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Investment in Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments in Securities
The cost or amortized cost and fair value of investments in securities are shown below (in thousands):
 
 
December 31, 2019
 
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair Value
Fixed maturity securities, bonds held-to-maturity
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
165,109

 
$
5,005

 
$
—

 
$
170,114

Foreign governments
 
3,907

 
442

 
—

 
4,349

Corporate debt securities
 
8,099,098

 
332,410

 
(6,539
)
 
8,424,969

Residential mortgage-backed securities
 
237,516

 
6,460

 
(1,148
)
 
242,828

Collateralized debt securities
 
125,631

 
1,146

 
(347
)
 
126,430

Total bonds held-to-maturity
 
8,631,261

 
345,463

 
(8,034
)
 
8,968,690

Fixed maturity securities, bonds available-for-sale
 
 
 
 
 
 
 
 
U.S. treasury and government
 
29,505

 
441

 
(5
)
 
29,941

U.S. states and political subdivisions
 
1,030,309

 
47,865

 
(9
)
 
1,078,165

Foreign governments
 
5,000

 
1,287

 
—

 
6,287

Corporate debt securities
 
5,338,007

 
251,408

 
(12,795
)
 
5,576,620

Residential mortgage-backed securities
 
23,405

 
739

 
(201
)
 
23,943

Collateralized debt securities
 
9,444

 
686

 
(1
)
 
10,129

Total bonds available-for-sale
 
6,435,670

 
302,426

 
(13,011
)
 
6,725,085

Total investments in fixed maturity securities
 
$
15,066,931

 
$
647,889

 
$
(21,045
)
 
$
15,693,775


 
 
December 31, 2018
 
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair Value
Fixed maturity securities, bonds held-to-maturity
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
245,360

 
$
5,840

 
$
(301
)
 
$
250,899

Foreign governments
 
3,961

 
469

 
—

 
4,430

Corporate debt securities
 
7,640,891

 
58,772

 
(150,834
)
 
7,548,829

Residential mortgage-backed securities
 
315,306

 
7,237

 
(2,633
)
 
319,910

Collateralized debt securities
 
5,214

 
71

 
—

 
5,285

Other debt securities
 
717

 
14

 
—

 
731

Total bonds held-to-maturity
 
8,211,449

 
72,403

 
(153,768
)
 
8,130,084

Fixed maturity securities, bonds available-for-sale
 
 
 
 
 
 
 
 
U.S. treasury and government
 
28,304

 
338

 
(243
)
 
28,399

U.S. states and political subdivisions
 
848,228

 
16,827

 
(3,025
)
 
862,030

Foreign governments
 
5,000

 
1,210

 
—

 
6,210

Corporate debt securities
 
5,345,579

 
41,812

 
(103,573
)
 
5,283,818

Residential mortgage-backed securities
 
31,735

 
424

 
(497
)
 
31,662

Collateralized debt securities
 
2,775

 
675

 
(6
)
 
3,444

Total bonds available-for-sale
 
6,261,621

 
61,286

 
(107,344
)
 
6,215,563

Total investments in fixed maturity securities
 
$
14,473,070

 
$
133,689

 
$
(261,112
)
 
$
14,345,647
Maturities of Investments
The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands):
 
 
December 31, 2019
 
 
Bonds Held-to-Maturity
 
Bonds Available-for-Sale
 
 
Amortized Cost
 
Fair Value
 
Amortized Cost
 
Fair Value
Due in one year or less
 
$
781,746

 
$
791,175

 
$
450,482

 
$
454,992

Due after one year through five years
 
3,446,425

 
3,566,116

 
3,063,725

 
3,185,728

Due after five years through ten years
 
3,398,612

 
3,572,333

 
2,326,706

 
2,465,073

Due after ten years
 
1,004,478

 
1,039,066

 
594,757

 
619,292

Total
 
$
8,631,261

 
$
8,968,690

 
$
6,435,670

 
$
6,725,085
Proceeds from Available for Sale Securities and Realized Gain Loss
Proceeds from sales of available-for-sale securities, with the related gross realized gains and losses, are shown below (in thousands):
 
 
Years ended December 31,
 
 
2019
 
2018
 
2017
Proceeds from sales of fixed maturity available-for-sale securities
 
$
45,017

 
$
85,590

 
$
161,223

Gross realized gains
 
250

 
376

 
63,075

Gross realized losses
 
(1,124
)
 
(2,298
)
 
(6,406
)
Change in Net Unrealized Gains (Losses) on Available-for-Sale Securities
The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands):
 
 
Years ended December 31,
 
 
2019
 
2018
 
2017
Bonds available-for-sale: change in unrealized gains (losses)
 
$
335,473

 
$
(233,465
)
 
$
53,115

Adjustments for
 
 
 
 
 
 
Deferred policy acquisition costs
 
(87,003
)
 
51,920

 
(2,083
)
Participating policyholders’ interest
 
(16,056
)
 
11,157

 
(7,086
)
Deferred federal income tax benefit (expense)
 
(48,258
)
 
34,127

 
(15,516
)
Change in net unrealized gains (losses) on debt securities, net of tax
 
$
184,156

 
$
(136,261
)
 
$
28,430
Gross Unrealized Losses and Fair Value of Investment Securities
The gross unrealized losses and fair value of the investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are shown below (in thousands):
 
 
December 31, 2019
 
 
Less than 12 months
 
12 months or more
 
Total
 
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
Fixed maturity securities, bonds held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
Corporate debt securities
 
$
(5,300
)
 
$
547,329

 
$
(1,239
)
 
$
45,086

 
$
(6,539
)
 
$
592,415

Residential mortgage-backed securities
 
(638
)
 
86,178

 
(510
)
 
5,331

 
(1,148
)
 
91,509

Collateralized debt securities
 
(347
)
 
45,533

 
—

 
—

 
(347
)
 
45,533

Total bonds held-to-maturity
 
(6,285
)
 
679,040

 
(1,749
)
 
50,417

 
(8,034
)
 
729,457

Fixed maturity securities, bonds available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury and government
 
—

 
—

 
(5
)
 
8,299

 
(5
)
 
8,299

U.S. states and political subdivisions
 
(9
)
 
1,733

 
—

 
—

 
(9
)
 
1,733

Corporate debt securities
 
(5,257
)
 
94,942

 
(7,538
)
 
132,626

 
(12,795
)
 
227,568

Residential mortgage-backed securities
 
(9
)
 
10,169

 
(192
)
 
722

 
(201
)
 
10,891

Collaterized debt securities
 
(1
)
 
159

 
—

 
—

 
(1
)
 
159

Total bonds available-for-sale
 
(5,276
)
 
107,003

 
(7,735
)
 
141,647

 
(13,011
)
 
248,650

Total
 
$
(11,561
)
 
$
786,043

 
$
(9,484
)
 
$
192,064

 
$
(21,045
)
 
$
978,107


 
 
December 31, 2018
 
 
Less than 12 months
 
12 months or more
 
Total
 
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
Fixed maturity securities, bonds held-to-maturity
 
 
 
 
 
 
 
 
 
 
 
 
U.S. states and political subdivisions
 
$
(301
)
 
$
22,605

 
$
—

 
$
—

 
$
(301
)
 
$
22,605

Corporate debt securities
 
(90,931
)
 
2,969,461

 
(59,903
)
 
1,063,679

 
(150,834
)
 
4,033,140

Residential mortgage-backed securities
 
(703
)
 
58,119

 
(1,930
)
 
57,661

 
(2,633
)
 
115,780

Total bonds held-to-maturity
 
(91,935
)
 
3,050,185

 
(61,833
)
 
1,121,340

 
(153,768
)
 
4,171,525

Fixed maturity securities, bonds available-for-sale
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury and government
 
(29
)
 
9,741

 
(214
)
 
13,478

 
(243
)
 
23,219

U.S. states and political subdivisions
 
(1,274
)
 
119,987

 
(1,751
)
 
61,992

 
(3,025
)
 
181,979

Corporate debt securities
 
(65,492
)
 
2,383,548

 
(38,081
)
 
572,600

 
(103,573
)
 
2,956,148

Residential mortgage-backed securities
 
(54
)
 
6,034

 
(443
)
 
13,515

 
(497
)
 
19,549

Collateralized debt securities
 
(2
)
 
158

 
(4
)
 
100

 
(6
)
 
258

Total bonds available-for-sale
 
(66,851
)
 
2,519,468

 
(40,493
)
 
661,685

 
(107,344
)
 
3,181,153

Total
 
$
(158,786
)
 
$
5,569,653

 
$
(102,326
)
 
$
1,783,025

 
$
(261,112
)
 
$
7,352,678
Bond by Credit Quality Rating Distribution
The following table identifies the total bonds distributed by credit quality rating (in thousands, except percentages):
 
 
December 31, 2019
 
December 31, 2018
 
 
Amortized
Cost
 
Estimated
Fair Value
 
% of Fair
Value
 
Amortized
Cost
 
Estimated
Fair Value
 
% of Fair
Value
AAA
 
$
722,542

 
$
751,560

 
4.8
%
 
$
690,009

 
$
702,531

 
4.9
%
AA
 
1,174,698

 
1,224,210

 
7.8

 
1,326,947

 
1,336,380

 
9.3

A
 
5,589,846

 
5,835,821

 
37.1

 
5,350,316

 
5,314,589

 
37.0

BBB
 
7,045,065

 
7,352,915

 
46.9

 
6,584,478

 
6,507,212

 
45.4

BB and below
 
534,780

 
529,269

 
3.4

 
521,320

 
484,935

 
3.4

Total
 
$
15,066,931

 
$
15,693,775

 
100.0
%
 
$
14,473,070

 
$
14,345,647

 
100.0
%
Equity Securities by Market Sector Distribution
Equity securities by market sector distribution are shown below:
 
 
December 31,
 
 
2019
 
2018
Consumer goods
 
18.9
%
 
21.1
%
Energy and utilities
 
8.0

 
8.2

Finance
 
18.0

 
18.1

Healthcare
 
13.0

 
13.5

Industrials
 
7.6

 
9.0

Information technology
 
25.0

 
22.6

Other
 
9.5

 
7.5

Total
 
100.0
%
 
100.0
%