
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(at March 31, 2024, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	6,489	$	—	$	1	$	250	$	6,240
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	18,138		—		41		1,455		16,724
Revenue	9,419		—		27		700		8,746
State general obligation	1,156		—		3		67		1,092
Pre-refunded	952		—		2		4		950
Total obligations of U.S. states, municipalities and political subdivisions	29,665		—		73		2,226		27,512
Debt securities issued by foreign governments	970		—		1		32		939
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	9,076		—		68		224		8,920
Corporate and all other bonds	36,512		3		103		2,232		34,380
Total	$	82,712	$	3	$	246	$	4,964	$	77,991


	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized				Fair Value
(at December 31, 2023, in millions)					Gains		Losses
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	6,591	$	—	$	8	$	231	$	6,368
Obligations of U.S. states, municipalities and political subdivisions:
Local general obligation	18,374		—		90		1,265		17,199
Revenue	9,748		—		52		616		9,184
State general obligation	1,209		—		7		59		1,157
Pre-refunded	963		—		5		2		966
Total obligations of U.S. states, municipalities and political subdivisions	30,294		—		154		1,942		28,506
Debt securities issued by foreign governments	1,035		—		2		31		1,006
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	7,874		—		120		176		7,818
Corporate and all other bonds	35,987		5		187		2,060		34,109
Total	$	81,781	$	5	$	471	$	4,440	$	77,807

Pre-refunded bonds of $950 million and $966 million at March 31, 2024 and December 31, 2023, respectively, were bonds for which U.S. states or municipalities have established irrevocable trusts that are almost exclusively comprised of U.S. Treasury securities and obligations of U.S. government and government agencies and authorities. These trusts were created to fund the payment of principal and interest due under the bonds.

Proceeds from the sales of fixed maturities classified as available for sale were $942 million and $2.36 billion during the three months ended March 31, 2024 and 2023, respectively. Gross gains of $2 million and $17 million and gross losses of $39 million and $27 million were realized on those sales during the three months ended March 31, 2024 and 2023, respectively.



(at March 31, 2024, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	512	$	142	$	13	$	641
Non-redeemable preferred stock	45		3		—		48
Total	$	557	$	145	$	13	$	689


(at December 31, 2023, in millions)	Cost		Gross Gains		Gross Losses		Fair Value
Common stock	$	508	$	93	$	41	$	560
Non-redeemable preferred stock	45		3		—		48
Total	$	553	$	96	$	41	$	608

For the three months ended March 31, 2024 and 2023, the Company recognized $79 million and $17 million of net gains on equity securities still held as of March 31, 2024 and 2023, respectively.

The following tables summarize, for all fixed maturities classified as available for sale in an unrealized loss position at March 31, 2024 and December 31, 2023, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in note 4 herein and in note 4 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in note 1 of the notes to the consolidated financial statements in the Company’s 2023 Annual Report to determine whether a credit loss impairment exists.


	Less than 12 months				12 months or longer				Total
(at March 31, 2024, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	2,866	$	17	$	2,869	$	233	$	5,735	$	250
Obligations of U.S. states, municipalities and political subdivisions	6,958		67		15,198		2,159		22,156		2,226
Debt securities issued by foreign governments	134		1		696		31		830		32
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	3,106		29		1,689		195		4,795		224
Corporate and all other bonds	2,957		28		25,668		2,204		28,625		2,232
Total	$	16,021	$	142	$	46,120	$	4,822	$	62,141	$	4,964


	Less than 12 months				12 months or longer				Total
(at December 31, 2023, in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	1,864	$	7	$	2,985	$	224	$	4,849	$	231
Obligations of U.S. states, municipalities and political subdivisions	3,868		31		14,351		1,911		18,219		1,942
Debt securities issued by foreign governments	30		—		763		31		793		31
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	1,215		9		1,433		167		2,648		176
Corporate and all other bonds	1,016		9		26,444		2,051		27,460		2,060
Total	$	7,993	$	56	$	45,976	$	4,384	$	53,969	$	4,440

The following tables summarize, for all fixed maturities reported at fair value for which fair value was less than 80% of amortized cost at March 31, 2024 and December 31, 2023, the gross unrealized investment loss by length of time those securities have continuously been in an unrealized loss position of greater than 20% of amortized cost:


	Period For Which Fair Value is Less Than 80% of Amortized Cost
(at March 31, 2024, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	224		—		8		708		940
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	44		—		—		—		44
Corporate and all other bonds	41		2		1		23		67
Total	$	309	$	2	$	9	$	731	$	1,051


	Period For Which Fair Value is Less Than 80% of Amortized Cost
(at December 31, 2023, in millions)	3 months or less		Greater than 3 months, 6 months or less		Greater than 6 months, 12 months or less		Greater than 12 months		Total
Fixed maturities
U.S. Treasury securities and obligations of U.S. government and government agencies and authorities	$	—	$	—	$	—	$	—	$	—
Obligations of U.S. states, municipalities and political subdivisions	—		2		31		642		675
Debt securities issued by foreign governments	—		—		—		—		—
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities	—		—		—		—		—
Corporate and all other bonds	1		3		22		25		51
Total	$	1	$	5	$	53	$	667	$	726

Increases in interest rates resulted in the gross unrealized investment losses disclosed in the tables above; however, the net unrealized loss is considered temporary in nature as the decrease in value is not due to credit impairments and there is no impact on expected contractual cash flows from fixed maturities.

The following table presents changes in the allowance for expected credit losses on fixed maturities classified as available for sale for the category of Corporate and All Other Bonds (no other categories of fixed maturities currently have an allowance for expected credit losses):


	Fixed Maturities
	Corporate and All Other Bonds
	At and For the Three Months Ended
(in millions)	March 31, 2024		March 31, 2023

Balance, beginning of period	$	5	$	3
Additions for expected credit losses on securities where no credit losses were previously recognized	3		—
Additions for expected credit losses on securities where credit losses were previously recognized	—		1
Reductions due to sales/defaults of credit-impaired securities	(5)		—
Reductions for impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Balance, end of period	$	3	$	4

Total net impairment charges, including credit impairments, reported in net realized investment gains in the consolidated statement of income, were $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively. Credit losses related to the fixed maturity portfolio for both the three months ended March 31, 2024 and 2023 represented less than 1% of the fixed maturity portfolio on a pre-tax basis and less than 1% of shareholders’ equity on an after-tax basis.

Included in other investments are private equity, hedge fund and real estate partnerships that are accounted for under the equity method of accounting and typically report their financial statement information to the Company one month to three months following the end of the reporting period. Accordingly, net investment income from these other investments is generally reflected in the Company’s financial statements on a quarter lag basis.