The following tables present the assets and liabilities measured at fair value as of December 31, 2020 and 2019 by level: (In thousands) Total Level 1 Level 2 Level 3 December 31, 2020 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 603,871  $ —  $ 603,871  $ —  State and municipal 3,620,664  —  3,620,664  —  Mortgage-backed securities 1,020,330  —  1,020,330  —  Asset-backed securities 3,194,586  —  3,194,586  —  Corporate 4,671,581  —  4,670,581  1,000  Foreign government 975,563  —  975,563  —  Total fixed maturity securities available for sale 14,086,595  —  14,085,595  1,000  Equity securities: Common stocks 350,181  340,966  —  9,215  Preferred stocks 275,486  —  266,155  9,331  Total equity securities 625,667  340,966  266,155  18,546  Arbitrage trading account 341,473  298,359  43,114  —  Total $ 15,053,735  $ 639,325  $ 14,394,864  $ 19,546  Liabilities: Trading account securities sold but not yet purchased $ 10,048  $ 10,048  $ —  $ —  December 31, 2019 Assets: Fixed maturity securities available for sale: U.S. government and government agency $ 786,931  $ —  $ 786,931  $ —  State and municipal 3,895,632  —  3,895,632  —  Mortgage-backed securities 1,625,594  —  1,625,594  —  Asset-backed securities 2,790,630  —  2,790,630  —  Corporate 4,156,415  —  4,156,415  —  Foreign government 847,076  —  847,076  —  Total fixed maturity securities available for sale 14,102,278  —  14,102,278  —  Equity securities: Common stocks 166,805  157,752  —  9,053  Preferred stocks 313,815  —  307,310  6,505  Total equity securities 480,620  157,752  307,310  15,558  Arbitrage trading account 400,809  381,061  19,748  —  Total $ 14,983,707  $ 538,813  $ 14,429,336  $ 15,558  Liabilities: Trading account securities sold but not yet purchased $ 36,143  $ 36,143  $ —  $ —  77