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Investments (Tables)
12 Months Ended
Dec. 31, 2020
Investments [Abstract]  
Current And Long-term Fixed Maturity Securities, Available-for-sale
A summary of current and long-term fixed maturity securities, available-for-sale, at December 31, 2020 and 2019 is as follows:
Non-Credit
Component of
Impairment Recognized in
Accumulated
Other
Comprehensive
Loss
Cost or
Amortized
Cost
Gross
Unrealized
Gains
Gross Unrealized LossesAllowance For Credit LossesEstimated
Fair Value
 Less than
12 Months
12 Months
or Greater
December 31, 2020:
Fixed maturity securities:
United States Government securities$765 $11 $(2)$— $— $774 $— 
Government sponsored securities63 — — — 69 — 
Foreign government securities290 17 (2)— — 305 — 
States, municipalities and political subdivisions, tax-exempt5,185 395 (1)— — 5,579 — 
Corporate securities10,233 697 (20)(11)(7)10,892 (1)
Residential mortgage-backed securities4,208 154 (8)(9)— 4,345 (2)
Commercial mortgage-backed securities
73 (1)(3)— 72 — 
Other securities1,937 33 (5)(6)— 1,959 — 
Total fixed maturity securities$22,754 $1,316 $(39)$(29)$(7)$23,995 $(3)
December 31, 2019
Fixed maturity securities:
United States Government securities$524 $$(3)$— $— $525 $— 
Government sponsored securities136 — — — 141 — 
States, municipalities and political subdivisions, tax-exempt
4,592 262 (3)— — 4,851 — 
Corporate securities8,870 339 (9)(15)— 9,185 (3)
Residential mortgage-backed securities3,654 87 (6)(3)— 3,732 — 
Commercial mortgage-backed securities
84 — — — 86 — 
Other securities1,648 21 (3)(5)— 1,661 — 
Total fixed maturity securities$19,508 $720 $(24)$(23)$— $20,181 $(3)
Aggregate Fair Values And Gross Unrealized Losses For Fixed Maturity Securities In An Unrealized Loss Position
For fixed maturity securities in an unrealized loss position at December 31, 2020 and 2019, the following table summarizes the aggregate fair values and gross unrealized losses by length of time those securities have continuously been in an unrealized loss position.
 Less than 12 Months12 Months or Greater
 Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
(Securities are whole amounts)      
December 31, 2020:
Fixed maturity securities:
United States Government securities27 $301 $(2)— $— $— 
Government sponsored securities— — — — — 
Foreign government securities55 35 (2)— 
States, municipalities and political subdivisions, tax-exempt
36 57 (1)— 
Corporate securities646 765 (20)150 169 (11)
Residential mortgage-backed securities224 442 (8)90 110 (9)
Commercial mortgage-backed securities16 (1)(3)
Other securities207 509 (5)79 179 (6)
Total fixed maturity securities1,201 $2,125 $(39)333 $469 $(29)
December 31, 2019
Fixed maturity securities:
United States Government securities
27 $250 $(3)$$— 
Government sponsored securities
14 12 — — 
States, municipalities and political subdivisions, tax-exempt
114 306 (3)14 11 — 
Corporate securities
386 558 (9)224 286 (15)
Residential mortgage-backed securities
321 635 (6)189 237 (3)
Commercial mortgage-backed securities
— — 
Other securities
166 415 (3)113 358 (5)
Total fixed maturity securities1,029 $2,179 $(24)549 $902 $(23)
Fixed Maturity Securities, Available-for-sale, Allowance for Credit Loss
The table below presents a roll-forward by major security type of the allowance for credit losses on fixed maturity securities available-for-sale held at period end for the year ended December 31, 2020:
Year Ended December 31, 2020Corporate SecuritiesForeign Government SecuritiesTotal
Allowance for credit losses:
Beginning balance$— $— $— 
Additions for securities for which no previous expected credit losses were recognized64 65 
Securities sold during the period(17)(1)(18)
Decreases to the allowance for credit losses on securities(40)— (40)
Total allowance for credit losses$$— $
Amortized Cost And Fair Value Of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of fixed maturity securities at December 31, 2020, 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$592 $595 
Due after one year through five years5,981 6,261 
Due after five years through ten years6,874 7,296 
Due after ten years5,026 5,426 
Mortgage-backed securities4,281 4,417 
Total fixed maturity securities$22,754 $23,995 
Current And Long-term Marketable Equity Securities
A summary of current equity securities at December 31, 2020 and 2019 is as follows:
December 31, 2020December 31, 2019
Equity Securities:
Exchange traded funds$1,154 $44 
Fixed maturity mutual funds144 643 
Common equity securities201 237 
Private equity securities60 85 
Total$1,559 $1,009 
Major Categories Of Net Investment Income
The major categories of net investment income for the years ended December 31, 2020, 2019 and 2018 are as follows:
202020192018
Fixed maturity securities$725 $721 $681 
Equity securities71 100 86 
Cash equivalents28 64 51 
Other91 149 193 
Investment income915 1,034 1,011 
Investment expense(38)(29)(41)
Net investment income$877 $1,005 $970 
Net Realized Investment Gains/Losses And Net Change In Unrealized Appreciation/Depreciation On Investments
Net realized investment gains/losses and the net change in unrealized appreciation/depreciation on investments for the years ended December 31, 2020, 2019 and 2018 are as follows:
202020192018
Net realized gains (losses):
Fixed maturity securities:
Gross realized gains from sales$175 $125 $85 
Gross realized losses from sales(105)(59)(116)
Impairment losses recognized in income(7)(13)(9)
Net realized gains (losses) from sales of fixed maturity securities63 53 (40)
Equity securities:
Gross realized gains269 147 77 
Gross realized losses(75)(84)(276)
Net realized gains (losses) on equity securities194 63 (199)
Other investments:
Gross realized gains from sales18 27 
Gross realized losses from sales— (1)— 
Impairment losses recognized in income(91)(34)(17)
Net realized gains (losses) from sales of other investments(73)(32)10 
Net realized gains (losses) on investments184 84 (229)
Change in net unrealized gains (losses) on investments:
Fixed maturity securities575 874 (529)
Equity securities— — — 
Other investments(5)— 
Total change in net unrealized gains (losses) on investments570 874 (524)
Deferred income tax (expense) benefit(142)(194)106 
Change in net unrealized gains (losses) on investments428 680 (418)
Net realized gains (losses) on investments and change in net unrealized gains (losses) on investments$612 $764 $(647)
Gains (Losses) Related To Equity Securities
The gains and losses related to equity securities for the years ended December 31, 2020 and 2019 are as follows:
202020192018
Net realized gains (losses) recognized on equity securities$194 $63 $(199)
Less: Net realized (gains) losses recognized on equity securities sold during the period(61)(39)57 
Unrealized gains (losses) recognized in income on equity securities still held at December 31$133 $24 $(142)
Proceeds And Realized Gains And Losses From Fixed Maturity Securities
Proceeds from sales, maturities, calls or redemptions of fixed maturity securities and the related gross realized gains and gross realized losses for the years ended December 31 are as follows:
202020192018
Proceeds$11,122 $8,351 $8,380 
Gross realized gains175 125 85 
Gross realized losses(105)(59)(116)
Securities Lending Programs
The remaining contractual maturities of our securities lending transactions at December 31, 2020 is as follows:
Overnight and Continuous
Securities lending transactions
Cash$1,056 
United States Government securities143 
Total$1,199