v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our fixed maturity securities as of:
June 30, 2026
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Available-for-sale securities:
Corporate debt securities
$784,968 $4,200 $4,794 $784,374 
Collateralized debt obligations233,053 155 487 232,721 
Commercial mortgage-backed securities147,887 1,550 1,715 147,722 
Residential mortgage-backed securities220,319 421 12,055 208,685 
Other debt securities46,032 187 385 45,834 
U.S. Treasury13,938 3 55 13,886 
Total available-for-sale securities, net (1)
1,446,197 6,516 19,491 1,433,222 
Held-to-maturity securities - states & political subdivisions4,833 15 0 4,848 
Total fixed maturity securities, net$1,451,030 $6,531 $19,491 $1,438,070 
(1)This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.

December 31, 2025
(in thousands)Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Available-for-sale securities:
Corporate debt securities
$834,885 $12,779 $3,185 $844,479 
Collateralized debt obligations133,224 207 164 133,267 
Commercial mortgage-backed securities139,516 2,808 1,783 140,541 
Residential mortgage-backed securities196,624 982 10,380 187,226 
Other debt securities34,863 543 254 35,152 
U.S. Treasury24,116 106 59 24,163 
Total available-for-sale securities, net (1)
1,363,228 17,425 15,825 1,364,828 
Held-to-maturity securities - states & political subdivisions4,833 30 0 4,863 
Total fixed maturity securities, net$1,368,061 $17,455 $15,825 $1,369,691 
(1)This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.
Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Fixed Maturity Securities by Remaining Contractual Term to Maturity
The amortized cost and estimated fair value of our fixed maturity securities at June 30, 2026 are shown below by remaining contractual term to maturity.  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

June 30, 2026
AmortizedEstimated
(in thousands)costfair value
Available-for-sale securities:
Due in one year or less$63,311 $63,363 
Due after one year through five years546,224 545,677 
Due after five years through ten years188,795 187,998 
Due after ten years647,867 636,184 
Total available-for-sale securities, net (1) (2)
1,446,197 1,433,222 
Held-to-maturity securities - due after ten years4,833 4,848 
Total fixed maturity securities, net$1,451,030 $1,438,070 
(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Consolidated Statement of Financial Position at June 30, 2026.
(2)This includes an estimated fair value of $44.4 million of securities lent under a securities lending agreement.
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time
The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:
June 30, 2026
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		No. of
holdings
Corporate debt securities$432,603 $4,186 $13,788 $608 $446,391 $4,794 273 
Collateralized debt obligations146,226 463 2,566 24 148,792 487 144 
Commercial mortgage-backed securities36,406 261 16,335 1,454 52,741 1,715 100 
Residential mortgage-backed securities99,078 1,393 73,795 10,662 172,873 12,055 185 
Other debt securities25,741 169 3,347 216 29,088 385 57 
U.S. Treasury10,404 55 0 0 10,404 55 3 
Total available-for-sale securities$750,458 $6,527 $109,831 $12,964 $860,289 $19,491 762 
Quality breakdown of available-for-sale securities:
Investment grade$725,388 $5,879 $106,979 $12,807 $832,367 $18,686 734 
Non-investment grade25,070 648 2,852 157 27,922 805 28 
Total available-for-sale securities$750,458 $6,527 $109,831 $12,964 $860,289 $19,491 762 


December 31, 2025
Less than 12 months12 months or longerTotal
(dollars in thousands)Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		Fair
value		Unrealized
losses		No. of
holdings
Corporate debt securities$72,699 $1,555 $41,040 $1,630 $113,739 $3,185 418 
Collateralized debt obligations57,917 120 3,909 44 61,826 164 83 
Commercial mortgage-backed securities16,103 59 19,956 1,724 36,059 1,783 70 
Residential mortgage-backed securities17,675 27 92,019 10,353 109,694 10,380 146 
Other debt securities3,936 39 3,655 215 7,591 254 27 
U.S. Treasury13,296 59 0 0 13,296 59 3 
Total available-for-sale securities$181,626 $1,859 $160,579 $13,966 $342,205 $15,825 747 
Quality breakdown of available-for-sale securities:
Investment grade$144,472 $433 $144,604 $12,773 $289,076 $13,206 371 
Non-investment grade37,154 1,426 15,975 1,193 53,129 2,619 376 
Total available-for-sale securities$181,626 $1,859 $160,579 $13,966 $342,205 $15,825 747 
Schedule of Allowances for Credit Losses on Investments
The following tables present a roll-forward of the allowances for credit losses on investments:
Three months ended June 30, 2026
(in thousands)Available-for-sale securitiesHeld-to-maturity securitiesOther loans receivableAgent loans
Balance, beginning of period$1,029 $2,167 $15,357 $1,879 
Provision and recoveries(1)0 289 0 
Sales/collections and write-offs(562)0 0 0 
Balance, end of period$466 $2,167 $15,646 $1,879 

Six months ended June 30, 2026
(in thousands)Available-for-sale securitiesHeld-to-maturity securitiesOther loans receivableAgent loans
Balance, beginning of period$902 $2,167 $15,101 $1,680 
   Provision and recoveries274 0 545 199 
   Sales/collections and write-offs(710)0 0 0 
Balance, end of period$466 $2,167 $15,646 $1,879 

Three months ended June 30, 2025
(in thousands)Available-for-sale securitiesHeld-to-maturity securitiesOther loans receivableAgent loans
Balance, beginning of period$826 $2,167 $12,592 $1,476 
Provision and recoveries304 0 446 0 
Sales/collections and write-offs(249)0 0 0 
Balance, end of period$881 $2,167 $13,038 $1,476 

Six months ended June 30, 2025
(in thousands)Available-for-sale securitiesHeld-to-maturity securitiesOther loans receivableAgent loans
Balance, beginning of period$513 $2,167 $12,198 $1,312 
   Provision and recoveries669 0 840 164 
   Sales/collections and write-offs(301)0 0 0 
Balance, end of period$881 $2,167 $13,038 $1,476 
Schedule of Investment Income (loss), Net of Expenses
Investment income (loss), net of expenses, was generated from the following portfolios:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Available-for-sale securities$16,770 $14,530 $34,002 $27,813 
Equity securities1,706 1,149 3,013 2,313 
Limited partnerships (1)
(16)83 716 1,155 
Agent loans2,030 1,557 3,934 3,001 
Cash equivalents and other3,010 3,509 5,773 6,896 
Total investment income23,500 20,828 47,438 41,178 
Less: investment expenses913 798 1,291 1,200 
Net investment income$22,587 $20,030 $46,147 $39,978 
(1)Limited partnership (losses) income includes both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets, net" in the Consolidated Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.
Schedule of Net Realized and Unrealized Investment Gains (Losses)
Realized and unrealized gains (losses) on investments were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Available-for-sale securities:  
Gross realized gains$3,074 $331 $4,095 $680 
Gross realized losses(4,037)(762)(4,909)(1,373)
Net realized losses on available-for-sale securities(963)(431)(814)(693)
Equity securities1,520 910 606 1,669 
Miscellaneous0 0 0 5 
Net realized and unrealized investment gains (losses)$557 $479 $(208)$981 


The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Equity securities:
Net gains recognized during the period$1,520 $910 $606 $1,669 
Less: net gains (losses) recognized on securities sold32 15 (7)149 
Net unrealized gains recognized on securities held at reporting date$1,488 $895 $613 $1,520 
Schedule of Impairments on Investments
Impairments on investments were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Available-for-sale securities:
Intent to sell$(349)$(417)$(339)$(417)
Credit recovered (impaired)1 (304)(274)(669)
Total available-for-sale securities(348)(721)(613)(1,086)
Expected credit losses:
Agent loans0 0 (199)(164)
Other loans receivable(243)(188)(455)(573)
Net impairment losses recognized in earnings$(591)$(909)$(1,267)$(1,823)