Investments in fixed maturity securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in fixed maturity securities

Note 4. Investments in fixed maturity securities

Investments in fixed maturity securities are summarized as follows (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2024
U.S. Treasury, U.S. government corporations and agencies	$	4,517	$	3	$	(17	)	$	4,503
Foreign governments		11,020		39		(62	)		10,997
Corporate bonds		1,210		224		(5	)		1,429
Other		222		19		(3	)		238
	$	16,969	$	285	$	(87	)	$	17,167
December 31, 2023
U.S. Treasury, U.S. government corporations and agencies	$	10,308	$	14	$	(53	)	$	10,269
Foreign governments		11,788		58		(41	)		11,805
Corporate bonds		1,212		241		(4	)		1,449
Other		217		21		(3	)		235
	$	23,525	$	334	$	(101	)	$	23,758

Notes to Consolidated Financial Statements

Note 4. Investments in fixed maturity securities

As of March 31, 2024, approximately 95% 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 March 31, 2024 are summarized below by contractual maturity dates (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	$	12,218	$	3,869	$	600	$	135	$	147	$	16,969
Fair value		12,177		3,889		798		144		159		17,167