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Investments in fixed maturity securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments in fixed maturity securities
(3)
Investments in fixed maturity securities

Investments in fixed maturity securities as of December 31, 2022 and 2021 are summarized by type below (in millions).

 

 

Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair
Value

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury, U.S. government corporations and agencies

$

10,039

 

 

$

12

 

 

$

(249

)

 

$

9,802

 

Foreign governments

 

10,454

 

 

 

50

 

 

 

(177

)

 

 

10,327

 

Corporate bonds

 

1,945

 

 

 

256

 

 

 

(6

)

 

 

2,195

 

Other

 

2,735

 

 

 

77

 

 

 

(8

)

 

 

2,804

 

 

$

25,173

 

 

$

395

 

 

$

(440

)

 

$

25,128

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury, U.S. government corporations and agencies

$

3,286

 

 

$

22

 

 

$

(5

)

 

$

3,303

 

Foreign governments

 

10,998

 

 

 

29

 

 

 

(33

)

 

 

10,994

 

Corporate bonds

 

1,363

 

 

 

412

 

 

 

(1

)

 

 

1,774

 

Other

 

317

 

 

 

47

 

 

 

(1

)

 

 

363

 

 

$

15,964

 

 

$

510

 

 

$

(40

)

 

$

16,434

 

 

Notes to Consolidated Financial Statements (Continued)

(3)
Investments in fixed maturity securities (Continued)

The fair value of investments in U.S. Treasury securities as of December 31, 2022 included approximately $9.1 billion of securities that mature in 2023 and 2024. 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 December 31, 2022, approximately 93% 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 December 31, 2022 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to 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

$

7,720

 

 

$

13,413

 

 

$

1,393

 

 

$

842

 

 

$

1,805

 

 

$

25,173

 

Fair value

 

7,660

 

 

 

13,122

 

 

 

1,627

 

 

 

864

 

 

 

1,855

 

 

 

25,128