| Realized And Unrealized Investment Gains (Losses) |
Net investment (losses) gains were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months
Ended June 30, | | For the Six Months
Ended June 30, | | (In thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Net investment (losses) gains: | | | | | | | | | Fixed maturity securities: | | | | | | | | | Gains | $ | 3,597 | | | $ | 4,209 | | | $ | 8,745 | | | $ | 6,841 | | | Losses | (6,216) | | | (5,654) | | | (12,753) | | | (8,366) | | | Equity securities (1): | | | | | | | | | Net realized gains (losses) on investment sales | 136 | | | (1,100) | | | 137 | | | (3,695) | | | Change in unrealized (losses) gains | (18,010) | | | 63,630 | | | (22,504) | | | 83,577 | | | Investment funds | (687) | | | 808 | | | (514) | | | 822 | | | Real estate | (6,891) | | | (5,256) | | | (14,189) | | | (1,313) | | | Loans receivable | — | | | — | | | 131 | | | — | | | Other | (27,060) | | | (26,104) | | | (29,813) | | | (31,622) | | | Net realized and unrealized (losses) gains on investments in earnings before allowance for expected credit losses | (55,131) | | | 30,533 | | | (70,760) | | | 46,244 | | | Change in allowance for expected credit losses on investments: | | | | | | | | | Fixed maturity securities | (135) | | | 21 | | | (366) | | | 339 | | | Loans receivable | 76 | | | 419 | | | 161 | | | 745 | | | Change in allowance for expected credit losses on investments | (59) | | | 440 | | | (205) | | | 1,084 | | | Net investment (losses) gains | (55,190) | | | 30,973 | | | (70,965) | | | 47,328 | | | Income tax benefit (expense) | 11,855 | | | (6,685) | | | 15,237 | | | (10,213) | | | After-tax net investment (losses) gains | $ | (43,335) | | | $ | 24,288 | | | $ | (55,728) | | | $ | 37,115 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Change in unrealized investment (losses) gains on available for sale securities: | | | | | | | | | Fixed maturity securities without allowance for expected credit losses | $ | (59,093) | | | $ | 152,235 | | | $ | (242,571) | | | $ | 336,222 | | | Fixed maturity securities with allowance for expected credit losses | (1) | | | 478 | | | (3) | | | (73) | | | | | | | | | | | Investment funds | (680) | | | 5,110 | | | (3,199) | | | 7,606 | | | Other | (43) | | | 35 | | | (15) | | | (42) | | | Total change in unrealized investment (losses) gains | (59,817) | | | 157,858 | | | (245,788) | | | 343,713 | | | Income tax benefit (expense) | 12,048 | | | (37,593) | | | 53,063 | | | (75,175) | | | Noncontrolling interests | — | | | — | | | — | | | (1) | | | After-tax change in unrealized investment (losses) gains of available for sale securities | $ | (47,769) | | | $ | 120,265 | | | $ | (192,725) | | | $ | 268,537 | |
______________________ (1) The net realized gains or losses on investment sales represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) consists of two components: (i) the reversal of the gain or loss recognized in previous periods on equity securities sold and (ii) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.
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