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Investments (Tables)
6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Current and Long-Term Investments, Available-For-Sale
A summary of current and long-term fixed maturity securities, available-for-sale, at June 30, 2021 and December 31, 2020 is as follows:
 Cost or
Amortized
Cost
Non-Credit
Component of
Impairment Recognized in
Accumulated
Other
Comprehensive (Loss)
Income
Gross
Unrealized
Gains
Gross Unrealized LossesAllowance
For Credit
Losses
Estimated
Fair Value
 Less than
12 Months
12 Months
or Greater
June 30, 2021
Fixed maturity securities:
United States Government securities$1,322 $10 $(12)$— $— $1,320 $— 
Government sponsored securities60 — — — 65 — 
Foreign government securities344 10 (3)(1)— 350 — 
States, municipalities and political subdivisions5,126 360 (2)(1)— 5,483 — 
Corporate securities11,661 558 (31)(8)(4)12,176 — 
Residential mortgage-backed securities4,337 117 (12)(8)(2)4,432 — 
Commercial mortgage-backed securities73 — (3)— 73 — 
Other securities2,506 32 (2)(6)— 2,530 — 
Total fixed maturity securities$25,429 $1,095 $(62)$(27)$(6)$26,429 $— 
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 subdivisions5,185 395 (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 securities73 (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)
Aggregate Fair Value and Gross Unrealized Loss of Fixed Maturity Securities in an Unrealized Loss Position
For fixed maturity securities in an unrealized loss position at June 30, 2021 and December 31, 2020, 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
(Securities are whole amounts)Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
Number of
Securities
Estimated
Fair Value
Gross
Unrealized
Loss
June 30, 2021
Fixed maturity securities:
United States Government securities62 $766 $(12)$$— 
Government sponsored securities— — — — 
Foreign government securities
153 114 (3)22 11 (1)
States, municipalities and political subdivisions
132 231 (2)11 (1)
Corporate securities1,158 1,718 (31)179 204 (8)
Residential mortgage-backed securities385 1,372 (12)108 147 (8)
Commercial mortgage-backed securities— — — (3)
Other securities228 665 (2)58 112 (6)
Total fixed maturity securities2,119 $4,867 $(62)376 $501 $(27)
December 31, 2020
Fixed maturity securities:
United States Government securities
27 $301 $(2)— $— $— 
Government sponsored securities
— — — — — 
Foreign government securities
55 35 (2)— 
States, municipalities and political subdivisions
36 57 (1)— 
Corporate securities
646 765 (20)150 169 (11)
Residential mortgage-backed securities
224 442 (8)90 110 (9)
Commercial mortgage-backed securities
16 (1)(3)
Other securities
207 509 (5)79 179 (6)
Total fixed maturity securities1,201 $2,125 $(39)333 $469 $(29)
Fixed Maturity Securities, Available-for-sale, Allowance for Credit Loss
The table below presents a roll-forward by major security type of the allowance for credit losses on fixed maturity securities available-for-sale held at period end for the three and six months ended June 30, 2021 and 2020:
Three Months Ended June 30, 2021Six Months Ended June 30, 2021
Corporate SecuritiesResidential mortgage-backed securitiesTotalCorporate SecuritiesResidential mortgage-backed securitiesTotal
Allowance for credit losses:
Beginning balance$$$$$— $
Additions for securities for which no previous expected credit losses were recognized— — — — 
Securities sold during the period(2)— (2)(2)— (2)
(Decreases) increases to the allowance for credit losses on securities— — — (2)— 
Total allowance for credit losses, ending balance$$$$$$
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
Corporate SecuritiesForeign Government SecuritiesTotalCorporate SecuritiesForeign Government SecuritiesTotal
Allowance for credit losses:
Beginning balance$51 $— $51 $— $— $— 
Additions for securities for which no previous expected credit losses were recognized10 60 61 
Securities sold during the period(8)— (8)(8)— (8)
Decreases to the allowance for credit losses on securities(29)— (29)(29)— (29)
Total allowance for credit losses, ending balance$23 $$24 $23 $$24 
Amortized Cost and Fair Value of Fixed Maturity Securities, By Contractual Maturity
The amortized cost and fair value of fixed maturity securities at June 30, 2021, 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$745 $749 
Due after one year through five years6,392 6,644 
Due after five years through ten years8,370 8,673 
Due after ten years5,512 5,858 
Mortgage-backed securities4,410 4,505 
Total fixed maturity securities$25,429 $26,429 
Proceeds and Realized Gains and Losses from Fixed Maturity Securities
Proceeds from sales, maturities, calls or redemptions of fixed maturity securities during the three and six months ended June 30, 2021 and 2020 are as follows:
 Three Months Ended June 30Six Months Ended June 30
 2021202020212020
Proceeds$627 $2,618 $5,950 $4,549 
Investments In Equity Securities
A summary of marketable equity securities at June 30, 2021 and December 31, 2020 is as follows:
 June 30, 2021December 31, 2020
Equity securities:
Exchange traded funds$1,596 $1,154 
Fixed maturity mutual funds— 144 
Common equity securities73 201 
Private equity securities77 60 
Total$1,746 $1,559 
Net Realized Gains and Losses on Investments
Net realized investment gains (losses) on investments for the three and six months ended June 30, 2021 and 2020 are as follows:
Three Months Ended June 30Six Months Ended June 30
2021202020212020
Net realized gains (losses):
Fixed maturity securities:
Gross realized gains from sales$47 $37 $103 $80 
Gross realized losses from sales(12)(50)(24)(70)
Impairment recoveries (losses) recognized in income27 (24)
Net realized gains (losses) from sales of fixed maturity securities37 14 80 (14)
Equity securities:
Gross realized gains23 64 28 65 
Gross realized losses(5)(19)(76)(70)
Net realized gains (losses) on equity securities18 45 (48)(5)
Other invested assets:
Gross realized gains90 — 95 
Impairment recoveries (losses) recognized in income(29)(6)(35)
Net realized gains (losses) from sales of other investments92 (29)89 (29)
Net realized gains (losses) on investments$147 $30 $121 $(48)
Gains (Losses) Related to Equity Securities
The gains and losses related to equity securities for the three and six months ended June 30, 2021 and 2020 are as follows:
Three Months Ended June 30Six Months Ended June 30
 2021202020212020
Net realized gains (losses) recognized on equity securities$18 $45 $(48)$(5)
Less: Net realized gains (losses) recognized on equity securities sold during the period20 (56)
Unrealized gains (losses) recognized on equity securities still held at the end of the period$17 $25 $$(10)
Securities Lending Programs
The remaining contractual maturity of our securities lending agreements at June 30, 2021 is as follows:
Overnight and Continuous
Securities lending collateral
Cash$1,739 
United States Government securities102 
Total$1,841