Total unrealized investment positions

[Table of Contents](#ia12bad69886c4075b7558d5239cbff30_7)The fair value of available-for-sale debt securities with gross unrealized losses by investment type and length of time that individual securities have been in a continuous unrealized loss position were as follows ($ in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | March 31, 2022 |  | December 31, 2021 |
|   | Less Than 12 Months |  | 12 Months or More |  | Less Than 12 Months |  | 12 Months or More |
|   | Unrealized Losses |  | FairValue |  | Unrealized Losses |  | FairValue |  | Unrealized Losses |  | FairValue |  | Unrealized Losses |  | FairValue |
| U.S. Treasury securities and obligations of U.S. government corporations and agencies | $ | (7) |  |  | $ | 495  |  |  | $ | (2) |  |  | $ | 33  |  |  | $ | (2) |  |  | $ | 598  |  |  | $ | —  |  |  | $ | 3  |  |
| Corporate securities | (271) |  |  | 5,653  |  |  | (97) |  |  | 1,024  |  |  | (66) |  |  | 4,209  |  |  | (9) |  |  | 209  |  |
| Municipal securities | (125) |  |  | 2,336  |  |  | (11) |  |  | 121  |  |  | (14) |  |  | 1,173  |  |  | (1) |  |  | 39  |  |
| Asset-backed securities | (28) |  |  | 1,097  |  |  | (1) |  |  | 65  |  |  | (5) |  |  | 770  |  |  | —  |  |  | 33  |  |
| Residential mortgage-backed securities | (29) |  |  | 629  |  |  | (16) |  |  | 172  |  |  | (7) |  |  | 472  |  |  | —  |  |  | 15  |  |
| Commercial mortgage-backed securities | (27) |  |  | 680  |  |  | (16) |  |  | 139  |  |  | (8) |  |  | 380  |  |  | (2) |  |  | 32  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total | $ | (487) |  |  | $ | 10,890  |  |  | $ | (143) |  |  | $ | 1,554  |  |  | $ | (102) |  |  | $ | 7,602  |  |  | $ | (12) |  |  | $ | 331  |  |

  
As of March 31, 2022, the gross unrealized losses were generated from 5,048 positions out of a total of 6,748 positions. The change in fair value of available-for-sale debt securities is primarily a result of movement in interest rates subsequent to the purchase of the security.  
For each security in an unrealized loss position, the Company assesses whether it intends to sell the security or if it is more likely than not the Company will be required to sell the security before recovery of the amortized cost basis for reasons such as liquidity, contractual or regulatory purposes. If the security meets this criterion, the decline in fair value is recorded in earnings. The Company does not intend to sell these securities prior to maturity and it is not likely that the Company will be required to sell these securities prior to maturity; therefore, the Company did not record an impairment for these securities.  
In addition, the Company monitors available-for-sale debt securities for credit losses. Certain investments have experienced a decline in fair value due to changes in credit quality, market interest rates and/or general economic conditions. The Company recognizes an allowance when evidence demonstrates that the decline in fair value is credit related. Evidence of a credit related loss may include rating agency actions, adverse conditions specifically related to the security, or failure of the issuer of the security to make scheduled payments.  
The contractual maturities of short-term and long-term debt securities and restricted deposits are as follows ($ in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | March 31, 2022 |  | December 31, 2021 |
|   | Investments |  | Restricted Deposits |  | Investments |  | Restricted Deposits |
|   | AmortizedCost |  | FairValue |  | AmortizedCost |  | FairValue |  | AmortizedCost |  | FairValue |  | AmortizedCost |  | FairValue |
| One year or less | $ | 1,543  |  |  | $ | 1,540  |  |  | $ | 611  |  |  | $ | 609  |  |  | $ | 1,390  |  |  | $ | 1,396  |  |  | $ | 368  |  |  | $ | 368  |  |
| One year through five years | 6,519  |  |  | 6,327  |  |  | 400  |  |  | 382  |  |  | 6,212  |  |  | 6,294  |  |  | 460  |  |  | 457  |  |
| Five years through ten years | 3,903  |  |  | 3,665  |  |  | 238  |  |  | 219  |  |  | 3,647  |  |  | 3,681  |  |  | 244  |  |  | 243  |  |
| Greater than ten years | 93  |  |  | 91  |  |  | —  |  |  | —  |  |  | 73  |  |  | 78  |  |  | —  |  |  | —  |  |
| Asset-backed securities | 3,166  |  |  | 3,051  |  |  | —  |  |  | —  |  |  | 3,028  |  |  | 3,034  |  |  | —  |  |  | —  |  |
| Total | $ | 15,224  |  |  | $ | 14,674  |  |  | $ | 1,249  |  |  | $ | 1,210  |  |  | $ | 14,350  |  |  | $ | 14,483  |  |  | $ | 1,072  |  |  | $ | 1,068  |  |

 Actual maturities may differ from contractual maturities due to call or prepayment options. Equity securities, private equity investments and life insurance contracts are excluded from the table above because they do not have a contractual maturity. The Company has an option to redeem at amortized cost substantially all of the securities included in the greater than ten years category listed above.9
