Schedule II - Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Financial Information of Registrant, Condensed Balance Sheet, Parent Company Only

Condensed Balance Sheet
Parent Company Only

(In thousands, except per-share amounts)	December 31, 2023		December 31, 2022
Assets
Investments
Fixed-maturities available for sale—at fair value (amortized cost of $653,575 and $747,309)	$	623,957	$	675,948
Equity securities—at fair value (cost of $79,170 and $140,733)	83,620		140,804
Other invested assets—at fair value	6,222		3,958
Short-term investments—at fair value (includes $63,450 and $61,238 of reinvested cash collateral held under securities lending agreements)	316,991		108,232
Total investments	1,030,790		928,942
Cash	2,200		1,872
Investment in subsidiaries, at equity in net assets (Note C)	4,990,822		4,576,644
Other assets (Note D)	165,612		158,027
Total assets	$	6,189,424	$	5,665,485
Liabilities and stockholders’ equity
Liabilities
Senior notes	$	1,417,781	$	1,413,504
Net deferred tax liability (Note A)	226,141		196,829
Other liabilities (Note D)	147,697		135,825
Total liabilities	1,791,619		1,746,158
Common stockholders’ equity
Common stock ($0.001 par value; 485,000 shares authorized; 2023: 173,247 and 153,179 shares issued and outstanding, respectively; 2022: 176,509 and 157,056 shares issued and outstanding, respectively)	173		176
Treasury stock, at cost (2023: 20,068 shares; 2022: 19,453 shares)	(945,870)		(930,643)
Additional paid-in capital	1,430,594		1,519,641
Retained earnings	4,243,759		3,786,952
Accumulated other comprehensive income (loss)	(330,851)		(456,799)
Total common stockholders’ equity	4,397,805		3,919,327
Total liabilities and stockholders’ equity	$	6,189,424	$	5,665,485

Financial Information of Registrant, Condensed Statements of Operations, Parent Company Only

Schedule II—Financial Information of Registrant
Condensed Statements of Operations
Parent Company Only

	Years Ended December 31,
(In thousands)	2023		2022		2021
Revenues
Net investment income	$	55,370	$	20,584	$	7,540
Net gains (losses) on investments and other financial instruments	(5,844)		(4,322)		980
Other income	—		78		11
Total revenues	49,526		16,340		8,531
Expenses
Other operating expenses	5,025		2,043		3,163
Total expenses (Note B)	5,025		2,043		3,163
Pretax income	44,501		14,297		5,368
Income tax provision	12,479		8,148		1,167
Equity in net income of affiliates	571,097		736,785		596,470
Net income	603,119		742,934		600,671
Other comprehensive income (loss), net of tax	125,949		(576,892)		(143,632)
Comprehensive income	$	729,068	$	166,042	$	457,039

Financial Information of Registrant, Condensed Statements of Cash Flows, Parent Company Only

Schedule II—Financial Information of Registrant
Condensed Statements of Cash Flows
Parent Company Only

	Years Ended December 31,
(In thousands)	2023		2022		2021
Cash flows from operating activities
Net cash provided by (used in) operating activities (1)	$	194,607	$	(71)	$	66,317
Cash flows from investing activities
Proceeds from sales of:
Fixed-maturities available for sale	129,650		56,934		195,452
Trading securities	—		8,868		—
Equity securities	60,755		—		—
Proceeds from redemptions of:
Fixed-maturities available for sale	168,639		194,859		301,788
Purchases of:
Fixed-maturities available for sale	(84,313)		(29,039)		(156,344)
Equity securities	(3,690)		(2,500)		—
Sales, redemptions and (purchases) of:
Short-term investments, net	(135,657)		188,149		113,939
Other assets, net	(10,664)		(3,851)		(864)
Capital distributions from subsidiaries	7,000		32,512		44,951
Capital contributions to subsidiaries	(49,750)		(8,000)		(43,250)
Net cash provided by (used in) investing activities	81,970		437,932		455,672
Cash flows from financing activities
Dividends and dividend equivalents paid	(145,908)		(135,437)		(103,298)
Issuance of common stock	1,755		1,341		1,382
Repurchases of common stock	(133,314)		(400,195)		(399,100)
Credit facility commitment fees paid	(904)		(814)		(3,325)
Change in secured borrowings, net (with terms three months or less)	2,122		60,270		1,057
Net cash provided by (used in) financing activities	(276,249)		(474,835)		(503,284)
Increase (decrease) in cash and restricted cash	328		(36,974)		18,705
Cash and restricted cash, beginning of period	1,872		38,846		20,141
Cash and restricted cash, end of period	$	2,200	$	1,872	$	38,846

(1)Includes cash distributions received from subsidiaries of $191 million, $50 million and $85 million in 2023, 2022 and 2021, respectively. Excludes non-cash distributions received from subsidiaries of $218 million, $888 million and $92 million in 2023, 2022 and 2021, respectively.

Components of Parent Company Expenses Allocated to Subsidiaries

The following table shows the components of our Parent Company expenses that have been allocated to our subsidiaries for the periods indicated.

Total allocated expenses
	Years Ended December 31,
(In thousands)	2023		2022		2021
Allocated operating expenses	$	163,858	$	163,000	$	147,386
Allocated interest expense	82,734		82,568		82,833
Total allocated expenses	$	246,592	$	245,568	$	230,219