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65
It’s no mystery how Aflac makes a difference.
The amortized cost for our investments in debt and perpetual
securities, the cost for equity securities and the fair values of
these investments at December 31 are shown in the following
tables.
2008 2007
Cost Gross Gross Cost Gross Gross
or Amortized Unrealized Unrealized Fair or Amortized Unrealized Unrealized Fair
(In millions) Cost Gains Losses Value Cost Gains Losses Value
Securities available for sale, carried at fair value:
Fixed maturities:
Yen-denominated:
Government and guaranteed $ 11,153 $ 988 $ 16 $ 12,125 $ 8,438 $ 621 $ 36 $ 9,023
Mortgage- and asset-backed securities 491 8 – 499 272 6 – 278
Public utilities 2,282 188 17 2,453 1,741 162 31 1,872
Collateralized debt obligations 253 6 – 259 – – – –
Sovereign and supranational 943 37 126 854 751 54 31 774
Banks/financial institutions 4,667 81 686 4,062 3,814 228 112 3,930
Other corporate 6,183 155 576 5,762 4,406 131 271 4,266
Total yen-denominated 25,972 1,463 1,421 26,014 19,422 1,202 481 20,143
Dollar-denominated:
Government and guaranteed 266 6 1 271 376 7 1 382
Municipalities 119 1 14 106 128 3 5 126
Mortgage- and asset-backed securities 738 7 189 556 502 6 14 494
Collateralized debt obligations 53 – 37 16 92 – 16 76
Public utilities 1,337 34 165 1,206 1,007 73 13 1,067
Sovereign and supranational 366 44 9 401 424 80 2 502
Banks/financial institutions 2,910 107 529 2,488 3,157 165 106 3,216
Other corporate 4,273 182 501 3,954 4,291 302 88 4,505
Total dollar-denominated 10,062 381 1,445 8,998 9,977 636 245 10,368
Total fixed maturities 36,034 1,844 2,866 35,012 29,399 1,838 726 30,511
Perpetual securities:
Yen-denominated:
Banks/financial institutions 8,400 187 1,091 7,496 3,549 123 253 3,419
Other corporate 294 13 – 307 263 – 18 245
Dollar-denominated:
Banks/financial institutions 380 – 136 244 455 8 38 425
Total perpetual securities 9,074 200 1,227 8,047 4,267 131 309 4,089
Equity securities 24 5 2 27 21 8 1 28
Total securities available for sale $ 45,132 $ 2,049 $ 4,095 $ 43,086 $ 33,687 $ 1,977 $ 1,036 $ 34,628
Securities held to maturity, carried at amortized cost:
Fixed maturities:
Yen-denominated:
Government and guaranteed $ 220 $ 17 $ – $ 237 $ 175 $ – $ 1 $ 174
Mortgage- and asset-backed securities 75 1 1 75 43 – – 43
Collateralized debt obligations 403 – 295 108 403 – 79 324
Public utilities 3,951 168 66 4,053 1,937 18 66 1,889
Sovereign and supranational 3,582 93 132 3,543 3,069 78 69 3,078
Banks/financial institutions 12,291 147 1,195 11,243 8,976 85 644 8,417
Other corporate 3,714 145 84 3,775 2,196 92 42 2,246
Total yen-denominated 24,236 571 1,773 23,034 16,799 273 901 16,171
Dollar-denominated:
Collateralized debt obligations 200 – 150 50 – – – –
Government – – – – 20 – – 20
Total dollar-denominated 200 – 150 50 20 – – 20
Total fixed maturities 24,436 571 1,923 23,084 16,819 273 901 16,191
Perpetual securities:
Yen-denominated:
Banks/financial institutions – – – – 3,985 135 186 3,934
Total perpetual securities – – – – 3,985 135 186 3,934
Total securities held to maturity $ 24,436 $ 571 $ 1,923 $ 23,084 $ 20,804 $ 408 $ 1,087 $ 20,125