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Investments
 3 Months Ended
Mar. 31, 2024
Investments [Abstract]  
Investments Investments
Total investments at March 31, 2024 and December 31, 2023 were as follows:
 March 31, 2024December 31, 2023
In millionsCurrentLong-termTotalCurrentLong-termTotal
Debt securities available for sale$3,121 $19,505 $22,626 $3,131 $18,582 $21,713 
Mortgage loans167 1,195 1,362 128 1,183 1,311 
Other investments— 3,374 3,374 — 3,254 3,254 
Total investments$3,288 $24,074 $27,362 $3,259 $23,019 $26,278 

Debt Securities

Debt securities available for sale at March 31, 2024 and December 31, 2023 were as follows:
In millions
Amortized
 Cost (1)
Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
March 31, 2024
Debt securities:  
U.S. government securities$2,205 $8 $(66)$2,147 
States, municipalities and political subdivisions2,029 18 (39)2,008 
U.S. corporate securities10,951 94 (474)10,571 
Foreign securities2,594 33 (124)2,503 
Residential mortgage-backed securities857 5 (62)800 
Commercial mortgage-backed securities1,121 8 (93)1,036 
Other asset-backed securities3,533 25 (15)3,543 
Redeemable preferred securities18 — — 18 
Total debt securities (2)
$23,308 $191 $(873)$22,626 
December 31, 2023
Debt securities:
U.S. government securities$2,071 $19 $(54)$2,036 
States, municipalities and political subdivisions2,219 31 (35)2,215 
U.S. corporate securities10,156 133 (446)9,843 
Foreign securities2,593 41 (122)2,512 
Residential mortgage-backed securities862 8 (60)810 
Commercial mortgage-backed securities1,066 9 (100)975 
Other asset-backed securities3,294 26 (18)3,302 
Redeemable preferred securities21 — (1)20 
Total debt securities (2)
$22,282 $267 $(836)$21,713 
_____________________________________________
(1)There was no allowance for expected credit losses recorded on available-for-sale debt securities at March 31, 2024 or December 31, 2023.
(2)Investment risks associated with the Company’s experience-rated products generally do not impact the Company’s consolidated operating results. At March 31, 2024, debt securities with a fair value of $552 million, gross unrealized capital gains of $7 million and gross unrealized capital losses of $32 million, and at December 31, 2023, debt securities with a fair value of $592 million, gross unrealized capital gains of $10 million and gross unrealized capital losses of $28 million were included in total debt securities, but support experience-rated products. Changes in net unrealized capital gains (losses) on these securities are not reflected in accumulated other comprehensive loss.
The amortized cost and fair value of debt securities at March 31, 2024 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.
In millionsAmortized
Cost		Fair
Value
Due to mature: 
Less than one year$1,262 $1,245 
One year through five years8,032 7,836 
After five years through ten years4,588 4,463 
Greater than ten years3,915 3,703 
Residential mortgage-backed securities857 800 
Commercial mortgage-backed securities1,121 1,036 
Other asset-backed securities3,533 3,543 
Total$23,308 $22,626 
Summarized below are the debt securities the Company held at March 31, 2024 and December 31, 2023 that were in an unrealized capital loss position, aggregated by the length of time the investments have been in that position:
Less than 12 monthsGreater than 12 monthsTotal
In millions, except number of securitiesNumber
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses		Number
of
Securities		Fair
Value		Unrealized
Losses
March 31, 2024  
Debt securities:  
U.S. government securities210 $846 $12 273 $856 $54 483 $1,702 $66 
States, municipalities and political subdivisions260 489 3 434 682 36 694 1,171 39 
U.S. corporate securities1,413 1,720 19 3,995 5,260 455 5,408 6,980 474 
Foreign securities324 444 7 915 1,299 117 1,239 1,743 124 
Residential mortgage-backed securities41 143 1 429 468 61 470 611 62 
Commercial mortgage-backed securities36 84 — 310 635 93 346 719 93 
Other asset-backed securities351 852 5 213 451 10 564 1,303 15 
Redeemable preferred securities— — — 7 13 — 7 13 — 
Total debt securities 2,635 $4,578 $47 6,576 $9,664 $826 9,211 $14,242 $873 
December 31, 2023  
Debt securities:  
U.S. government securities74 $194 $2 280 $891 $52 354 $1,085 $54 
States, municipalities and political subdivisions95 181 1 455 733 34 550 914 35 
U.S. corporate securities576 672 14 4,120 5,602 432 4,696 6,274 446 
Foreign securities160 243 4 964 1,407 118 1,124 1,650 122 
Residential mortgage-backed securities33 97 1 461 517 59 494 614 60 
Commercial mortgage-backed securities44 94 2 287 581 98 331 675 100 
Other asset-backed securities196 449 4 443 867 14 639 1,316 18 
Redeemable preferred securities4 2 — 8 18 1 12 20 1 
Total debt securities 1,182 $1,932 $28 7,018 $10,616 $808 8,200 $12,548 $836 

The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company’s business. In performing this review, the Company considered factors such as the quality of the investment security based on research performed by the Company’s internal credit analysts and external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. Unrealized capital losses at March 31, 2024 were generally caused by interest rate increases and not by unfavorable changes in the credit quality associated with these securities. As of March 31, 2024, the Company did not intend to sell these securities, and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.
The maturity dates for debt securities in an unrealized capital loss position at March 31, 2024 were as follows:
 Supporting
experience-rated products		Supporting
remaining products		Total
In millionsFair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Due to mature:      
Less than one year$14 $— $1,093 $19 $1,107 $19 
One year through five years126 4 5,402 231 5,528 235 
After five years through ten years78 8 2,426 173 2,504 181 
Greater than ten years165 18 2,305 250 2,470 268 
Residential mortgage-backed securities7 — 604 62 611 62 
Commercial mortgage-backed securities15 1 704 92 719 93 
Other asset-backed securities15 1 1,288 14 1,303 15 
Total$420 $32 $13,822 $841 $14,242 $873 

Mortgage Loans

The Company’s mortgage loans are collateralized by commercial real estate. During the three months ended March 31, 2024 and 2023, the Company had the following activity in its mortgage loan portfolio:
Three Months Ended
March 31,
In millions20242023
New mortgage loans$59 $55 
Mortgage loans fully repaid2 14 
Mortgage loans foreclosed— — 

The Company assesses mortgage loans on a regular basis for credit impairments, and assigns a credit quality indicator to each loan. The Company’s credit quality indicator is internally developed and categorizes each loan in its portfolio on a scale from 1 to 7. These indicators are based upon several factors, including current loan-to-value ratios, current and future property cash flow, property condition, market trends, creditworthiness of the borrower and deal structure.

•Category 1 - Represents loans of superior quality.
•Categories 2 to 4 - Represent loans where credit risk is minimal to acceptable; however, these loans may display some susceptibility to economic changes.
•Categories 5 and 6 - Represent loans where credit risk is not substantial, but these loans warrant management’s close attention.
•Category 7 - Represents loans where collections are potentially at risk; if necessary, an impairment is recorded.
Based on the Company’s assessments at March 31, 2024 and December 31, 2023, the amortized cost basis of the Company's mortgage loans within each credit quality indicator by year of origination was as follows:
Amortized Cost Basis by Year of Origination
In millions, except credit quality indicator20242023202220212020PriorTotal
March 31, 2024
1$— $— $— $— $— $10 $10 
2 to 456 302 349 224 35 350 1,316 
5 and 6— — — 13 — 18 31 
7— — — 5 — — 5 
Total$56 $302 $349 $242 $35 $378 $1,362 
December 31, 2023
1$— $— $— $— $11 $11 
2 to 4302 346 225 35 354 1,262 
5 and 6— — 13 — 19 32 
7— — 6 — — 6 
Total$302 $346 $244 $35 $384 $1,311 

Net Investment Income

Sources of net investment income for the three months ended March 31, 2024 and 2023 were as follows:
Three Months Ended
March 31,
In millions20242023
Debt securities$244 $191 
Mortgage loans17 13 
Other investments223 245 
Gross investment income484 449 
Investment expenses(12)(10)
Net investment income (excluding net realized capital losses)472 439 
Net realized capital losses (1)
(18)(105)
Net investment income (2)
$454 $334 
_____________________________________________
(1)Net realized capital losses include yield-related impairment losses on debt securities of $10 million in the three months ended March 31, 2024. There were no credit-related impairment losses on debt securities in the three months ended March 31, 2024. Net realized capital losses include yield-related impairment losses of $24 million and are net of the reversal of previously recorded credit-related impairment losses on debt securities of $1 million in the three months ended March 31, 2023.
(2)Net investment income includes $8 million for both the three months ended March 31, 2024 and 2023 related to investments supporting experience-rated products.

Excluding amounts related to experience-rated products, proceeds from the sale of available-for-sale debt securities and the related gross realized capital gains and losses for the three months ended March 31, 2024 and 2023 were as follows:
Three Months Ended
March 31,
In millions20242023
Proceeds from sales$1,265 $1,341 
Gross realized capital gains8 3 
Gross realized capital losses52 111