
Available for sale securities

	March 31, 2022
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities	$	200,188	$	97	$	(10,095)	$	190,190
State and municipal obligations	163,188		4,010		(5,806)		161,392
Corporate bonds and notes	2,992,078		31,307		(132,705)		2,890,680
RMBS	818,893		2,141		(32,875)		788,159
CMBS	674,217		1,074		(14,595)		660,696
CLO	524,328		419		(4,664)		520,083
Other ABS	185,896		376		(2,594)		183,678
Foreign government and agency securities	5,111		4		—		5,115
Mortgage insurance-linked notes (1)	60,441		—		(416)		60,025
Total securities available for sale, including loaned securities	5,624,340		$	39,428	$	(203,750)	5,460,018
Less: loaned securities (2)	60,574						58,314
Total fixed-maturities available for sale	$	5,563,766					$	5,401,704

(2)Included in other assets in our condensed consolidated balance sheets as further described below. See “—Securities Lending Agreements” below for a discussion of our securities lending agreements.


Available for sale securities

	December 31, 2021
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Fixed-maturities available for sale
U.S. government and agency securities	$	221,407	$	1,719	$	(1,396)	$	221,730
State and municipal obligations	162,964		14,694		(401)		177,257
Corporate bonds and notes	2,867,063		133,665		(24,886)		2,975,842
RMBS	697,581		14,313		(6,777)		705,117
CMBS	690,827		21,444		(3,068)		709,203
CLO	529,906		1,032		(898)		530,040
Other ABS	210,657		1,142		(612)		211,187
Foreign government and agency securities	5,109		187		—		5,296
Mortgage insurance-linked notes (1)	45,384		1,633		—		47,017
Total securities available for sale, including loaned securities	5,430,898		$	189,829	$	(38,038)	5,582,689
Less: loaned securities (2)	63,169						65,611
Total fixed-maturities available for sale	$	5,367,729					$	5,517,078

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. There was no allowance as of March 31, 2022 or December 31, 2021.


Rollforward of allowance for credit losses on fixed-maturities available for sale


(In thousands)	Three Months Ended March 31, 2021
Beginning balance	$	948

Net decreases in allowance on previously impaired securities	(310)

Ending balance	$	638

For securities deemed “available for sale” that are in an unrealized loss position and for which an allowance for credit loss has not been established, the following tables show the gross unrealized losses and fair value, 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 March 31, 2022 and December 31, 2021 are loaned securities under securities lending agreements that are classified as other assets in our condensed consolidated balance sheets, as further described below.


Unrealized losses on fixed-maturities available for sale by category and length of time

	March 31, 2022
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	16	$	133,485	$	(8,988)	5	$	20,254	$	(1,107)	21	$	153,739	$	(10,095)
State and municipal obligations	37	61,712		(5,806)		—	—		—		37	61,712		(5,806)
Corporate bonds and notes	361	1,504,271		(94,813)		71	220,194		(37,892)		432	1,724,465		(132,705)
RMBS	114	427,374		(21,712)		16	116,182		(11,163)		130	543,556		(32,875)
CMBS	135	510,675		(9,682)		18	44,834		(4,913)		153	555,509		(14,595)
CLO	120	403,176		(3,975)		14	53,121		(689)		134	456,297		(4,664)
Other ABS	61	140,177		(2,573)		3	1,029		(21)		64	141,206		(2,594)
Mortgage insurance linked-notes	3	60,025		(416)		—	—		—		3	60,025		(416)
Total	847	$	3,240,895	$	(147,965)	127	$	455,614	$	(55,785)	974	$	3,696,509	$	(203,750)


	December 31, 2021
($ in thousands)	Less Than 12 Months					12 Months or Greater					Total
Description of Securities	# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses		# of securities	Fair Value		Unrealized Losses
U.S. government and agency securities	14	$	101,602	$	(1,165)	2	$	6,937	$	(231)	16	$	108,539	$	(1,396)
State and municipal obligations	20	32,721		(401)		—	—		—		20	32,721		(401)
Corporate bonds and notes	209	864,355		(16,799)		34	99,475		(8,087)		243	963,830		(24,886)
RMBS	57	365,476		(6,749)		3	1,543		(28)		60	367,019		(6,777)
CMBS	81	188,457		(2,053)		9	22,050		(1,015)		90	210,507		(3,068)
CLO	84	313,380		(675)		11	35,612		(223)		95	348,992		(898)
Other ABS	54	138,851		(603)		1	631		(9)		55	139,482		(612)

Total	519	$	2,004,842	$	(28,445)	60	$	166,248	$	(9,593)	579	$	2,171,090	$	(38,038)

See “—Net Gains (Losses) on Investments” below for additional details on our net gains (losses) on investments, including the changes in the allowance for credit losses on fixed maturities available for sale and other impairments due to our intent to sell securities in an unrealized loss position. See Note 2 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for information regarding our accounting policy for impairments.

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 6 includes these

securities. See Note 5 for additional detail on the loaned securities, and see Note 6 of Notes to Consolidated Financial Statements in our 2021 Form 10-K for additional information about our accounting policies with respect to our securities lending agreements and the collateral requirements thereunder.

All of our securities lending agreements are classified as overnight and revolving. Securities collateral on deposit with us from third-party borrowers totaling $57.3 million and $57.8 million as of March 31, 2022 and December 31, 2021, 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.


Net gains (losses) on investments

	Three Months Ended March 31,
(In thousands)		2022		2021
Net realized gains (losses)
Fixed-maturities available for sale (1)		$	(1,978)	$	(790)
Trading securities		—		503
Equity securities		1,655		—
Other investments		—		105
Net realized gains (losses) on investments		(323)		(182)
Net decrease (increase) in expected credit losses		—		310
Net unrealized gains (losses)
Trading securities		(13,066)		(8,433)
Equity securities		(6,289)		5,118
Other investments		(275)		796
Net unrealized gains (losses) on investments		(19,630)		(2,519)
Total net gains (losses) on investments		$	(19,953)	$	(2,391)

(1)Components of net realized gains (losses) on fixed-maturities available for sale include the following.


	Three Months Ended March 31,
(In thousands)		2022		2021
Gross investment gains from sales and redemptions		$	1,430	$	4,117
Gross investment losses from sales and redemptions		(3,408)		(4,907)


Net changes in unrealized gains (losses) on investments still held

	Three Months Ended March 31,
(In thousands)		2022		2021
Net unrealized gains (losses) on investments still held
Trading securities		$	(13,033)	$	(8,089)
Equity securities		(4,385)		5,118
Other investments		(263)		886
Net unrealized gains (losses) on investments still held		$	(17,681)	$	(2,085)


Contractual maturities of fixed-maturities available for sale

	March 31, 2022

(In thousands)	Amortized Cost		Fair Value
Due in one year or less	$	177,655	$	177,609
Due after one year through five years (1)	1,216,226		1,200,007
Due after five years through 10 years (1)	1,124,190		1,071,396
Due after 10 years (1)	842,494		798,365
Asset-backed and mortgage-backed securities (2)	2,263,775		2,212,641
Total	5,624,340		5,460,018
Less: loaned securities	60,574		58,314
Total fixed-maturities available for sale	$	5,563,766	$	5,401,704

Our fixed-maturities available for sale include securities totaling $13.6 million and $14.3 million at March 31, 2022 and December 31, 2021, respectively, on deposit and serving as collateral with various state regulatory authorities. Our fixed-maturities available for sale and trading securities also include securities serving as collateral for our FHLB advances. See Note 12 for additional information about our FHLB advances.