Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

NOTE 13 Investments

At March 31, 2024, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:

	Less than 12 Months						12 Months or More							Total
(in millions)	Cost		Unrealized Gains		Unrealized losses		Cost		Unrealized Gains		Unrealized losses			Cost		Fair Value
U.S. Treasury securities, obligations of U.S. Government    agencies and municipalities	$	6	$	—	$	—	$	18	$	—	$	(1	)	$	24	$	23
Corporate debt		4		—		—		1		—		—			5		5
Non-subsidiary equity	$	—	$	—	$	—	$	3	$	—	$	—		$	3	$	3
Total	$	10	$	—	$	—	$	22	$	—	$	(1	)	$	32	$	31

At March 31, 2024, the Company had 31 securities in an unrealized loss position. The unrealized losses for the period ended March 31, 2024 in the Company’s investments in U.S. Treasury Securities and obligations of U.S. Government agencies were caused by interest rate

increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at March 31, 2024. The stated maturity for any investment held during the period is less than five years.

At December 31, 2023, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:

	Less than 12 Months						12 Months or More							Total
(in millions)	Cost		Unrealized Gains		Unrealized losses		Cost		Unrealized Gains		Unrealized losses			Cost		Fair Value
U.S. Treasury securities, obligations of U.S. Government    agencies and municipalities	$	7	$	—	$	—	$	18	$	—	$	(1	)	$	25	$	24
Corporate debt		4		—		—		1		—		—			5		5
Non-subsidiary equity	$	—	$	—	$	—	$	3	$	—	$	—		$	3	$	3
Total	$	11	$	—	$	—	$	22	$	—	$	(1	)	$	33	$	32

At December 31, 2023, the Company had 28 securities in an unrealized loss position. The unrealized losses for the period ended December 31, 2023 in the Company’s investments in U.S. Treasury Securities and obligations of U.S. Government agencies were caused by interest rate increases. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2023. The stated maturity for any investment held during the period is less than five years.

Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities and maturing time deposits were $1 million from the period of January 1, 2024 to March 31, 2024. Their gains or losses realized on the sale of securities for the period from January 1, 2024 to March 31, 2024 were insignificant.

Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis.

At March 31, 2024, investments with a fair value of approximately $4 million were on deposit with state insurance departments to satisfy regulatory requirements.