Investments in fixed maturity securities

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Investments In Fixed Maturities Disclosure Text Block

Note 3. Investments in fixed maturity securities

Investments in fixed maturity securities as of June 30, 2019 and December 31, 2018 are summarized by type below (in millions).

	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2019
U.S. Treasury, U.S. government corporations and agencies	$	4,542	$	46	$	(4	)	$	4,584
States, municipalities and political subdivisions		154		6		—			160
Foreign governments		7,903		76		(14	)		7,965
Corporate bonds		6,231		516		(3	)		6,744
Mortgage-backed securities		444		67		(2	)		509
	$	19,274	$	711	$	(23	)	$	19,962
December 31, 2018
U.S. Treasury, U.S. government corporations and agencies	$	4,223	$	22	$	(22	)	$	4,223
States, municipalities and political subdivisions		182		7		—			189
Foreign governments		7,480		50		(28	)		7,502
Corporate bonds		7,055		408		(23	)		7,440
Mortgage-backed securities		487		59		(2	)		544
	$	19,427	$	546	$	(75	)	$	19,898

Investments in foreign governments include securities issued by national and provincial government entities as well as instruments that are unconditionally guaranteed by such entities. As of June 30, 2019, approximately 88% 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 June 30, 2019 are summarized below by contractual maturity dates. Amounts are in millions. Actual maturities may differ from contractual maturities due to early call or 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	$	7,067	$	10,978	$	348	$	437	$	444	$	19,274
Fair value		7,128		11,125		407		793		509		19,962