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Equity Securities | 6 Months Ended
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Jun. 30, 2022
Investments Debt And Equity Securities [Abstract] |
Equity Securities | Note 4 – Equity Securities Investments in equity securities, by accounting classification, are summarized as follows:
(in millions) |  | June 30, 2022 |  |  | December 31, 2021 |
Marketable equity securities |  | $ | 392 |  |  | $ | 657 |
Non-marketable equity securities |  |  | 511 |  |  |  | 441 |
Equity method investments |  |  | 66 |  |  |  | 78 |
|  | $ | 969 |  |  | $ | 1,176 |
Investments in marketable equity securities are summarized as follows:
(in millions) | Cost |  | Unrealized gains (losses) |  |  | Estimated fair value |
June 30, 2022 |  |  |  |  |  |  |  |  |  |
Common stocks | $ | 374 |  | $ | 4 |  |  | $ | 378 |
Preferred stocks |  | 16 |  |  | (2 | ) |  |  | 14 |
| $ | 390 |  | $ | 2 |  |  | $ | 392 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |
Common stocks | $ | 418 |  |  | 222 |  |  |  | 640 |
Preferred stocks |  | 17 |  | $ | — |  |  | $ | 17 |
| $ | 435 |  | $ | 222 |  |  | $ | 657 |
Net losses of $141 million and $206 million resulting from changes in the fair values of marketable equity securities were recognized for the three and six months ended June 30, 2022, respectively, which included net unrealized losses of $133 million and $198 million on securities still held at June 30, 2022, respectively. Included in net investment losses during the three and six months ended June 30, 2022, were unrealized losses of $92 million and $136 million, respectively, related to the Company’s investment in Offerpad Solutions Inc., a tech-enabled real estate company. Net gains of $24 million and $43 million resulting from changes in the fair values of marketable equity securities were recognized for the three and six months ended June 30, 2021, respectively, which included net unrealized gains of $24 million and $42 million on securities still held at June 30, 2021, respectively. Net gains and losses resulting from changes in the fair values of marketable equity securities are recognized in net investment gains/losses on the condensed consolidated statements of income. Investments in non-marketable equity securities are summarized as follows:
(in millions) |  | Cost |  |  |  | Unrealized gains |  |  | Carrying amount |
June 30, 2022 |  | $ | 281 |  |  | $ | 230 |  |  | $ | 511 |
December 31, 2021 |  | $ | 215 |  |  | $ | 226 |  |  | $ | 441 |
The Company recognized net unrealized gains of $15 million and $4 million during the three and six months ended June 30, 2022, respectively, and net unrealized gains of $44 million and $86 million during the three and six months ended June 30, 2021, respectively, related to its investments in private venture-stage companies. All such unrealized gains related to securities still held at June 30, 2022 and 2021. Net gains and losses on non-marketable equity securities are recognized in net investment gains/losses on the condensed consolidated statements of income. During the six months ended June 30, 2022, the Company realized a gain of $51 million and cash proceeds of $63 million related to the sale of an investment in a title insurance business.

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