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Investment in Securities (Tables)
 3 Months Ended
Mar. 31, 2020
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):
 March 31, 2020
 Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Allowance for Credit LossesFair Value
Fixed maturity securities, bonds held-to-maturity
U.S. states and political subdivisions$155,151  $4,778  $—  $—  $159,929  
Foreign governments3,894  525  (5) 5  4,419  
Corporate debt securities8,029,559  193,701  (248,247) (18,401) 7,956,612  
Residential mortgage-backed securities179,087  8,578  (743) (3) 186,919  
Collateralized debt securities208,501  —  (11,738) (2,986) 193,777  
         Total bonds held-to-maturity8,576,192  207,582  (260,733) (21,385) 8,501,656  
Fixed maturity securities, bonds available-for-sale
U.S. treasury and government29,500  804  —  —  30,304  
U.S. states and political subdivisions1,028,590  50,335  (8) —  1,078,917  
Foreign governments5,000  1,432  —  —  6,432  
Corporate debt securities5,338,626  128,845  (135,711) (12,499) 5,319,261  
Residential mortgage-backed securities29,599  229  (7) (236) 29,585  
Collateralized debt securities16,262  462  (719) (130) 15,875  
         Total bonds available-for-sale6,447,577  182,107  (136,445) (12,865) 6,480,374  
Total investments in fixed maturity securities$15,023,769  $389,689  $(397,178) $(34,250) $14,982,030  

 December 31, 2019
 Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
(Losses)		Allowance for Credit LossesFair Value
Fixed maturity securities, bonds held-to-maturity
U.S. states and political subdivisions$165,109  $5,005  $—  $—  $170,114  
Foreign governments3,907  442  —  —  4,349  
Corporate debt securities8,099,098  332,410  (6,539) —  8,424,969  
Residential mortgage-backed securities237,516  6,460  (1,148) —  242,828  
Collateralized debt securities125,631  1,146  (347) —  126,430  
         Total bonds held-to-maturity8,631,261  345,463  (8,034) —  8,968,690  
Fixed maturity securities, bonds available-for-sale
U.S. treasury and government29,505  441  (5) —  29,941  
U.S. states and political subdivisions1,030,309  47,865  (9) —  1,078,165  
Foreign governments5,000  1,287  —  —  6,287  
Corporate debt securities5,338,007  251,408  (12,795) —  5,576,620  
Residential mortgage-backed securities23,405  739  (201) —  23,943  
Collateralized debt securities9,444  686  (1) —  10,129  
         Total bonds available-for-sale6,435,670  302,426  (13,011) —  6,725,085  
Total investments in fixed maturity securities$15,066,931  $647,889  $(21,045) $—  $15,693,775  
Maturities of Investments
The amortized cost and fair value, by contractual maturity, of fixed maturity securities are shown below (in thousands):
 March 31, 2020
 Bonds Held-to-MaturityBonds Available-for-Sale
 Amortized CostFair ValueAmortized CostFair Value
Due in one year or less$905,262  $907,767  $524,449  $524,574  
Due after one year through five years3,178,976  3,191,015  3,040,598  3,015,422  
Due after five years through ten years3,403,404  3,342,208  2,180,525  2,207,898  
Due after ten years1,088,550  1,060,666  702,005  732,480  
Total$8,576,192  $8,501,656  $6,447,577  $6,480,374  
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):
 Three months ended March 31,
 20202019
Proceeds from sales of fixed maturity available-for-sale securities$46,513  $285  
Gross realized gains412  —  
Gross realized losses(4,072) (23) 
Change in Net Unrealized Gains (Losses) on Securities
The components of the change in net unrealized gains (losses) on debt securities are shown below (in thousands):
 Three months ended March 31,
 20202019
Bonds available-for-sale: change in unrealized gains (losses)$(244,361) $154,167  
Adjustments for
Deferred policy acquisition costs89,326  (38,893) 
Participating policyholders’ interest11,151  (7,690) 
Deferred federal income tax (expense)31,481  (22,070) 
Change in net unrealized gains (losses) on debt securities, net of tax$(112,403) $85,514  
The components of the change in net gains (losses) on equity securities are shown below (in thousands):
 Three months ended March 31,
 20202019
Unrealized gains (losses) on equity securities$(333,601) $203,022  
Net gains on equity securities sold1,026  3,355  
Net gains (losses) on equity securities$(332,575) $206,377  
Gross Unrealized Losses and Fair Value of Investment Securities
The gross unrealized losses and fair value of available-for-sale debt securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position due to noncredit related factors at March 31, 2020 are shown below (in thousands):
 March 31, 2020
 Less than 12 months12 months or moreTotal
 Gross
Unrealized
(Losses)		Fair
Value		Gross
Unrealized
(Losses)		Fair
Value		Gross
Unrealized
(Losses)		Fair
Value
Fixed maturity securities, bonds available-for-sale
U.S. states and political subdivisions$(8) $1,471  $—  $121  $(8) $1,592  
Corporate debt securities(20,013) 165,169  (115,698) 1,587,397  (135,711) 1,752,566  
Residential mortgage-backed securities—  —  (7) 618  (7) 618  
Collateralized debt securities—  —  (719) 13,545  (719) 13,545  
Total$(20,021) $166,640  $(116,424) $1,601,681  $(136,445) $1,768,321  

Unrealized losses on available-for-sale debt securities where an allowance for credit loss was not recorded are due to noncredit related factors caused by market liquidity events related to COVID-19 and the economic downturn. A number of assumptions and estimates are inherent in evaluating whether an allowance for credit loss is necessary, which include the financial condition, near term and long-term prospects of the issue or issuer, including relevant industry conditions and trends and implications of rating agency actions and offering prices.
December 31, 2019
 Less than 12 months12 months or moreTotal
 Gross
Unrealized
(Losses)		Fair
Value		Gross
Unrealized
(Losses)		Fair
Value		Gross
Unrealized
(Losses)		Fair
Value
Fixed maturity securities, bonds available-for-sale
U.S. treasury and government$—  $—  $(5) $8,299  $(5) $8,299  
U.S. states and political subdivisions(9) 1,733  —  —  (9) 1,733  
Corporate debt securities(5,257) 94,942  (7,538) 132,626  (12,795) 227,568  
Residential mortgage-backed securities(9) 10,169  (192) 722  (201) 10,891  
Collateralized debt securities(1) 159  —  —  (1) 159  
Total$(5,276) $107,003  $(7,735) $141,647  $(13,011) $248,650  
Equity Securities by Market Sector Distribution
Equity securities by market sector distribution are shown below, based on fair value:
March 31, 2020December 31, 2019
Consumer goods19.7 %18.9 %
Energy and utilities6.3  8.0  
Finance15.7  18.0  
Healthcare14.2  13.0  
Industrials7.1  7.6  
Information technology27.2  25.0  
Other9.8  9.5  
        Total100.0 %100.0 %
Rollforward of the Allowance for Credit Losses for Held-to-maturity Securities
The rollforward of the allowance for credit losses for held-to-maturity securities is shown below (in thousands):
Foreign governmentsCorporate debt securitiesCollateralized debt securitiesResidential mortgage backed securitiesTotal
Allowance for credit losses
Cumulative adjustment at January 1, 2020$4  $(18,563) $(2,968) $(137) $(21,664) 
Provision1  162  (18) 134  279  
Ending balance at March 31, 2020$5  $(18,401) $(2,986) $(3) $(21,385) 
Rollforward of the Allowance for Credit Losses for Available-for-sale Securities
The rollforward of the allowance for credit losses for available-for-sale debt securities is shown below (in thousands):
Corporate debt securitiesResidential mortgage backed securitiesCollateralized debt securitiesTotal
Allowance for credit losses
Current period adjustments$(12,499) $(236) $(130) $(12,865) 
Credit Quality Indicators of Held-to-maturity Debt Securities
The credit quality indicators for the amortized cost of held-to-maturity debt securities as of March 31, 2020 are shown below (in thousands):
Amortized cost of held-to-maturity debt securities by credit rating
Fixed maturity securities, bonds held-to-maturityAAAAAABBBBB and belowTotal
U.S. state and political subdivisions$54,145  $71,923  $23,814  $—  $5,269  $155,151  
Foreign governments—  2,852  1,042  —  —  3,894  
Corporate debt securities1,942  366,335  3,517,245  3,962,838  181,199  8,029,559  
Residential mortgage backed securities80,387  —  4,745  —  93,955  179,087  
Collateralized debt securities—  —  164,765  16,053  27,683  208,501  
Total$136,474  $441,110  $3,711,611  $3,978,891  $308,106  $8,576,192