Prudential 2012 Annual Report Download - page 135

PRUDENTIAL FINANCIAL, INC.
Notes to Consolidated Financial Statements
4. INVESTMENTS (continued)
As of December 31, 2012 and 2011, the Company’s exposure to concentrations of credit risk of single issuers greater than 10% of the
Company’s stockholders’ equity included securities of the U.S. government, certain U.S. government agencies and certain securities
guaranteed by the U.S. government, as well as the securities disclosed below.
December 31, 2012 December 31, 2011
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
(in millions)
Investments in Japanese government and government agency securities:
Fixed maturities, available-for-sale ......................................... $66,590 $70,997 $60,323 $63,846
Fixed maturities, held-to-maturity .......................................... 1,118 1,223 1,260 1,388
Trading account assets supporting insurance liabilities .......................... 513 524 471 483
Other trading account assets ............................................... 39 40 40 40
Short-term investments ...................................................0000
Cash equivalents ........................................................ 1,637 1,637 0 0
Total ............................................................. $69,897 $74,421 $62,094 $65,757
Investments in South Korean government and government agency securities:
Fixed maturities, available-for-sale ......................................... $ 5,837 $ 6,883 $ 4,678 $ 5,240
Fixed maturities, held-to-maturity ..........................................0000
Trading account assets supporting insurance liabilities .......................... 62 63 17 18
Other trading account assets ...............................................2222
Short-term investments ...................................................0000
Cash equivalents ........................................................0000
Total ............................................................. $ 5,901 $ 6,948 $ 4,697 $ 5,260
Commercial Mortgage and Other Loans
The Company’s commercial mortgage and other loans are comprised as follows, as of the dates indicated:
December 31, 2012 December 31, 2011
Amount
(in millions)
%of
Total
Amount
(in millions)
%of
Total
Commercial and agricultural mortgage loans by property type:
Office .................................................................. $ 6,890 20.1% $ 6,391 19.8%
Retail .................................................................. 8,190 23.9 7,309 22.7
Apartments/Multi-Family .................................................. 5,235 15.3 5,277 16.4
Industrial ............................................................... 7,636 22.3 7,049 21.8
Hospitality .............................................................. 1,322 3.9 1,486 4.6
Other .................................................................. 2,841 8.3 2,707 8.4
Total commercial mortgage loans ............................................ 32,114 93.8 30,219 93.7
Agricultural property loans ................................................. 2,122 6.2 2,046 6.3
Total commercial and agricultural mortgage loans by property type ................. 34,236 100.0% 32,265 100.0%
Valuation allowance ...................................................... (229) (313)
Total net commercial mortgage and agricultural loans by property type .............. 34,007 31,952
Other loans
Uncollateralized loans ..................................................... 1,836 2,323
Residential property loans .................................................. 790 1,034
Other collateralized loans .................................................. 140 176
Total other loans ......................................................... 2,766 3,533
Valuation allowance ...................................................... (40) (54)
Total net other loans ...................................................... 2,726 3,479
Total commercial mortgage and other loans(1) .................................. $36,733 $35,431
(1) Includes loans held at fair value.
The commercial mortgage and agricultural property loans are geographically dispersed throughout the United States, Canada and Asia
with the largest concentrations in California (27%), New York (11%) and Texas (8%) at December 31, 2012.
Prudential Financial, Inc. 2012 Annual Report 133