Investments in fixed maturity securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments in fixed maturity securities

(3)Investments in fixed maturity securities

Investments in fixed maturity securities are summarized by type below (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2024
U.S. Treasury, U.S. government corporations and agencies	$	4,447	$	16	$	(4	)	$	4,459
Foreign governments		9,443		16		(97	)		9,362
Corporate and other		1,324		225		(6	)		1,543
	$	15,214	$	257	$	(107	)	$	15,364
December 31, 2023
U.S. Treasury, U.S. government corporations and agencies	$	10,308	$	14	$	(53	)	$	10,269
Foreign governments		11,788		58		(41	)		11,805
Corporate and other		1,429		262		(7	)		1,684
	$	23,525	$	334	$	(101	)	$	23,758

As of December 31, 2024, approximately 94% of our foreign government holdings were rated AA or higher by at least one of the major rating agencies. The amortized cost and estimated fair value of fixed maturity securities at December 31, 2024 are summarized below by contractual maturity dates (in millions). Actual maturities may differ from contractual maturities due to prepayment rights held by issuers.

	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Mortgage-backed securities		Total
Amortized cost	$	10,228	$	4,202	$	532	$	123	$	129	$	15,214
Fair value		10,107		4,267		718		133		139		15,364