Cost/amortized cost, allowance for credit losses, unrealized gains and losses, and fair value of fixed maturity available-for-sale securities by type were as follows:


(dollars in millions)	Cost/ Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value

June 30, 2025*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	31	$	—	$	—	$	31
Obligations of states, municipalities, and political subdivisions	60		—		(4)		56
Commercial paper	39		—		—		39
Non-U.S. government and government sponsored entities	155		1		(4)		152
Corporate debt	1,099		7		(49)		1,057
Mortgage-backed, asset-backed, and collateralized:
RMBS	208		1		(21)		188
CMBS	25		—		(2)		23
CDO/ABS	78		1		(2)		77
Total	$	1,695	$	10	$	(82)	$	1,623

December 31, 2024*
Fixed maturity available-for-sale securities:
U.S. government and government sponsored entities	$	12	$	—	$	—	$	12
Obligations of states, municipalities, and political subdivisions	66		—		(5)		61
Commercial paper	9		—		—		9
Non-U.S. government and government sponsored entities	159		1		(5)		155
Corporate debt	1,086		4		(69)		1,021
Mortgage-backed, asset-backed, and collateralized:
RMBS	208		—		(24)		184
CMBS	29		—		(2)		27
CDO/ABS	72		1		(3)		70
Total	$	1,641	$	6	$	(108)	$	1,539

Interest receivables reported in Other assets in our condensed consolidated balance sheets totaled $14 million and $13 million as of June 30, 2025 and December 31, 2024, respectively. There were no material amounts reversed from investment revenue for available-for-sale securities for the three and six months ended June 30, 2025 and 2024.


	Less Than 12 Months				12 Months or Longer				Total
(dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses

June 30, 2025
U.S. government and government sponsored entities	$	—	$	—	$	10	$	—	$	10	$	—
Obligations of states, municipalities, and political subdivisions	2		—		48		(4)		50		(4)

Non-U.S. government and government sponsored entities	27		—		42		(4)		69		(4)
Corporate debt	138		(2)		607		(47)		745		(49)
Mortgage-backed, asset-backed, and collateralized:
RMBS	13		—		130		(21)		143		(21)
CMBS	1		—		22		(2)		23		(2)
CDO/ABS	9		—		33		(2)		42		(2)
Total	$	190	$	(2)	$	892	$	(80)	$	1,082	$	(82)

December 31, 2024
U.S. government and government sponsored entities	$	1	$	—	$	11	$	—	$	12	$	—
Obligations of states, municipalities, and political subdivisions	3		—		56		(5)		59		(5)

Non-U.S. government and government sponsored entities	15		—		67		(5)		82		(5)
Corporate debt	210		(5)		657		(64)		867		(69)
Mortgage-backed, asset-backed, and collateralized:
RMBS	40		—		134		(24)		174		(24)
CMBS	2		—		25		(2)		27		(2)
CDO/ABS	8		—		40		(3)		48		(3)
Total	$	279	$	(5)	$	990	$	(103)	$	1,269	$	(108)

On a lot basis, we had 1,528 and 1,771 investment securities in an unrealized loss position at June 30, 2025 and December 31, 2024, respectively. We do not consider the unrealized losses to be credit-related, as these unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. Additionally, as of June 30, 2025, there were no credit impairments on investment securities that we intend to sell. We do not have plans to sell any of the remaining investment securities with unrealized losses as of June 30, 2025, and we believe it is more likely than not that we would not be required to sell such investment securities before recovery of their amortized cost.

We continue to monitor unrealized loss positions for potential credit impairments. During the three and six months ended June 30, 2025 and 2024, there were no material credit impairments related to our investment securities. Therefore, there were no material additions or reductions in the allowance for credit losses (impairments recognized or reversed in earnings) on credit impaired available-for-sale securities for the three and six months ended June 30, 2025 and 2024.

The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2025 totaled $21 million and $42 million, respectively. The proceeds of available-for-sale securities sold or redeemed during the three and six months ended June 30, 2024 totaled $24 million and $44 million, respectively. The net realized gains and losses were immaterial during the three and six months ended June 30, 2025 and 2024.

Contractual maturities of fixed-maturity available-for-sale securities at June 30, 2025 were as follows:


(dollars in millions)	Fair Value		Amortized Cost

Fixed maturities, excluding mortgage-backed, asset-backed, and collateralized securities:
Due in 1 year or less	$	187	$	187
Due after 1 year through 5 years	613		623
Due after 5 years through 10 years	384		406
Due after 10 years	151		168
Mortgage-backed, asset-backed, and collateralized securities	288		311
Total	$	1,623	$	1,695

Actual maturities may differ from contractual maturities since issuers and borrowers may have the right to call or prepay obligations. We may sell investment securities before maturity for general corporate and working capital purposes and to achieve certain investment strategies.

Net unrealized gains and losses on other securities held were immaterial for the three and six months ended June 30, 2025 and 2024. Net realized gains and losses on other securities sold or redeemed are included in Other revenue - investment and were immaterial for the three and six months ended June 30, 2025 and 2024.

Other securities primarily consist of equity securities and those securities for which the fair value option was elected. We report net unrealized and realized gains and losses on other securities held, sold, or redeemed in Other revenue - investment.