Table of Contents Based on current facts and circumstances, the Company believes the unrealized losses presented in the December 31, 2019 securities in a gross unrealized loss position table above are not indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads and other factors. The Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded as of December 31, 2019. The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of December 31, 2019, 2018 and 2017 for which a portion of an OTTI loss was recognized in Other comprehensive income (loss). The following table presents available-for-sale fixed maturity securities by contractual maturity. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. The carrying value of limited partnerships as of December 31, 2019 and 2018 was $1,752 million and $1,982 million, which includes net undistributed earnings of $229 million and $153 million. Limited partnerships comprising 60% of the total carrying value are reported on a current basis through December 31, 2019 with no reporting lag, 10% are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. Limited partnerships comprising 61% and 65% of the carrying value as of December 31, 2019 and 2018 employ hedge fund strategies. Limited partnerships comprising 33% and 30% of the carrying value as of December 31, 2019 and 2018 were invested in private debt and equity. The remainder was primarily invested in real estate strategies. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. These hedge fund strategies may seek to generate gains from mispriced or undervalued securities, price differentials between securities, distressed investments, sector rotation or various arbitrage disciplines. Within hedge fund strategies, approximately 55% were equity related, 23% were focused on distressed investments, 18% pursued a multi-strategy approach and 4% were fixed income related as of December 31, 2019. 72 Limited Partnerships Contractual Maturity Years ended December 31 (In millions) 2019 2018 2017 Beginning balance of credit losses on fixed maturity securities $ 18 $ 27 $ 36 Reductions for securities sold during the period (8) (9) (9) Ending balance of credit losses on fixed maturity securities $ 10 $ 18 $ 27 December 31 2019 2018 (In millions) Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value Due in one year or less $ 1,334 $ 1,356 $ 1,350 $ 1,359 Due after one year through five years 9,746 10,186 7,979 8,139 Due after five years through ten years 14,892 15,931 16,859 16,870 Due after ten years 12,134 14,714 11,893 13,174 Total $ 38,106 $ 42,187 $ 38,081 $ 39,542