Note 4. Investments in fixed maturity securities

Investments in securities with fixed maturities as of March 31, 2016 and December 31, 2015 are summarized by type below (in millions).


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2016
U.S. Treasury, U.S. government corporations and agencies	$	3,315	$	19	$	(1	)	$	3,333
States, municipalities and political subdivisions		1,497		69		(1	)		1,565
Foreign governments		10,195		309		(46	)		10,458
Corporate bonds		7,150		699		(21	)		7,828
Mortgage-backed securities		1,206		172		(5	)		1,373

	$	23,363	$	1,268	$	(74	)	$	24,557

December 31, 2015
U.S. Treasury, U.S. government corporations and agencies	$	3,425	$	10	$	(8	)	$	3,427
States, municipalities and political subdivisions		1,695		71		(2	)		1,764
Foreign governments		11,327		226		(85	)		11,468
Corporate bonds		7,323		632		(29	)		7,926
Mortgage-backed securities		1,279		168		(5	)		1,442

	$	25,049	$	1,107	$	(129	)	$	26,027

Investments in fixed maturity securities are reflected in our Consolidated Balance Sheets as follows (in millions).


	March 31, 2016			December 31, 2015
Insurance and other		$	24,519		$	25,988
Finance and financial products			38			39

		$	24,557		$	26,027

Investments in foreign government securities include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of March 31, 2016, approximately 94% of foreign government holdings were rated AA or higher by at least one of the major rating agencies. Approximately 78% of foreign government holdings were issued or guaranteed by the United Kingdom, Germany, Australia or Canada.

The amortized cost and estimated fair value of securities with fixed maturities at March 31, 2016 are summarized below by contractual maturity dates. Actual maturities may differ from contractual maturities due to early call or prepayment rights held by issuers. Amounts are in millions.


	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		$	6,561		$	11,602		$	1,484		$	2,510		$	1,206		$	23,363
Fair value			6,605			12,040			1,590			2,949			1,373			24,557