10-Q 1 re-20220331.htm GROUP 10-Q 1Q2022
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

_X_ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2022

 

___ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission file number 1-15731

 

 

EVEREST RE GROUP, LTD.

(Exact name of registrant as specified in its charter)

Bermuda

 

98-0365432

(State or other jurisdiction of

incorporation or organization)

 

 

(I.R.S. Employer

Identification No.)

Seon Place – 4th Floor

141 Front Street

PO Box HM 845

HamiltonHM 19, Bermuda

441-295-0006

 

(Address, including zip code, and telephone number, including area code,

of registrant’s principal executive office)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes

X

 

No

 

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes

X

 

No

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

X

 

Accelerated filer

 

 

Non-accelerated filer

 

 

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

Indicate by check mark if the registrant is an emerging growth company and has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act.

 

YES

 

 

NO

X

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

YES

 

 

NO

X

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Class

 

Trading Symbol

Name of Exchange where

Registered

Number of Shares Outstanding

At May 1, 2022

 

Common Shares, $0.01 par value

 

RE

 

New York Stock Exchange

 

39,437,963

 

 


 

EVEREST RE GROUP, LTD

 

Table of Contents

Form 10-Q

 

 

Page

PART I

 

FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets as of March 31, 2022 (unaudited)

 

 

and December 31, 2021

1

 

 

 

 

Consolidated Statements of Operations and Comprehensive Income (Loss) for the

 

 

three months ended March 31, 2022 and 2021 (unaudited)

2

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity for the three

 

 

months ended March 31, 2022 and 2021 (unaudited)

3

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended

 

 

March 31, 2022 and 2021 (unaudited)

4

 

 

 

 

Notes to Consolidated Interim Financial Statements (unaudited)

5

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and

 

 

Results of Operation

27

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

 

 

 

Item 4.

Controls and Procedures

42

 

 

 

 

PART II

 

OTHER INFORMATION

 

Item 1.

Legal Proceedings

42

 

 

 

Item 1A.

Risk Factors

43

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

43

 

 

 

Item 3.

Defaults Upon Senior Securities

43

 

 

 

Item 4.

Mine Safety Disclosures

43

 

 

 

Item 5.

Other Information

43

 

 

 

Item 6.

Exhibits

44

 

 

 

 

 


 

EVEREST RE GROUP, LTD.

CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

December 31,

(Dollars and share amounts in thousands, except par value per share)

2022

 

2021

 

(unaudited)

 

 

 

ASSETS:

 

 

 

 

 

Fixed maturities - available for sale

$

21,998,415

 

$

22,308,272

(amortized cost: 2022, $22,693,029; 2021, $22,063,592, credit allowances: 2022, $(41,591); 2021, $(29,738))

 

 

 

 

 

Equity securities, at fair value

 

1,780,526

 

 

1,825,908

Short-term investments (cost: 2022, $823,889; 2021, $1,178,386)

 

823,875

 

 

1,178,337

Other invested assets

 

2,917,039

 

 

2,919,965

Cash

 

1,778,218

 

 

1,440,861

Total investments and cash

 

29,298,073

 

 

29,673,343

Accrued investment income

 

156,997

 

 

149,105

Premiums receivable

 

3,264,023

 

 

3,293,598

Reinsurance recoverables

 

2,101,641

 

 

2,053,354

Funds held by reinsureds

 

920,054

 

 

868,601

Deferred acquisition costs

 

842,739

 

 

872,289

Prepaid reinsurance premiums

 

496,632

 

 

515,445

Income taxes

 

117,609

 

 

2,381

Other assets

 

789,014

 

 

757,167

TOTAL ASSETS

$

37,986,782

 

$

38,185,283

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

Reserve for losses and loss adjustment expenses

$

19,495,637

 

$

19,009,486

Future policy benefit reserve

 

34,523

 

 

35,669

Unearned premium reserve

 

4,571,705

 

 

4,609,634

Funds held under reinsurance treaties

 

4,732

 

 

18,391

Other net payable to reinsurers

 

464,000

 

 

449,723

Losses in course of payment

 

133,888

 

 

260,684

Senior notes

 

2,346,147

 

 

2,345,800

Long term notes

 

223,799

 

 

223,774

Borrowings from FHLB

 

519,000

 

 

519,000

Accrued interest on debt and borrowings

 

38,843

 

 

17,348

Unsettled securities payable

 

67,698

 

 

16,698

Other liabilities

 

559,181

 

 

539,896

Total liabilities

 

28,459,153

 

 

28,046,103

 

 

 

 

 

 

Commitments and contingencies (Note 7)

 

(nil)

 

 

(nil)

 

 

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

 

 

Preferred shares, par value: $0.01; 50,000 shares authorized;

 

 

 

 

 

no shares issued and outstanding

 

-

 

 

-

Common shares, par value: $0.01; 200,000 shares authorized; (2022) 69,977

 

 

 

 

 

and (2021) 69,790 outstanding before treasury shares

 

700

 

 

698

Additional paid-in capital

 

2,271,890

 

 

2,274,431

Accumulated other comprehensive income (loss), net of deferred income

 

 

 

 

 

tax expense (benefit) of $(89,926) at 2022 and $26,781 at 2021

 

(832,820)

 

 

11,523

Treasury shares, at cost; 30,529 shares (2022) and 30,524 shares (2021)

 

(3,848,630)

 

 

(3,847,308)

Retained earnings

 

11,936,489

 

 

11,699,836

Total shareholders' equity

 

9,527,629

 

 

10,139,180

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

37,986,782

 

$

38,185,283

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

1


 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

 

 

 

Three Months Ended

 

March 31,

(Dollars in thousands, except per share amounts)

2022

 

2021

 

(unaudited)

REVENUES:

 

 

 

 

 

Premiums earned

$

2,791,765

 

$

2,387,865

Net investment income

 

242,830

 

 

260,413

Net gains (losses) on investments:

 

 

 

 

 

Credit allowances on fixed maturity securities

 

(11,853)

 

 

(6,977)

Gains (losses) from fair value adjustments

 

(136,860)

 

 

29,056

Net realized gains (losses) from dispositions

 

(4,914)

 

 

16,823

Total net gains (losses) on investments

 

(153,627)

 

 

38,902

Other income (expense)

 

15,363

 

 

56,593

Total revenues

 

2,896,331

 

 

2,743,773

 

 

 

 

 

 

CLAIMS AND EXPENSES:

 

 

 

 

 

Incurred losses and loss adjustment expenses

 

1,789,863

 

 

1,711,419

Commission, brokerage, taxes and fees

 

605,230

 

 

489,011

Other underwriting expenses

 

161,293

 

 

142,231

Corporate expenses

 

14,020

 

 

12,378

Interest, fees and bond issue cost amortization expense

 

24,078

 

 

15,639

Total claims and expenses

 

2,594,484

 

 

2,370,678

 

 

 

 

 

 

INCOME (LOSS) BEFORE TAXES

 

301,847

 

 

373,095

Income tax expense (benefit)

 

4,096

 

 

31,233

 

 

 

 

 

 

NET INCOME (LOSS)

$

297,751

 

$

341,862

 

 

 

 

 

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

Unrealized appreciation (depreciation) ("URA(D)") on securities arising during the period

 

(815,177)

 

 

(288,615)

Reclassification adjustment for realized losses (gains) included in net income (loss)

 

4,178

 

 

(3,666)

Total URA(D) on securities arising during the period

 

(810,999)

 

 

(292,281)

 

 

 

 

 

 

Foreign currency translation adjustments

 

(34,102)

 

 

(9,582)

 

 

 

 

 

 

Reclassification adjustment for amortization of net (gain) loss included in net income (loss)

 

758

 

 

2,043

Total benefit plan net gain (loss) for the period

 

758

 

 

2,043

Total other comprehensive income (loss), net of tax

 

(844,343)

 

 

(299,820)

 

 

 

 

 

 

COMPREHENSIVE INCOME (LOSS)

$

(546,592)

 

$

42,042

 

 

 

 

 

 

EARNINGS PER COMMON SHARE:

 

 

 

 

 

Basic

$

7.57

 

$

8.53

Diluted

 

7.56

 

 

8.52

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

2


 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF

CHANGES IN SHAREHOLDERS’ EQUITY

 

(Dollars in thousands, except share and dividends per share amounts)

2022

 

2021

 

(unaudited)

COMMON SHARES (shares outstanding):

 

 

 

 

 

Balance, January 1

 

39,266,633

 

 

39,983,481

Issued during the period, net

 

187,044

 

 

196,481

Treasury shares acquired

 

(5,000)

 

 

(97,462)

Balance, March 31

 

39,448,677

 

 

40,082,500

 

 

 

 

 

 

COMMON SHARES (par value):

 

 

 

 

 

Balance, January 1

$

698

 

$

696

Issued during the period, net

 

2

 

 

2

Balance, March 31

 

700

 

 

698

 

 

 

 

 

 

ADDITIONAL PAID-IN CAPITAL:

 

 

 

 

 

Balance, January 1

 

2,274,431

 

 

2,245,301

Share-based compensation plans

 

(2,541)

 

 

436

Balance, March 31

 

2,271,890

 

 

2,245,737

 

 

 

 

 

 

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS),

 

 

 

 

 

NET OF DEFERRED INCOME TAXES:

 

 

 

 

 

Balance, January 1

 

11,523

 

 

534,899

Net increase (decrease) during the period

 

(844,343)

 

 

(299,820)

Balance, March 31

 

(832,820)

 

 

235,079

 

 

 

 

 

 

RETAINED EARNINGS:

 

 

 

 

 

Balance, January 1

 

11,699,836

 

 

10,567,452

Net income (loss)

 

297,751

 

 

341,862

Dividends declared ($1.55 per share 2022 and $1.55 per share 2021)

 

(61,097)

 

 

(62,228)

Balance, March 31

 

11,936,489

 

 

10,847,085

 

 

 

 

 

 

TREASURY SHARES AT COST:

 

 

 

 

 

Balance, January 1

 

(3,847,308)

 

 

(3,622,172)

Purchase of treasury shares

 

(1,322)

 

 

(23,545)

Balance, March 31

 

(3,848,630)

 

 

(3,645,717)

 

 

 

 

 

 

TOTAL SHAREHOLDERS' EQUITY, March 31

$

9,527,629

 

$

9,682,882

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

 

 

 

3


 

EVEREST RE GROUP, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

2021

 

(unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net income (loss)

$

297,751

 

$

341,862

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Decrease (increase) in premiums receivable

 

(14,203)

 

 

(105,460)

Decrease (increase) in funds held by reinsureds, net

 

(67,033)

 

 

(25,584)

Decrease (increase) in reinsurance recoverables

 

(125,881)

 

 

(14,518)

Decrease (increase) in income taxes

 

1,251

 

 

24,908

Decrease (increase) in prepaid reinsurance premiums

 

(7,167)

 

 

(27,071)

Increase (decrease) in reserve for losses and loss adjustment expenses

 

632,398

 

 

655,070

Increase (decrease) in future policy benefit reserve

 

(1,146)

 

 

(162)

Increase (decrease) in unearned premiums

 

4,045

 

 

196,631

Increase (decrease) in other net payable to reinsurers

 

46,310

 

 

105,390

Increase (decrease) in losses in course of payment

 

(125,074)

 

 

11,980

Change in equity adjustments in limited partnerships

 

(97,831)

 

 

(116,767)

Distribution of limited partnership income

 

71,174

 

 

18,125

Change in other assets and liabilities, net

 

47,052

 

 

(149,480)

Non-cash compensation expense

 

11,912

 

 

11,021

Amortization of bond premium (accrual of bond discount)

 

19,254

 

 

17,323

Net (gains) losses on investments

 

153,627

 

 

(38,902)

Net cash provided by (used in) operating activities

 

846,439

 

 

904,366

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Proceeds from fixed maturities matured/called - available for sale

 

849,019

 

 

818,352

Proceeds from fixed maturities sold - available for sale

 

418,988

 

 

228,278

Proceeds from equity securities sold, at fair value

 

90,101

 

 

281,313

Distributions from other invested assets

 

162,719

 

 

52,211

Cost of fixed maturities acquired - available for sale

 

(2,010,859)

 

 

(1,776,730)

Cost of equity securities acquired, at fair value

 

(195,026)

 

 

(174,981)

Cost of other invested assets acquired

 

(137,430)

 

 

(98,939)

Net change in short-term investments

 

354,761

 

 

308,585

Net change in unsettled securities transactions

 

46,399

 

 

(93,610)

Net cash provided by (used in) investing activities

 

(421,328)

 

 

(455,521)

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

Common shares issued during the period for share-based compensation, net of expense

 

(14,450)

 

 

(10,583)

Purchase of treasury shares

 

(1,322)

 

 

(23,545)

Dividends paid to shareholders

 

(61,097)

 

 

(62,229)

Cost of shares withheld on settlements of share-based compensation awards

 

(16,692)

 

 

(12,507)

Net cash provided by (used in) financing activities

 

(93,561)

 

 

(108,864)

 

 

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

5,807

 

 

(8,972)

 

 

 

 

 

 

Net increase (decrease) in cash

 

337,357

 

 

331,009

Cash, beginning of period

 

1,440,861

 

 

801,651

Cash, end of period

$

1,778,218

 

$

1,132,660

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

Income taxes paid (recovered)

$

2,681

 

$

6,417

Interest paid

 

2,210

 

 

1,880

 

 

 

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

 

 

 

 

4


 

NOTES TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

 

For the Three Months Ended March 31, 2022 and 2021

 

1. GENERAL

 

Everest Re Group, Ltd. (“Group”), a Bermuda company, through its subsidiaries, principally provides reinsurance and insurance in the U.S., Bermuda and international markets. As used in this document, “Company” means Group and its subsidiaries.

 

2. BASIS OF PRESENTATION

 

The unaudited consolidated financial statements of the Company as of March 31, 2022 and December 31, 2021 and for the three months ended March 31, 2022 and 2021 include all adjustments, consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results on an interim basis. Certain financial information, which is normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), has been omitted since it is not required for interim reporting purposes. The December 31, 2021 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The results for the three months ended March 31, 2022 and 2021 are not necessarily indicative of the results for a full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the years ended December 31, 2021, 2020 and 2019, included in the Company’s most recent Form 10-K filing.

 

The Company consolidates the results of operations and financial position of all voting interest entities ("VOE") in which the Company has a controlling financial interest and all variable interest entities ("VIE") in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity.

 

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Ultimate actual results could differ, possibly materially, from those estimates.

 

All intercompany accounts and transactions have been eliminated.

 

Certain reclassifications and format changes have been made to prior years’ amounts to conform to the 2022 presentation.

 

Application of Recently Issued Accounting Standard Changes.

 

The Company did not adopt any new accounting standards that had a material impact during the three months ended March 31, 2022. The Company assessed the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board on the Company’s consolidated financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There were no new material accounting standards issued in the three months ended March 31, 2022, that impacted Group.

 

Any issued guidance and pronouncements, other than those directly referenced above, are deemed by the Company to be either not applicable or immaterial to its financial statements.

 

5


 

3. INVESTMENTS

 

The following tables show amortized cost, allowance for credit losses, gross unrealized appreciation/(depreciation) and market value of fixed maturity securities as of the dates indicated:

 

 

 

At March 31, 2022

 

 

Amortized

 

Allowance for

 

Unrealized

 

Unrealized

 

Market

(Dollars in thousands)

Cost

 

Credit Losses

 

Appreciation

 

Depreciation

 

Value

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

1,387,723

 

$

-

 

$

9,506

 

$

(41,423)

 

$

1,355,806

 

Obligations of U.S. states and political subdivisions

 

560,375

 

 

(151)

 

 

9,538

 

 

(10,574)

 

 

559,188

 

Corporate securities

 

7,510,255

 

 

(20,049)

 

 

64,802

 

 

(263,958)

 

 

7,291,050

 

Asset-backed securities

 

4,046,636

 

 

(7,679)

 

 

13,228

 

 

(54,294)

 

 

3,997,891

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,021,013

 

 

-

 

 

2,762

 

 

(31,904)

 

 

991,871

 

Agency residential

 

2,387,754

 

 

-

 

 

5,354

 

 

(109,611)

 

 

2,283,497

 

Non-agency residential

 

5,759

 

 

-

 

 

-

 

 

(114)

 

 

5,645

 

Foreign government securities

 

1,414,589

 

 

-

 

 

16,763

 

 

(68,970)

 

 

1,362,382

 

Foreign corporate securities

 

4,358,925

 

 

(13,712)

 

 

31,776

 

 

(225,904)

 

 

4,151,085

Total fixed maturity securities

$

22,693,029

 

$

(41,591)

 

$

153,729

 

$

(806,752)

 

$

21,998,415

 

 

 

At December 31, 2021

 

 

Amortized

 

Allowance for

 

Unrealized

 

Unrealized

 

Market

(Dollars in thousands)

Cost

 

Credit Losses

 

Appreciation

 

Depreciation

 

Value

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

$

1,407,256

 

$

-

 

$

23,720

 

$

(10,358)

 

$

1,420,618

 

Obligations of U.S. states and political subdivisions

 

558,842

 

 

(151)

 

 

29,080

 

 

(1,150)

 

 

586,621

 

Corporate securities

 

7,443,535

 

 

(19,267)

 

 

195,210

 

 

(62,580)

 

 

7,556,898

 

Asset-backed securities

 

3,579,439

 

 

(7,679)

 

 

21,817

 

 

(11,848)

 

 

3,581,729

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,032,506

 

 

-

 

 

37,550

 

 

(5,690)

 

 

1,064,366

 

Agency residential

 

2,361,208

 

 

-

 

 

32,997

 

 

(18,873)

 

 

2,375,332

 

Non-agency residential

 

6,530

 

 

-

 

 

22

 

 

(16)

 

 

6,536

 

Foreign government securities

 

1,423,634

 

 

-

 

 

41,957

 

 

(28,079)

 

 

1,437,512

 

Foreign corporate securities

 

4,250,642

 

 

(2,641)

 

 

95,195

 

 

(64,536)

 

 

4,278,660

Total fixed maturity securities

$

22,063,592

 

$

(29,738)

 

$

477,548

 

$

(203,130)

 

$

22,308,272

 

 

The amortized cost and market value of fixed maturity securities are shown in the following table by contractual maturity. Mortgage-backed securities are generally more likely to be prepaid than other fixed maturity securities. As the stated maturity of such securities may not be indicative of actual maturities, the totals for mortgage-backed and asset-backed securities are shown separately.

 

At March 31, 2022

 

At December 31, 2021

 

Amortized

 

Market

 

Amortized

 

Market

(Dollars in thousands)

Cost

 

Value

 

Cost

 

Value

Fixed maturity securities – available for sale:

 

 

 

 

 

 

 

 

 

 

 

Due in one year or less

$

1,391,977

 

$

1,391,679

 

$

1,398,742

 

$

1,398,006

Due after one year through five years

 

7,302,421

 

 

7,112,007

 

 

7,075,077

 

 

7,154,468

Due after five years through ten years

 

4,896,715

 

 

4,673,737

 

 

5,003,792

 

 

5,100,672

Due after ten years

 

1,640,754

 

 

1,542,088

 

 

1,606,298

 

 

1,627,163

Asset-backed securities

 

4,046,636

 

 

3,997,891

 

 

3,579,439

 

 

3,581,729

Mortgage-backed securities:

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

1,021,013

 

 

991,871

 

 

1,032,506

 

 

1,064,366

Agency residential

 

2,387,754

 

 

2,283,497

 

 

2,361,208

 

 

2,375,332

Non-agency residential

 

5,759

 

 

5,645

 

 

6,530

 

 

6,536

Total fixed maturity securities

$

22,693,029

 

$

21,998,415

 

$

22,063,592

 

$

22,308,272

 

6


 

The changes in net unrealized appreciation (depreciation) for the Company’s investments are derived from the following sources for the periods indicated:

 

Three Months Ended

 

March 31,

(Dollars in thousands)

2022

 

2021