Investments in fixed maturity securities

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in fixed maturity securities

Note 3. Investments in fixed maturity securities

Investments in fixed maturity securities are summarized as follows (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2025
U.S. Treasury, U.S. government corporations and agencies	$	4,025	$	18	$	(1	)	$	4,042
Foreign governments		9,504		20		(72	)		9,452
Corporate and other		1,314		232		(5	)		1,541
	$	14,843	$	270	$	(78	)	$	15,035
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

As of March 31, 2025, 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 March 31, 2025 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	$	9,595	$	4,444	$	556	$	125	$	123	$	14,843
Fair value		9,531		4,486		746		136		136		15,035