Net Investment Income and Realized Investment Gains (Losses)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Net Investment Income and Realized Investment Gains (Losses)

Net investment income is shown below (in thousands):

	Years ended December 31,
	2019		2018			2017
Bonds	$	602,054	$	566,513		$	541,772
Equity securities	33,502		39,193			38,730
Mortgage loans	254,720		258,102			245,116
Real estate	8,849		13,533			12,672
Equity indexed options	144,980		(54,951		)	91,055
Other invested assets	33,301		35,977			36,732
Total	$	1,077,406	$	858,367		$	966,077

Net realized investment gains (losses) are shown below (in thousands):

	Years ended December 31,
	2019			2018			2017
Bonds	$	16,361		$	10,903		$	27,061
Equity securities*	—			—			56,528
Mortgage loans	(2,412		)	(4,798		)	(7,700		)
Real estate	25,555			12,076			28,853
Other invested assets	(1,785		)	(7		)	(147		)
Total	$	37,719		$	18,174		$	104,595

Other-than-temporary impairment losses are shown below (in thousands):

	Years ended December 31,
	2019			2018			2017
Bonds	$	(6,968	)	$	(1,243	)	$	(6,416	)
Equity securities*	—			—			(6,970		)
Total	$	(6,968	)	$	(1,243	)	$	(13,386	)

*

Effective January 1, 2018, the Company adopted ASU No. 2016-01. As a result, unrealized gains and losses on equity securities are no longer recognized in other comprehensive income; rather, all changes in the fair value of equity securities are now recognized in earnings. Since changes in fair value are recognized in earnings each reporting period, OTTI is no longer recognized on equity securities in a loss position. Results for the year ended December 31, 2017 have not been restated to conform to the current presentation. See Note 3, Recently Issued Accounting Pronouncements.