We evaluate our available-for-sale fixed maturity securities for declines based on qualitative and quantitative factors. We have established an allowance for credit loss and recorded credit loss expense as a reflection of our expected impairment losses. We continue to review our investment portfolios under our impairment review policy. Given the inherent uncertainty of changes in market conditions and the significant judgments involved, there is a continuing risk that declines in fair value may occur and additional material impairment losses for credit losses on investments may be recorded in future periods.


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance For Credit Losses		Estimated Fair Value

June 30, 2024
Fixed maturity securities:
United States Government securities	$	1,794	$	4	$	(85)	$	—	$	1,713
Government sponsored securities	129		1		(5)		—		125
Foreign government securities	71		—		(2)		—		69
States, municipalities and political subdivisions, tax-exempt	3,626		45		(152)		—		3,519
Corporate securities	15,953		203		(526)		(2)		15,628
Residential mortgage-backed securities	4,140		24		(304)		—		3,860
Commercial mortgage-backed securities	1,976		9		(91)		(2)		1,892
Other asset-backed securities	3,012		27		(96)		—		2,943
Total fixed maturity securities	$	30,701	$	313	$	(1,261)	$	(4)	$	29,749
December 31, 2023
Fixed maturity securities:
United States Government securities	$	1,873	$	25	$	(54)	$	—	$	1,844
Government sponsored securities	112		1		(3)		—		110
Foreign government securities	5		1		(2)		—		4
States, municipalities and political subdivisions, tax-exempt	3,985		69		(152)		—		3,902
Corporate securities	14,838		322		(580)		(2)		14,578
Residential mortgage-backed securities	4,071		40		(279)		—		3,832
Commercial mortgage-backed securities	2,174		13		(138)		(2)		2,047
Other asset-backed securities	4,278		25		(130)		—		4,173
Total fixed maturity securities	$	31,336	$	496	$	(1,338)	$	(4)	$	30,490


	Less than 12 Months					12 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, 2024
Fixed maturity securities:
United States Government securities	27	$	914	$	(28)	38	$	503	$	(57)
Government sponsored securities	5	48		(1)		37	46		(4)
Foreign government securities	7	61		(1)		2	4		(1)
States, municipalities and political subdivisions, tax-exempt	342	742		(11)		869	1,469		(141)
Corporate securities	1,184	4,445		(65)		1,810	4,654		(461)
Residential mortgage-backed securities	256	1,002		(17)		1,561	1,998		(287)
Commercial mortgage-backed securities	104	415		(7)		405	1,071		(84)
Other asset-backed securities	127	337		(8)		355	1,174		(88)
Total fixed maturity securities	2,052	$	7,964	$	(138)	5,077	$	10,919	$	(1,123)


December 31, 2023
Fixed maturity securities:
United States Government securities	35	$	552	$	(9)	44	$	370	$	(45)
Government sponsored securities	—	—		—		40	52		(3)
Foreign government securities	—	—		—		2	4		(2)
States, municipalities and political subdivisions, tax-exempt	203	354		(2)		1,034	1,811		(150)
Corporate securities	389	608		(15)		2,624	6,871		(565)
Residential mortgage-backed securities	183	438		(5)		1,620	2,075		(274)
Commercial mortgage-backed securities	112	353		(6)		534	1,317		(132)
Other asset-backed securities	110	394		(18)		761	2,342		(112)
Total fixed maturity securities	1,032	$	2,699	$	(55)	6,659	$	14,842	$	(1,283)

Unrealized losses on our securities shown in the table above have not been recognized into income because, as of June 30, 2024, we do not intend to sell these investments and it is likely that we will not be required to sell these investments prior to their maturity or anticipated recovery. The declines in fair values are largely due to increasing interest rates driven by the higher rate of inflation and other market conditions.


	Amortized Cost		Estimated Fair Value
Due in one year or less	$	197	$	197
Due after one year through five years	5,510		5,376
Due after five years through ten years	11,319		11,055
Due after ten years	7,559		7,369
Mortgage-backed securities	6,116		5,752
Total fixed maturity securities	$	30,701	$	29,749

During the three and six months ended June 30, 2024, we received total proceeds from sales, maturities, calls or redemptions of fixed maturity securities of $3,014 and $8,414, respectively. During the three and six months ended June 30, 2023, we received total proceeds from sales, maturities, calls or redemptions of fixed maturity securities of $9,675 and $15,085, respectively.

In the ordinary course of business, we may sell securities at a loss for a number of reasons, including, but not limited to: (i) changes in the investment environment; (ii) expectation that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; or (v) changes in expected cash flow.

Other invested assets include primarily our investments in limited partnerships, joint ventures and other non-controlled corporations, mortgage loans and the cash surrender value of corporate-owned life insurance policies. Investments in limited partnerships, joint ventures and other non-controlled corporations are carried at our share in the entities’ undistributed earnings, which approximates fair value. Financial information for certain of these investments is reported on a one or three month lag due to the timing of when we receive financial information from the companies.


	Three Months Ended June 30				Six Months Ended June 30
	2024		2023		2024		2023
Net (losses) gains:
Fixed maturity securities:
Gross realized gains from sales	$	17	$	11	$	39	$	21
Gross realized losses from sales	(88)		(99)		(247)		(214)
Impairment losses recognized in income	(3)		(3)		(4)		(10)
Net realized losses from sales of fixed maturity securities	(74)		(91)		(212)		(203)
Equity securities:
Unrealized (losses) gains recognized on equity securities still held at the end of the period	(2)		2		1		(2)
Net realized gains (losses) recognized on equity securities sold during the period	—		1		(1)		4
Net (losses) gains on equity securities	(2)		3		—		2
Other investments:
Gross gains	3		2		10		20
Gross losses	(13)		(16)		(25)		(9)
Impairment losses recognized in income	(1)		(26)		(26)		(29)
Net losses on other investments	(11)		(40)		(41)		(18)
Net losses on investments	$	(87)	$	(128)	$	(253)	$	(219)

We participate in securities lending programs whereby marketable securities in our investment portfolio are transferred to independent brokers or dealers in exchange for cash and securities collateral. The fair value of the collateral received at the time of the transactions amounted to $2,700 and $2,380 at June 30, 2024 and December 31, 2023, respectively. The value of the collateral represented 102% of the market value of the securities on loan at each of June 30, 2024 and December 31, 2023. We recognize the collateral as an asset under the caption “Other current assets” in our consolidated balance sheets, and we recognize a corresponding liability for the obligation to return the collateral to the borrower under the caption “Other current liabilities.” The securities on loan are reported in the applicable investment category on our consolidated balance sheets.

At June 30, 2024 and December 31, 2023, the remaining contractual maturity of our securities lending agreements included overnight and continuous transactions of cash for $2,269 and $2,255, respectively, of United States Government securities for $261 and $99, respectively, and of residential mortgage-backed securities for $170 and $26, respectively.