Investments in fixed maturity securities

9 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

Investments In Fixed Maturities Disclosure Text Block

Note 3. Investments in fixed maturity securities

Investments in fixed maturity securities as of September 30, 2019 and December 31, 2018 are summarized by type below (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
September 30, 2019
U.S. Treasury, U.S. government corporations and agencies	$	3,760	$	47	$	(2	)	$	3,805
States, municipalities and political subdivisions		152		5		—			157
Foreign governments		7,962		70		(9	)		8,023
Corporate bonds		6,230		477		(3	)		6,704
Mortgage-backed securities		419		66		(2	)		483
	$	18,523	$	665	$	(16	)	$	19,172
December 31, 2018
U.S. Treasury, U.S. government corporations and agencies	$	4,223	$	22	$	(22	)	$	4,223
States, municipalities and political subdivisions		182		7		—			189
Foreign governments		7,480		50		(28	)		7,502
Corporate bonds		7,055		408		(23	)		7,440
Mortgage-backed securities		487		59		(2	)		544
	$	19,427	$	546	$	(75	)	$	19,898

Investments in foreign governments include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of September 30, 2019, approximately 88% of our foreign government holdings were rated AA or higher by at least one of the major rating agencies.

The amortized cost and estimated fair value of fixed maturity securities at September 30, 2019 are summarized below by contractual maturity dates (in millions). Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers.

	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Mortgage- backed securities		Total
Amortized cost	$	6,864	$	10,503	$	301	$	436	$	419	$	18,523
Fair value		6,889		10,650		351		799		483		19,172