
	June 30, 2020
(In thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	122,956	$	—	$	10,087	$	—	$	133,043
State and municipal obligations	109,106		—		14,102		(91)		123,117
Corporate bonds and notes	2,455,572		(2,476)		201,051		(3,572)		2,650,575
RMBS	798,750		—		37,101		(82)		835,769
CMBS	614,556		—		31,600		(8,665)		637,491
Other ABS	700,412		—		1,962		(15,499)		686,875
Foreign government and agency securities	5,096		—		244		—		5,340

Total securities available for sale, including loaned securities	4,806,448		$	(2,476)	$	296,147	$	(27,909)	5,072,210
Less: loaned securities	1,995								2,119
Total fixed-maturities available for sale	$	4,804,453							$	5,070,091


	December 31, 2019
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale:
U.S. government and agency securities	$	198,613	$	2,048	$	(733)	$	199,928
State and municipal obligations	112,003		8,032		(41)		119,994
Corporate bonds and notes	2,136,819		106,189		(1,728)		2,241,280
RMBS	766,429		14,452		(1,527)		779,354
CMBS	593,647		14,993		(625)		608,015
Other ABS	760,785		2,018		(3,674)		759,129
Foreign government and agency securities	5,091		133		—		5,224

Total securities available for sale, including loaned securities	4,573,387		$	147,865	$	(8,328)	4,712,924
Less: loaned securities	23,853						24,013
Total fixed-maturities available for sale	$	4,549,534					$	4,688,911

The following table provides a rollforward of the allowance for credit losses on fixed-maturities available for sale, which relates entirely to corporate bonds and notes for the periods indicated:


(In thousands)	Three Months Ended June 30, 2020		Six Months Ended June 30, 2020
Beginning balance	$	—	$	—
Current provision for securities without prior allowance	2,782		2,782
Reduction for securities sold	(306)		(306)
Ending balance	$	2,476	$	2,476

For our available for sale securities in an unrealized loss position, the following tables show the gross unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of the dates indicated. Included in the amounts as of June 30, 2020 and December 31, 2019 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.


	June 30, 2020
($ in thousands) Description of Securities	Less Than 12 Months													12 Months or Greater											Total
		# of securities			Fair Value			Unrealized Losses		# of securities			Fair Value			Unrealized Losses		# of securities			Fair Value			Unrealized Losses

State and municipal obligations	3		$	8,540		$	(91)		—		$	—		$	—		3		$	8,540		$	(91)
Corporate bonds and notes	56		181,498			(3,572)			—		—			—			56		181,498			(3,572)
RMBS	2		3,776			(2)			3		10,220			(80)			5		13,996			(82)
CMBS	47		130,339			(8,353)			5		6,965			(312)			52		137,304			(8,665)
Other ABS	124		405,147			(10,100)			26		129,216			(5,399)			150		534,363			(15,499)

Total	232		$	729,300		$	(22,118)		34		$	146,401		$	(5,791)		266		$	875,701		$	(27,909)


	December 31, 2019
($ in thousands) Description of Securities	Less Than 12 Months													12 Months or Greater											Total
		# of securities			Fair Value			Unrealized Losses		# of securities			Fair Value			Unrealized Losses		# of securities			Fair Value			Unrealized Losses
U.S. government and agency securities	2		$	26,142		$	(731)		2		$	2,529		$	(2)		4		$	28,671		$	(733)
State and municipal obligations	1		3,959			(41)			—		—			—			1		3,959			(41)
Corporate bonds and notes	25		110,871			(1,728)			—		—			—			25		110,871			(1,728)
RMBS	27		184,378			(535)			16		36,192			(992)			43		220,570			(1,527)
CMBS	36		109,589			(478)			8		6,346			(147)			44		115,935			(625)
Other ABS	63		225,944			(670)			44		209,661			(3,004)			107		435,605			(3,674)


Total	154		$	660,883		$	(4,183)		70		$	254,728		$	(4,145)		224		$	915,611		$	(8,328)

Impairment. During the three and six months ended June 30, 2020, we recorded impairment losses in earnings of $3.6 million and $4.2 million, respectively. See below for additional details on our net gains (losses) on investments and Note 1 for a discussion of our accounting policy for impairments, including our adoption of ASU 2016-13 effective January 2020. We did

not have the intent to sell any additional available for sale debt securities in an unrealized loss position, and we determined that it is more likely than not that we will not be required to sell the securities before recovery of their cost basis, which may be at maturity.

We participate in a securities lending program whereby we loan certain securities in our investment portfolio to third-party borrowers for short periods of time. Although we report such securities at fair value within other assets in our condensed consolidated balance sheets, rather than within investments, the detailed information we provide in this Note 5 includes these securities. See Note 4 for additional detail on the loaned securities, and see Notes 2 and 6 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder, respectively.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $7.8 million and $42.4 million as of June 30, 2020 and December 31, 2019, respectively, may not be transferred or re-pledged unless the third-party borrower is in default, and is therefore not reflected in our condensed consolidated financial statements.


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2020		2019		2020		2019
Net realized gains (losses):
Fixed-maturities available for sale (1)	$	6,974	$	1,303	$	18,221	$	808
Trading securities	(45)		274		4		(410)
Equity securities	51		—		361		(680)
Other investments	44		144		77		316
Net realized gains (losses) on investments	7,024		1,721		18,663		34
Impairment losses due to intent to sell	(779)		—		(1,401)		—
Net decrease (increase) in expected credit losses	(2,782)		—		(2,782)		—
Net unrealized gains (losses) on investments	24,948		9,117		(1,897)		28,586
Total net gains (losses) on investments	$	28,411	$	10,838	$	12,583	$	28,620


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2020		2019		2020		2019
Gross investment gains from sales and redemptions	$	8,304	$	2,064	$	20,203	$	6,229
Gross investment losses from sales and redemptions	(1,330)		(761)		(1,982)		(5,421)


	Three Months Ended June 30,						Six Months Ended June 30,
(In thousands)	2020		2019		2020		2019
Net unrealized gains (losses) on investments still held:
Trading securities	$	13,790	$	7,608	$	11,131	$	15,027
Equity securities	10,443		1,404		(12,612)		8,600
Other investments	(201)		138		471		7
Net unrealized gains (losses) on investments still held	$	24,032	$	9,150	$	(1,010)	$	23,634


	June 30, 2020
	Available for Sale
(In thousands)	Amortized Cost		Fair Value
Due in one year or less (1)	$	92,098	$	92,628
Due after one year through five years (1)	871,081		915,497
Due after five years through 10 years (1)	1,134,440		1,234,602
Due after 10 years (1)	595,111		669,348
Asset-backed and other mortgage-backed securities (2)	2,113,718		2,160,135
Total	4,806,448		5,072,210
Less: loaned securities	1,995		2,119
Total fixed-maturities available for sale	$	4,804,453	$	5,070,091

Our fixed-maturities available for sale include securities totaling $17.1 million and $16.8 million at June 30, 2020 and December 31, 2019, respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale also include securities serving as collateral for our FHLB advances. See Note 11 for additional information about our FHLB advances.