Note 4. Investments in fixed maturity securities

Investments in securities with fixed maturities as of March 31, 2017 and December 31, 2016 are summarized by type below (in millions).


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2017
U.S. Treasury, U.S. government corporations and agencies	$	4,636	$	14	$	(9	)	$	4,641
States, municipalities and political subdivisions		1,051		55		(1	)		1,105
Foreign governments		8,480		224		(35	)		8,669
Corporate bonds		6,787		687		(7	)		7,467
Mortgage-backed securities		937		121		(7	)		1,051

	$	21,891	$	1,101	$	(59	)	$	22,933

December 31, 2016
U.S. Treasury, U.S. government corporations and agencies	$	4,519	$	16	$	(8	)	$	4,527
States, municipalities and political subdivisions		1,159		58		(1	)		1,216
Foreign governments		8,860		207		(66	)		9,001
Corporate bonds		6,899		714		(9	)		7,604
Mortgage-backed securities		997		126		(6	)		1,117

	$	22,434	$	1,121	$	(90	)	$	23,465

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


	March 31, 2017		December 31, 2016
Insurance and other	$	22,902	$	23,432
Finance and financial products		31		33

	$	22,933	$	23,465

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, 2017, approximately 92% of foreign government holdings were rated AA or higher by at least one of the major rating agencies. Approximately 81% 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, 2017 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		$8,117		$ 9,898		$ 756		$2,183		$ 937		$21,891
Fair value		8,191		10,204		815		2,672		1,051		22,933