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Investments (Tables)
6 Months Ended
Jun. 30, 2023
Investments [Abstract]  
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 $$(75)$— $1,883 
Government sponsored securities94 (4)— 91 
Foreign government securities337 (41)(1)297 
States, municipalities and political subdivisions, tax-exempt3,957 22 (207)— 3,772 
Corporate securities14,276 50 (997)(4)13,325 
Residential mortgage-backed securities3,617 11 (313)— 3,315 
Commercial mortgage-backed securities2,262 (180)(2)2,082 
Other asset-backed securities4,224 15 (208)— 4,031 
Total fixed maturity securities$30,724 $104 $(2,025)$(7)$28,796 
December 31, 2022
Fixed maturity securities:
United States Government securities$1,502 $$(103)$— $1,401 
Government sponsored securities82 (5)— 78 
Foreign government securities321 (46)(2)274 
States, municipalities and political subdivisions, tax-exempt4,389 19 (265)— 4,143 
Corporate securities13,721 31 (1,218)(5)12,529 
Residential mortgage-backed securities2,978 (324)— 2,663 
Commercial mortgage-backed securities2,055 (176)(2)1,878 
Other asset-backed securities3,967 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 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
June 30, 2023
Fixed maturity securities:
United States Government securities58$1,019 $(29)48$278 $(46)
Government sponsored securities1863 (2)2918 (2)
Foreign government securities
9756 (2)224186 (39)
States, municipalities and political subdivisions, tax-exempt7021,278 (20)9251,598 (187)
Corporate securities2,0514,323 (129)3,2166,910 (868)
Residential mortgage-backed securities6421,251 (38)1,2861,714 (275)
Commercial mortgage-backed securities246701 (28)5531,316 (152)
Other asset-backed securities3481,258 (62)8272,265 (146)
Total fixed maturity securities4,162$9,949 $(310)7,108$14,285 $(1,715)
December 31, 2022
Fixed maturity securities:
United States Government securities61$701 $(40)38$442 $(63)
Government sponsored securities3973 (4)6(1)
Foreign government securities
150100 (10)198142 (36)
States, municipalities and political subdivisions, tax-exempt1,3982,615 (147)396652 (118)
Corporate securities3,5517,826 (549)2,2043,521 (669)
Residential mortgage-backed securities
1,3411,435 (121)496982 (203)
Commercial mortgage-backed securities
4571,082 (76)324719 (100)
Other asset-backed securities7842,203 (124)3981,074 (117)
Total fixed maturity securities7,781$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 years8,193 7,810 
Due after five years through ten years9,466 8,883 
Due after ten years6,059 5,588 
Mortgage-backed securities5,879 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, 2023December 31, 2022
Equity securities:
Exchange traded funds$166 $822 
Common equity securities31 43 
Private equity securities75 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 30Six Months Ended June 30
2023202220232022
Net (losses) gains:
Fixed maturity securities:
Gross realized gains from sales$11 $16 $21 $36 
Gross realized losses from sales(99)(176)(214)(254)
Impairment losses recognized in income(3)(1)(10)(21)
Net realized losses from sales of fixed maturity securities(91)(161)(203)(239)
Equity securities:
Unrealized gains (losses) recognized on equity securities still held at the end of the period(83)(2)(154)
Net realized gains (losses) recognized on equity securities sold during the period(5)(19)
Net gains (losses) on equity securities(88)(173)
Other investments:
Gross gains10 20 33 
Gross losses(16)(15)(9)(44)
Impairment losses recognized in income(26)(1)(29)(5)
Net losses on other investments(40)(6)(18)(16)
Net losses on investments$(128)$(255)$(219)$(428)