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Investments (Tables)
9 Months Ended
Sep. 30, 2021
Investments [Abstract]  
Current and Long-Term Investments, Available-For-Sale
A summary of current and long-term fixed maturity securities, available-for-sale, at September 30, 2021 and December 31, 2020 is as follows:
 Cost or
Amortized
Cost
Non-Credit
Component of
Impairment Recognized in
Accumulated
Other
Comprehensive (Loss)
Income
Gross
Unrealized
Gains
Gross Unrealized LossesAllowance
For Credit
Losses
Estimated
Fair Value
 Less than
12 Months
12 Months
or Greater
September 30, 2021
Fixed maturity securities:
United States Government securities$1,259 $$(8)$(4)$— $1,253 $— 
Government sponsored securities55 — — — 59 — 
Foreign government securities346 (7)(2)— 344 — 
States, municipalities and political subdivisions5,231 319 (6)(1)— 5,543 — 
Corporate securities12,118 509 (38)(11)(4)12,574 (1)
Residential mortgage-backed securities4,224 108 (13)(7)(2)4,310 — 
Commercial mortgage-backed securities66 — (3)— 65 — 
Other securities2,802 31 (3)(5)— 2,825 — 
Total fixed maturity securities$26,101 $986 $(75)$(33)$(6)$26,973 $(1)
December 31, 2020
Fixed maturity securities:
United States Government securities$765 $11 $(2)$— $— $774 $— 
Government sponsored securities63 — — — 69 — 
Foreign government securities290 17 (2)— — 305 — 
States, municipalities and political subdivisions5,185 395 (1)— — 5,579 — 
Corporate securities10,233 697 (20)(11)(7)10,892 (1)
Residential mortgage-backed securities4,208 154 (8)(9)— 4,345 (2)
Commercial mortgage-backed securities73 (1)(3)— 72 — 
Other securities1,937 33 (5)(6)— 1,959 — 
Total fixed maturity securities$22,754 $1,316 $(39)$(29)$(7)$23,995 $(3)
Aggregate Fair Value and Gross Unrealized Loss of Fixed Maturity Securities in an Unrealized Loss Position
For fixed maturity securities in an unrealized loss position at September 30, 2021 and December 31, 2020, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position: 
 Less than 12 Months12 Months or Greater
(Securities are whole amounts)Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
September 30, 2021
Fixed maturity securities:
United States Government securities62 $702 $(8)17 $141 $(4)
Government sponsored securities— — — — 
Foreign government securities
191 155 (7)22 10 (2)
States, municipalities and political subdivisions
254 516 (6)11 (1)
Corporate securities1,478 2,321 (38)225 273 (11)
Residential mortgage-backed securities418 1,430 (13)101 108 (7)
Commercial mortgage-backed securities— (3)
Other securities255 720 (3)53 110 (5)
Total fixed maturity securities2,660 $5,846 $(75)426 $660 $(33)
December 31, 2020
Fixed maturity securities:
United States Government securities
27 $301 $(2)— $— $— 
Government sponsored securities
— — — — — 
Foreign government securities
55 35 (2)— 
States, municipalities and political subdivisions
36 57 (1)— 
Corporate securities
646 765 (20)150 169 (11)
Residential mortgage-backed securities
224 442 (8)90 110 (9)
Commercial mortgage-backed securities
16 (1)(3)
Other securities
207 509 (5)79 179 (6)
Total fixed maturity securities1,201 $2,125 $(39)333 $469 $(29)
Fixed Maturity Securities, Available-for-sale, Allowance for Credit Loss
The table below presents a roll-forward by major security type of the allowance for credit losses on fixed maturity securities available-for-sale held at period end for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
Corporate SecuritiesResidential mortgage-backed securitiesTotalCorporate SecuritiesResidential mortgage-backed securitiesTotal
Allowance for credit losses:
Beginning balance$$$$$— $
Additions for securities for which no previous expected credit losses were recognized— — — — 
Securities sold during the period— — — (2)— (2)
(Decreases) increases to the allowance for credit losses on securities— — — (2)— 
Total allowance for credit losses, ending balance$$$$$$
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
Corporate SecuritiesForeign Government SecuritiesTotalCorporate SecuritiesForeign Government SecuritiesTotal
Allowance for credit losses:
Beginning balance$23 $$24 $— $— $— 
Additions for securities for which no previous expected credit losses were recognized— 61 62 
Securities sold during the period(5)— (5)(13)— (13)
Decreases to the allowance for credit losses on securities(8)— (8)(37)— (37)
Total allowance for credit losses, ending balance$11 $$12 $11 $$12 
Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of fixed maturity securities at September 30, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations.
Amortized
Cost
Estimated
Fair Value
Due in one year or less$770 $774 
Due after one year through five years6,599 6,821 
Due after five years through ten years8,682 8,948 
Due after ten years5,760 6,055 
Mortgage-backed securities4,290 4,375 
Total fixed maturity securities$26,101 $26,973 
Proceeds and Realized Gains and Losses from Fixed Maturity Securities
Proceeds from sales, maturities, calls or redemptions of fixed maturity securities during the three and nine months ended September 30, 2021 and 2020 are as follows:
 Three Months Ended September 30Nine Months Ended September 30
 2021202020212020
Proceeds$2,620 $4,597 $8,570 $9,146 
Investments In Equity Securities
A summary of marketable equity securities at September 30, 2021 and December 31, 2020 is as follows:
 September 30, 2021December 31, 2020
Equity securities:
Exchange traded funds$1,941 $1,154 
Fixed maturity mutual funds— 144 
Common equity securities94 201 
Private equity securities84 60 
Total$2,119 $1,559 
Net Realized Gains and Losses on Investments
Net realized investment (losses) gains on investments for the three and nine months ended September 30, 2021 and 2020 are as follows:
Three Months Ended September 30Nine Months Ended September 30
2021202020212020
Net realized (losses) gains:
Fixed maturity securities:
Gross realized gains from sales$30 $52 $133 $131 
Gross realized losses from sales(8)(14)(32)(84)
Impairment recoveries (losses) recognized in income— 11 (13)
Net realized gains from sales of fixed maturity securities22 49 102 34 
Equity securities:
Gross realized gains10 207 32 260 
Gross realized losses(15)(19)(85)(77)
Net realized (losses) gains on equity securities(5)188 (53)183 
Other invested assets:
Realized (losses) gains(91)10 17 
Impairment recoveries (losses) recognized in income(16)(5)(51)
Net realized losses from sales of other investments(90)(6)(1)(34)
Net realized (losses) gains on investments$(73)$231 $48 $183 
Gains (Losses) Related to Equity Securities
The gains and losses related to equity securities for the three and nine months ended September 30, 2021 and 2020 are as follows:
Three Months Ended September 30Nine Months Ended September 30
 2021202020212020
Net realized (losses) gains recognized on equity securities$(5)$188 $(53)$183 
Less: Net realized (losses) gains recognized on equity securities sold during the period(1)13 (57)20 
Unrealized (losses) gains recognized on equity securities still held at the end of the period$(4)$175 $$163 
Securities Lending Programs
The remaining contractual maturity of our securities lending agreements at September 30, 2021 is as follows:
Overnight and Continuous
Securities lending collateral
Cash$2,028 
United States Government securities200 
Other securities
Total$2,229