$	48,642	$	(724	)
Obligations of U.S. states and political subdivisions	1,136,676		(24,918		)	13,681		(507		)	1,150,357		(25,425		)
Corporate debt securities	915,777		(16,771		)	35,769		(1,839		)	951,546		(18,610		)
ABS	3,366		(28		)	656		—			4,022		(28		)
RMBS	46,493		(857		)	171,326		(6,769		)	217,819		(7,626		)
CMBS	205,545		(7,529		)	38,587		(465		)	244,132		(7,994		)
CLOs	13,278		(73		)	34,760		(129		)	48,038		(202		)
Equity securities	568		(15		)	137		(9		)	705		(24		)
Total	$	2,370,345	$	(50,915	)	$	294,916	$	(9,718	)	$	2,665,261	$	(60,633	)

The unrealized losses in all categories of our investments at March 31, 2017 and December 31, 2016 were primarily caused by the difference in interest rates at each respective period, compared to interest rates at the time of purchase. There were 495 and 607 securities in an unrealized loss position at March 31, 2017 and December 31, 2016, respectively.

During each of the three months ended March 31, 2017 and 2016 there were no other-than-temporary impairments (“OTTI”) recognized. The net realized investment (losses) gains on the investment portfolio are as follows:



	Three Months Ended March 31,
(In thousands)	2017			2016
Realized investment (losses) gains on investments:
Fixed maturities	$	(125	)	$	3,054
Equity securities	3			2
Net realized investment (losses) gains	$	(122	)	$	3,056



	Three Months Ended March 31,
(In thousands)	2017			2016
Realized investment (losses) gains on investments:
Gains on sales	$	185		$	4,104
Losses on sales	(307		)	(1,048		)
Net realized investment (losses) gains	$	(122	)	$	3,056