| Carrying Amounts And Estimated Fair Values Of Financial Instruments |
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (In thousands) | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Assets: | | | | | | | | | Fixed maturity securities | $ | 25,899,992 | | | $ | 25,900,428 | | | $ | 25,047,662 | | | $ | 25,048,534 | | | Equity securities | 1,502,237 | | | 1,502,237 | | | 1,358,201 | | | 1,358,201 | | | Arbitrage trading account | 1,292,382 | | | 1,292,382 | | | 1,221,103 | | | 1,221,103 | | | Loans receivable | 265,644 | | | 265,644 | | | 418,913 | | | 419,074 | | | Cash and cash equivalents | 2,606,530 | | | 2,606,530 | | | 2,539,938 | | | 2,539,938 | | | Trading account receivables from brokers and clearing organizations | 3,139 | | | 3,139 | | | 11,669 | | | 11,669 | | | Due from broker | — | | | — | | | 629 | | | 629 | | | Liabilities: | | | | | | | | | Due to broker | 176,693 | | | 176,693 | | | — | | | — | | | | | | | | | | | Trading account securities sold but not yet purchased | 6,576 | | | 6,576 | | | 66,285 | | | 66,285 | | | Senior notes and other debt | 1,829,445 | | | 1,447,266 | | | 1,829,198 | | | 1,440,055 | | | Subordinated debentures | 1,010,887 | | | 713,744 | | | 1,010,527 | | | 760,400 | | | | | | | | | |
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