Investments (Tables)

6 Months Ended

Jun. 30, 2023

Current and Long-Term Investments, Available-For-Sale

A summary of current and long-term fixed maturity securities, available-for-sale, at June 30, 2023 and December 31, 2022 is as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance For Credit Losses		Estimated Fair Value

June 30, 2023
Fixed maturity securities:
United States Government securities	$	1,957	$	1	$	(75)	$	—	$	1,883
Government sponsored securities	94		1		(4)		—		91
Foreign government securities	337		2		(41)		(1)		297
States, municipalities and political subdivisions, tax-exempt	3,957		22		(207)		—		3,772
Corporate securities	14,276		50		(997)		(4)		13,325
Residential mortgage-backed securities	3,617		11		(313)		—		3,315
Commercial mortgage-backed securities	2,262		2		(180)		(2)		2,082
Other asset-backed securities	4,224		15		(208)		—		4,031
Total fixed maturity securities	$	30,724	$	104	$	(2,025)	$	(7)	$	28,796
December 31, 2022
Fixed maturity securities:
United States Government securities	$	1,502	$	2	$	(103)	$	—	$	1,401
Government sponsored securities	82		1		(5)		—		78
Foreign government securities	321		1		(46)		(2)		274
States, municipalities and political subdivisions, tax-exempt	4,389		19		(265)		—		4,143
Corporate securities	13,721		31		(1,218)		(5)		12,529
Residential mortgage-backed securities	2,978		9		(324)		—		2,663
Commercial mortgage-backed securities	2,055		1		(176)		(2)		1,878
Other asset-backed securities	3,967		12		(241)		—		3,738
Total fixed maturity securities	$	29,015	$	76	$	(2,378)	$	(9)	$	26,704

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 June 30, 2023 and December 31, 2022, 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 Months					12 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
June 30, 2023
Fixed maturity securities:
United States Government securities	58	$	1,019	$	(29)	48	$	278	$	(46)
Government sponsored securities	18	63		(2)		29	18		(2)
Foreign government securities	97	56		(2)		224	186		(39)
States, municipalities and political subdivisions, tax-exempt	702	1,278		(20)		925	1,598		(187)
Corporate securities	2,051	4,323		(129)		3,216	6,910		(868)
Residential mortgage-backed securities	642	1,251		(38)		1,286	1,714		(275)
Commercial mortgage-backed securities	246	701		(28)		553	1,316		(152)
Other asset-backed securities	348	1,258		(62)		827	2,265		(146)
Total fixed maturity securities	4,162	$	9,949	$	(310)	7,108	$	14,285	$	(1,715)


December 31, 2022
Fixed maturity securities:
United States Government securities	61	$	701	$	(40)	38	$	442	$	(63)
Government sponsored securities	39	73		(4)		6	5		(1)
Foreign government securities	150	100		(10)		198	142		(36)
States, municipalities and political subdivisions, tax-exempt	1,398	2,615		(147)		396	652		(118)
Corporate securities	3,551	7,826		(549)		2,204	3,521		(669)
Residential mortgage-backed securities	1,341	1,435		(121)		496	982		(203)
Commercial mortgage-backed securities	457	1,082		(76)		324	719		(100)
Other asset-backed securities	784	2,203		(124)		398	1,074		(117)
Total fixed maturity securities	7,781	$	16,035	$	(1,071)	4,060	$	7,537	$	(1,307)

Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity

The amortized cost and fair value of fixed maturity securities at June 30, 2023, 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	$	1,127	$	1,118
Due after one year through five years	8,193		7,810
Due after five years through ten years	9,466		8,883
Due after ten years	6,059		5,588
Mortgage-backed securities	5,879		5,397
Total fixed maturity securities	$	30,724	$	28,796

Investments In Equity Securities

A summary of marketable equity securities at June 30, 2023 and December 31, 2022 is as follows:


	June 30, 2023		December 31, 2022
Equity securities:
Exchange traded funds	$	166	$	822

Common equity securities	31		43
Private equity securities	75		88
Total	$	272	$	953

Net Investment Gains (Losses)

Net investment (losses) gains for the three and six months ended June 30, 2023 and 2022 are as follows:


	Three Months Ended June 30				Six Months Ended June 30
	2023		2022		2023		2022
Net (losses) gains:
Fixed maturity securities:
Gross realized gains from sales	$	11	$	16	$	21	$	36
Gross realized losses from sales	(99)		(176)		(214)		(254)
Impairment losses recognized in income	(3)		(1)		(10)		(21)
Net realized losses from sales of fixed maturity securities	(91)		(161)		(203)		(239)
Equity securities:
Unrealized gains (losses) recognized on equity securities still held at the end of the period	2		(83)		(2)		(154)
Net realized gains (losses) recognized on equity securities sold during the period	1		(5)		4		(19)
Net gains (losses) on equity securities	3		(88)		2		(173)
Other investments:
Gross gains	2		10		20		33
Gross losses	(16)		(15)		(9)		(44)
Impairment losses recognized in income	(26)		(1)		(29)		(5)
Net losses on other investments	(40)		(6)		(18)		(16)
Net losses on investments	$	(128)	$	(255)	$	(219)	$	(428)