Investments (Tables)

9 Months Ended

Sep. 30, 2024

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

A summary of current and long-term fixed maturity securities, available-for-sale, at September 30, 2024 and December 31, 2023 is as follows:


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

September 30, 2024
Fixed maturity securities:
United States Government securities	$	1,795	$	40	$	(19)	$	—	$	1,816
Government sponsored securities	160		4		(2)		—		162
Foreign government securities	24		—		(1)		—		23
States, municipalities and political subdivisions, tax-exempt	3,431		91		(84)		—		3,438
Corporate securities	15,588		607		(264)		(1)		15,930
Residential mortgage-backed securities	3,878		75		(171)		—		3,782
Commercial mortgage-backed securities	1,967		39		(49)		(1)		1,956
Other asset-backed securities	2,779		45		(84)		—		2,740
Total fixed maturity securities	$	29,622	$	901	$	(674)	$	(2)	$	29,847
December 31, 2023
Fixed maturity securities:
United States Government securities	$	1,873	$	25	$	(54)	$	—	$	1,844
Government sponsored securities	112		1		(3)		—		110
Foreign government securities	5		1		(2)		—		4
States, municipalities and political subdivisions, tax-exempt	3,985		69		(152)		—		3,902
Corporate securities	14,838		322		(580)		(2)		14,578
Residential mortgage-backed securities	4,071		40		(279)		—		3,832
Commercial mortgage-backed securities	2,174		13		(138)		(2)		2,047
Other asset-backed securities	4,278		25		(130)		—		4,173
Total fixed maturity securities	$	31,336	$	496	$	(1,338)	$	(4)	$	30,490

Schedule of 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, 2024 and December 31, 2023, 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
September 30, 2024
Fixed maturity securities:
United States Government securities	8	$	98	$	—	29	$	387	$	(19)
Government sponsored securities	1	13		—		36	47		(2)
Foreign government securities	1	—		—		2	4		(1)
States, municipalities and political subdivisions, tax-exempt	62	85		(1)		715	1,111		(83)
Corporate securities	207	348		(7)		1,469	3,382		(257)
Residential mortgage-backed securities	31	58		(1)		1,405	1,568		(170)
Commercial mortgage-backed securities	27	91		(1)		339	784		(48)
Other asset-backed securities	58	129		(8)		264	835		(76)
Total fixed maturity securities	395	$	822	$	(18)	4,259	$	8,118	$	(656)


December 31, 2023
Fixed maturity securities:
United States Government securities	35	$	552	$	(9)	44	$	370	$	(45)
Government sponsored securities	—	—		—		40	52		(3)
Foreign government securities	—	—		—		2	4		(2)
States, municipalities and political subdivisions, tax-exempt	203	354		(2)		1,034	1,811		(150)
Corporate securities	389	608		(15)		2,624	6,871		(565)
Residential mortgage-backed securities	183	438		(5)		1,620	2,075		(274)
Commercial mortgage-backed securities	112	353		(6)		534	1,317		(132)
Other asset-backed securities	110	394		(18)		761	2,342		(112)
Total fixed maturity securities	1,032	$	2,699	$	(55)	6,659	$	14,842	$	(1,283)

Schedule of 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, 2024, 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	$	264	$	259
Due after one year through five years	5,110		5,117
Due after five years through ten years	11,404		11,627
Due after ten years	6,999		7,106
Mortgage-backed securities	5,845		5,738
Total fixed maturity securities	$	29,622	$	29,847

Schedule of Marketable Equity Securities

A summary of marketable equity securities at September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024		December 31, 2023
Equity securities:
Exchange traded funds	$	994	$	106

Common equity securities	40		45
Private equity securities	79		78
Total	$	1,113	$	229

Schedule of Net Investment (Losses) and Gains

Net investment (losses) and gains for the three and nine months ended September 30, 2024 and 2023 are as follows:


	Three Months Ended September 30				Nine Months Ended September 30
	2024		2023		2024		2023
Net (losses) gains:
Fixed maturity securities:
Gross realized gains from sales	$	53	$	13	$	92	$	34
Gross realized losses from sales	(107)		(164)		(354)		(377)
Impairment (losses) gains recognized in income	(9)		2		(13)		(8)
Net realized losses from sales of fixed maturity securities	(63)		(149)		(275)		(351)
Equity securities:
Unrealized gains (losses) recognized on equity securities still held at the end of the period	3		—		4		(1)
Net realized (losses) gains recognized on equity securities sold during the period	(3)		2		(4)		5
Net gains on equity securities	—		2		—		4
Other investments:
Gross gains	35		86		45		91
Gross losses	—		(68)		(25)		(62)
Impairment losses recognized in income	(98)		(8)		(124)		(37)
Net (losses) gains on other investments	(63)		10		(104)		(8)
Net losses on investments	$	(126)	$	(137)	$	(379)	$	(355)